Whether you work from home or outside of the home, business can be expensive. With supplier costs, advertising and postage delivery of products, it all adds up. The aim of any business is to make as much profit as possible. That’s so you can earn a decent wage and you have enough money to bring new business ideas to fruition. You can make more money by spending less. So, as a home-based business, how do you save?
Get Everyone Involved
When it comes to running a home-based business, there’s no such thing as 9-5 hours. Unfortunately, a business at home will never really stop. If you have to buy from suppliers and they happen to be near, get your partner to pick up your orders instead of paying for delivery. You can also get the kids involved by asking them to help pack your customer’s orders. Three pairs of hands are better than one. Just remember to supervise, in case Mrs. Smith ends up with something she didn’t order. The more time you have to spare, the more money you can make.
Check Utility Bills
If your business is run from home, you’ll rely heavily on your electricity and internet connections. Do you know what you’re paying for them? As a business, you claim money back on business essentials but that doesn’t mean you should be paying over the odds. Look at what you’re paying currently and compare providers at Selectra to see if you can save any money. While you’re at it, you may as well take a look at the gas and water providers too!
Make the Most of Wholesale
As a business, you’ll be entitled to certain discounts. Suppliers may be able to offer you money off for buying items in bulk which will save you money. There are also wholesalers where you can buy items at cost price if you have a business account. It’s always worth keeping your business details with you in case you drive past a bargain and need to prove you’re a business owner to get it.
Share the Load
You may know other people who work from home and advertise their businesses at their own cost. However, it doesn’t have to be all home-based businesses. Contact a few small businesses that do their own advertising and see if they would be interested in splitting the cost. You could create a leaflet with half a page dedicated to two separate businesses. You could also commit to sharing each other’s social media posts to ensure a larger reach.
Firstly, the importance of business insurance is to protect your essential equipment. For example, if your run your website from a laptop, you need to know that laptop is protected when the kids run around with drinks in their hands. It’s also important for you to get the best deal on business insurance. Compare prices annually because things change quickly and you don’t want to have to pay more than necessary.
Working from home can be much more difficult than being employed, so make sure you do yourself a favour and get as much reward out of it as possible.