The following is a guest post by Tom Walker
With the economy still struggling today, it has put many businesses under a huge amount of financial stress. Every home business should sit back and carefully evaluate their own finances to determine where their own money is going. To retain financial success, it will be imperative for one to learn exactly how they can control the money. The following are just five ways that you can save money for your home business:
1. Save on Furnishings and Supplies
Furnish your home business with used furniture. You should also look into buying the supplies you need in bulk. If you know others who manage a business from home, consider teaming up with them for your bulk purchases. In fact, you may just want to team up with other businesses to do swaps or trades of furnishings and supplies that you do not need. Swap meets are the perfect way to save money.
2. Keep Your Operating Costs Down
The most important thing a home business can do to save money is to learn what they can do to keep their operating costs down. This is more than just saving money on supplies. Every business should be using energy-efficient equipment, as well as shutting down all equipment when not being used. Of course, as you are working in the home, instead of hiring workers to help you get the job done, hire your family, including your kids. If family is not available to help, you could also hire an intern, which will help you to get the job done and for very little cost or no cost at all.
3. Save on Your Advertising
Businesses must never stop their marketing efforts, especially in a bad economy. They do, however, have to learn how they can save on the advertising budget. As word-of-mouth is often the best form of promotion, it is imperative for you to get the word out. Join the local Chamber of Commerce. Offer to be the guest speaker at local meeting. Also, take advantage of all the free advertising you can get online. From blogging and article marketing to social sites, like Facebook, and email marketing, use them all to put the word out about your business.
4. Save on Your Insurance
Before disaster strikes, sit down and evaluate your insurance policy. The first thing most business owners do not understand is that their homeownerís policy may not cover the business. Be sure that you have the proper coverage, but do some shopping around first. You could raise your deductible to get a lower premium, but you should also ask what you can do to lower the rates, such as installing extra security in your home for your business.
5. Save on Your Taxes
Tax time is a burden to all, especially when you know you will have to pay in. To keep these costs down, get organized. If you do not want to pay the cost for your own personal tax accountant, invest in a software program that can do it all for you. However, it is often more beneficial to speak to a professional, as they can advise you on any of the special tax deductions you may qualify to receive.
Tom Walker finds joy in reading, writing and photography, and he puts his skills to use for a leading UK supplier of printer cartridges, where he writes about Samsung toner and other printing goods.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
