One of the main benefits of having a business based at home is the low overhead. However, running your business from home doesn’t mean that you can forget about watching your costs. After all, any money that you save will help you increase your profits. Here are some of the main ways that you can cut the costs in your home-based business.
Shop Around for Tech
These days, it’s hard to start any kind of business without the need to invest in some kind of technology. When you are just starting out, a laptop might be the only type of tech you need, but you can start saving right from the get-go with these budget business laptops from Lenovo. It’s also worth considering investing in refurbished tech rather than brand-new since this will not only help you save money but is also a great way to reduce the environmental impact of technology.
Buy Used Furniture
If you’re setting up a home office or need somewhere professional at home for clients and customers to visit you, then it’s worth looking for used office furniture. Second-hand office furniture can be purchased at a fraction of the cost compared to buying brand new, so shop around on selling websites, check out closing down sales, and look at auctions to see if you can get any good deals.
Team Up with Other Businesses
It’s worth finding other small business owners, who may or may not be home-based, who you can team up with to buy necessary office supplies in bulk. As a home-based business owner, there might be various materials that you are going to need such as printing ink and paper, pens, and more. Teaming up with other business owners isn’t just a great way to save money on the cost of the materials themselves but also on the shipping costs.
Shop Around for Business Insurance
Even when your business is based at home, you’re going to need insurance. However, you can save money by shopping around for your insurance each year rather than automatically renewing it. While it might be easier to auto-renew and just forget about it, you could end up spending more money than you need to. You can use comparison websites or work with a broker who can help you find the best deals.
Get Tax Discounts
Did you know that when you are working from home you can claim some of the cost of running your home as an expense on your tax return? When you do your tax return each year, don’t forget that you might be able to save some money by claiming a percentage of your mortgage or rent, council tax, and utility bills as expenses. You can find several calculator tools online to help you work out how much you can claim as an expense based on the size of your home, the total cost of running it, and how many rooms you use in the home to run your business.
Starting a home business can be an exciting time, but it can get more expensive than you realise if you’re not careful. Keep these tips in mind to cut your costs and increase your profits.
