Work at home moms (WAHMS) are pretty savvy when it comes to saving money. After all, they already know how to stretch a dollar when it comes to their family.
But often, it's hard to see that it's the little things that can add up to make or break a business.
To be money-saving savvy in your home business, check out these five creative tips:
1) Find new life for older things:
It's easy to spend a lot of money on office supplies and equipment. But finding used items, including the desk, accessories and office basics like scissors can keep things on budget.
Enjoy more savings by reusing items whenever possible. Some ideas:
*Use on both sides of your printer paper, or chop it up into notepaper.
*Empty paper cases or shipping boxes make excellent storage boxes for materials and old files.
Take a look at the items you have around you and start thinking outside the box.
2) Spend only what you can:
Do you pay off your business credit card balance each month? If not, you're paying interest. Use that money to grow your OWN business, not the bank's.
Change your credit card to a debit card ASAP. Debit cards offer all the same advantages a credit card does and makes online purchasing a snap. The added bonus would be that you won't have to pay interest or monthly fees - and you'll stick within your means.
3) Stop spending on things you already have:
At the start of our businesses, we often forget to assess if there are ways to save money. Sometimes that means paying twice (or more) for things we already have.
For example: You may have opened a merchant account to be able to accept credit cards. At the same time, you may have also opened a PayPal account. Can you close your merchant account and open a merchant account with PayPal? By consolidating your accounts you may be able to save money on fees and charges each month.
Also look your bank account statements and take note of what fees you are paying each month. If you're paying out too much in fees, it might be of value to switch to a bank that offers free checking and savings accounts for companies.
4) Re-examine your outsourcing plan:
If you are outsourcing work, analyze whether your outsourcing strategy is as well-run as you can make it.
For example: You may have one contractor managing transcription and another contractor managing your affiliates. Would it be more cost-effective to hire one person to manage both tasks?
You may also want to pay per project versus per hour. That wayyou don't incur a outsourcing bill that exceeds your budget.
Look at your current outsourcing practices and make sure they make financial and business sense.
5) Do you need all that technology?
Technology can be a great asset for a work at home business owner. But it only makes sense to use it if it is relevant for your business needs AND budget.
Marcy, a home business owner, has the newest-latest-and-greatest Smartphone on the market. She loves her Smartphone and all of the wonderful tools and applications it offers. Her Smartphone costs her $60 a month, not including her $60 unlimited data fee.
However, as someone who works from home, Marcy is never more than thirty seconds away from her laptop. Her laptop already has all the email, planning, and organizing tools that she paid to get on her new wonder phone. The bottom line is, Marcy's Smartphone is essentially nothing more than an expensive toy. She could get a $20 a month pay as you go phone and save herself $1200 annually.
This is a common tale. How important is itto have the latest and greatest even if it isn't essential for business success.
Analyze your technology expenditures. Are you using it? Is it crucial to the success of your business? If not, get rid of it.
To save money, you need to look at where you are spending and decide on what to do to eliminate the excesses.
Remember, the more you save, the more you make!
Mom of twins and owner of four businesses online, Shannon Cherry helps you make a profitable living without compromising your time with your family.
She proudly walks her talk: Shannon’s business has been debt-free since its inception and she consistently works only 25-27 hours per week to spend more time with her family in the capital of New York.
Find out how you, too, can create a business that works for you – not against you – with the free e-course, Business On Your Own Terms, at http://Mommy-Inc.com .