In our last post about transforming unemployment into entrepreneurship, we covered some great tips that have proved helpful to lots of people who lost their jobs amidst the COVID-19 pandemic. Every day more people are shifting to the online business model to try and cut office costs while also minimizing physical contact.
After reading Huffpost’s article on the hidden costs of working from home, I thought it’d be helpful to share some handy tips that can help you save money while running your home-based business. If done right, a home-based business can save you loads of money.
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The best benefit of having a house-based business is the low overheads. The money that you save is the profits you have made. Making frugal living a lifestyle choice can benefit home business owners especially in recessionary times. If you need to set up a home-based office, there are several tips that you can use to save on costs. Here are some top tips on how to save money with your home office.
How to Save Money in your Home Office
Invest in Used Office Furniture
Instead of investing in new furniture, buy used ones. You can get them at a fraction of the cost of the new furniture. It is also possible to bargain further on used furniture. There are several schools and offices that dispose of used furniture; you can get great deals in such sales. You can also visit some garage sales, which dispose of furniture that can be useful for an office.
Cut Costs on Shipping
When you buy furniture and office supplies, try and take them with you. Rent a pickup truck if need be; this is a much cheaper option than shipping. However, you will need to shop for everything in one go. Do not invest in ready-made furniture; go for the ones that can be dismantled and reassembled again.
If you need to invest in insurance, take an annual plan rather than putting in the money in a monthly package. Annual plans often are economical and come in packages. You may compromise on one or two features, but they prove to be cost-saving in the long run. Use insurance comparison sites to check out the best deal. This may prove to be a time-consuming process, but it would definitely be a worthwhile effort.
Planning your Bills
Always pay your bills exactly at the time it is due; this would ensure a healthy credit rating. By paying early, you may get billed again. Another benefit is that the longer the money stays in your account, the more interest it earns. Plan your finances in such a way that the money for the utility and other bills is put aside in advance. This would ensure that you do not run dry out of money on the due date.
Use a Smaller Room for your Business
When you are working from home, use a smaller space; this saves on electricity and also maintenance. You may require limited furniture and select a room that can fit your office furniture. Keep your official needs to the minimum at first and then make small upgrades when necessary.
Save on Communication
Cut costs on mobile bills and telephone bills by using online communication as much as possible. Use emails, chat, and video chats to contact your clients. This is a much easier, faster, and cheaper option. Also, use online facilities to pay all your bills. This will save time, postage, and travel costs while paying bills.
Always Ask for Discounts
Seek discounts for early payments and timely deliveries. This is one way to cash in on profits and also build faith among your business peers.
These are just a few tips that can help one save money with their home office. If you have no experience in starting and running a home-based business, these tips will be extremely beneficial in saving you big bucks. Happy working from home