The infancy of a home based business will have a lot of hurdles but this does not mean that your overhead costs should be abundant as well. There are specific businesses that just need a computer and internet connection to run smoothly with very few to no costs monthly. The goal of keeping the business streamlines financially can help increase profit margins as well as leaves healthy cash flow available for an emergency fund. A proactive attitude about keeping costs low can be all that you need to accomplish this goal. The following are tips to help keep your costs low at your home based startup.
Writing Off Cable And Internet
There are some people like those of freelance writers that might need cable television in order to do movie reviews or comment on a sports matchup. Internet is usually a staple for any home based business as technology has now made it possible to work from home without it impacting quality of work. The best internet deals usually come with a bundle so this is the time to bundle a landline for the business as well. This doesn’t mean that you can write off the entire bill but a percentage of the bill that the internet and cable is used for professional reasons. Not all cable/internet providers are created equal so it is important to shop around as this will be a monthly fixed expense.
Outsourced Labor Can Save BIG!
Outsourcing certain tasks not only can free you up to do more important things pertaining to the business but it can also save money. The freelance economy is booming around the world for specifically these reasons. Marketing is a full-time job for many small business entrepreneurs but enlisting the help of a few freelance marketers can help do a great job for a fraction of the price. Track where money and time can be saved then see if there is an outsourcing option for these areas of the business.
Secondhand Technology Isn’t Always Inferior
Do not count out secondhand technology like company phones or computers as an option. This does not mean that they are inferior as many times a computer might just need an updated software or operating system to work as well as a newer version. For jobs like that of web design it is imperative to get the right resolution monitors and not to save money at the expense of the quality of work being produced. Look into partnering with a used technology store or brand to see if discounts will be available for a long term business relationship.
Social Media Can Help The Business Promote For FREE
Social media can do an incredible job of promoting content that has been produced, engaging with others in the industry, announcing new products, and much more. Harnessing this power will take a professional as simply writing vague or unclear social media posts can reflect poorly on the business. Most home based companies want to look more legitimate so larger corporations will want to partner with the company. Pick a few platforms to start out with to gain a following then begin to branch out!
As you can see it does not mean that you will run your business into the ground if you are constantly cost effective. Track how much money you can save monthly then add it up as over the course of a year it could be much more than previously anticipated!
