ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Business and Employment»
  • Small Businesses & Entrepreneurs

Save Money For Your Home Business - 10 Tips

Updated on June 15, 2013

Running your own business means making the most out of every penny. If you're not wise with your finances, you don't be in business for long. So, here is some food for thought: 10 ways to save money for your home business.

Advertising Budget: $0

Forget about spending tons of money on advertising! With the internet, you have access an entire world of customers. Sign up for Facebook, Twitter, Blogger, and any other groups or forums that are related to your product/service. You will have all the tools you need to start promoting your business through social networking. Reach out to potential customers and connect with them on a personal level. You will be surprised by how fast you'll start to see results that are better and longer lasting than some black and white print ad.

Community Networking

Get out of the house! Get to know people in your area. If they don't become a direct client, they may still become an invaluable resource. Have some business cards printed, create some custom button pins with your contact info, or create a handmade freebie to give away as you meet people. Use your entrepreneurial ingenuity to make people remember you and your business!

Ask for Donations

Not everything has to be bought brand new. Items such as office furniture can be obtained through donation. Try calling your local church, meeting hall, or second hand store. Many times they have extra tables, chairs, desks, and even upholstered furniture that are just waiting for a new home. Depending on your needs, other items such as boxes, newspaper, or packing material may also be recycled from other local businesses. Call around and see what types of deals you can get for picking up unwanted stuff and putting it to new use.

Get Help From Family and Friends

Your friends and family love you, and they want to support you. Why not let them help? If you're in a pinch, think of easy tasks that can be delegated. Then, order a few pizzas, turn on some good music, and invite them over to help out. Make a fun event out of it! They'll probably be tickled that you've asked for the input, and you will be getting awesome volunteers!

Create Repeat Clients

Perhaps the best way to save money your business is to create repeat clients. If you treat each customer like a family member, give them personalized service, and offer incentives for their patronage, they will always come back for more. Enthusiastic customers tend to recommend their favorite products and services to their friends, creating even more business for you in the long run. Taking good care of your current customers won't cost you a dime, and it can double your money.

Use Skype Instead of a Phone

Phone bills are ridiculously expensive. Instead of getting a land line (or even a cell phone!), you can sign up for Skype to make calls from your computer. For unlimited North American calls, plus your own telephone number, the cost is around $50 per year. Compare that with $50 per month! It's a no-brainer.

Scout Indie Talent

Sometimes you absolutely have to outsource a service, such as graphic design, web design, SEO, or even production and assembly. Check out Etsy or Artfire to find independent contractors who are willing to negotiate on price. Most of the time, hiring an independent contractor is much more cost effective than choosing some huge firm. Plus, you'd be supporting the little guy, and that feels good.

Pay Yourself

In the age of Wal-mart and Target, many small business owners are tempted to undervalue their work to compete with the big chain store. Forget it! As a small business, you will never be able to beat those prices. Where you can beat them is when it comes to quality and customer service. So, don't cheat yourself by lowering prices drastically. You deserve to get paid for your amazing work.

Do Your Own Taxes. No, Really!

You don't have to be an accounting wiz to file your own home business taxes. All you need is your receipts and a free day. You are the boss. You know the ins and outs of your business. So, you are the best qualified person to make decisions about your expenses and deductions. H&R Block Home Basic software is only $15, and it guides you step-by-step through the process, or better yet, you can use FreeTaxUSA to file Federal taxes for free! Don't let those black and white forms intimidate you. Doing your own home business taxes is easy and free!

Educate Yourself

There are times when you may realize a project or initiative that would really take your business to the next level, but it's something outside of your skill set, and hiring someone for the job would cost more money than you have to spend. For instance, let's say you want to build a website, but the right website will cost $5,000, and you just can't afford it. Instead of breaking the bank, why not start to learn web design on your own? There are always ways to educate yourself for free, and the more you know, the more you save. Why pay someone else to do something you're perfectly capable of doing on your own?

Comments

    0 of 8192 characters used
    Post Comment

    • Olde Cashmere profile image

      Olde Cashmere 5 years ago from Michigan, United States

      Extremely helpful and useful tips. Thank you for helping many people get their ideas off of the ground. Voted up, shared, and useful :)

    • jainismus profile image

      Mahaveer Sanglikar 5 years ago from Pune, India

      Useful tips, thank you for sharing.

    • ChristyWrites profile image

      Christy Birmingham 5 years ago from British Columbia, Canada

      These are very useful tips. It can be hard in the beginning stages and money needs to be stretched. I vote up.

    • KoffeeKlatch Gals profile image

      Susan Haze 5 years ago from Sunny Florida

      Great advice and tips. Too many people don't get out there and promote themselves. Up and useful.

    • Gracenduta profile image

      Gracenduta 5 years ago from Kenya

      Great money saving tips, well written. I am looking out for more

    • neeleshkulkarni profile image

      neeleshkulkarni 5 years ago from new delhi

      amazing amazingg amazinggg, i could sue this for a thousand times more.You have hit the nail right on the head.A fool and his money are soon parted, they say.No danger of that here.Sire you will make a lot of it.

      This tallies exactly with my experience as an entrepreneur.There was no skype when i started in 1985 but sure the concepts remain the same.Don't go fancy till you can afford it and most of all

      "Where you can beat them is when it comes to quality and customer service."I have done exactly that and now have absolutely NO marketing set up besides a host of repeat customers who keep sending referrals who just call up and say we need 'such and such' please come install it.No negotiation, no discussion, just the faith that once having handed it over to my company there would be the right product, the right price and the required service.

      We are on the same wavelength friend. keep at it.

    • Indian Chef profile image

      Indian Chef 5 years ago from New Delhi India

      Alipuckett very nicely written hub. book marked it so i can read it again.

    • tillsontitan profile image

      Mary Craig 5 years ago from New York

      I'm sure lots of people can use your tips. While many are common sense a lot of people won't think of them. Good hub with good information. Voted up.

    • Brett.Tesol profile image

      Brett Caulton 5 years ago from Thailand

      Some very useful tips for starting a business, especially "educate yourself", as it is often free/cheap to learn, far better than paying others.

      Thanks for SHARING.

    • profile image

      cyndigreen 5 years ago

      Very good and informative ideas..

    • Rickrideshorses profile image

      Rickrideshorses 5 years ago from England

      Great practical tips for saving money. Thanks

    • daisynicolas profile image

      daisynicolas 5 years ago from Alaska

      Good ideas especially the 'asking for donations.' Never been comfortable of asking for that, but it does make sense when one is starting out.

    • RTalloni profile image

      RTalloni 5 years ago from the short journey

      These 10 tips for saving money in a home business are tops! Thanks for composing and posting a hub that could benefit a wide range of people.

    • alipuckett profile image
      Author

      alipuckett 5 years ago

      Millionaire Tips: Thank you! It's nice to know I'm in good company. :)

    • Millionaire Tips profile image

      Shasta Matova 5 years ago from USA

      Welcome to HubPages alipuckett. These are great ideas about saving money with a home based business. Since most writers on HubPages are technically running their own home based business, these are all very useful to all of us.

    • alipuckett profile image
      Author

      alipuckett 5 years ago

      Thank you so very much. It's great to meet you, Peggy! :)

    • Peggy W profile image

      Peggy Woods 5 years ago from Houston, Texas

      These are all good ideas and tips that would definitely save money for a home based business. Welcome to HubPages!