Photo by Tima Miroshnichenko:
Putting together a home-based business will take some planning. While you will need to invest in some technology, do your best to avoid expanding your home office space until you must. You can build a home office in an empty closet to start and expand as you need more space.
Save on Physical Tools
If your home doesn’t offer the space to have a separate office with a door, look for a corner or closet in which you can build a workspace. Your office can be as simple as a desk in a corner and a screen that you can set up around the desk.
A desk can easily be built from a slab door and two bookcases or small filing cabinets for those with a very tight budget. However, if you need a fast computer with great graphics, invest. Using found items to create your physical workspace can keep your costs low until your business starts to pay for itself; then you can expand your physical workspace as funds allow.
Watch Your Internet Expense
For those on a very tight budget, a simple way to get online to grow your business is to use the hotspot on your phone. Not only can this keep your costs low if you don’t have internet in your home, but you can keep your business data more secure than you would using a library or another public internet source.
Another helpful factor in using a mobile hotspot for internet access is protecting your data use and keeping it for your business only. Few of us can function without a cell phone. Adding a data plan can be a cheap way to enjoy dedicated internet that is only used for growing your business online.
Stay Connected Without Overspending
Today’s business phone systems are about much more than just telephone calls. Investing in an integrated system could actually save you quite a bit of cash over time; for example, the right integrated system can allow you to
- fax to your clients
- video conference with fellow small business owners
- text your team members
For those who work alone, moving from a traditional smartphone to a scalable business phone system can turn the isolation of freelancing into a wonderfully collaborative work experience. You can quickly add connections and better serve your clients. with a business phone system
Small business owners often have to wade through a lot of information; the right subscriptions can help you winnow down what you need to study each day. Take care to run all your subscriptions, trade magazines, and newsletters through just one credit card.
Using just one card for your email subscriptions will allow you to track the value of the information you’re getting. If you notice a particular newsletter is no longer serving you, canceling it will be much simpler if all the fees show up on one statement each month.
Use the Right Business Credit Cards
Carefully review all the credit card offers you get for your business. Make sure your card is giving you benefits that you can easily use. For example, if you need to drive a lot for your business, make sure your card pays you back each time you put fuel in your vehicle.
Look for a 0% APR card before you make a large purchase for your business. For example, if you are ready to buy an expensive tool that will help you grow your home business, a card that will give you 18 months of no interest will help you get the tool up and running. In addition, those 18 months will give you time to pay it off with no interest due.
You may need to start with a personal credit card; your business may not qualify for a credit line with enough room to make that large purchase. In this case, make sure this personal card is not used for anything else; it will make filing your taxes much simpler. Additionally, don’t forget to take the home office deduction!
Recent world events have taught many of us that one income stream is just not safe. However, starting a home business doesn’t have to cost a great deal of money and can reduce your money stress as you build for a better financial future.