11 WAYS FOR YOUR SMALL BUSINESS TO SAVE MONEY

Resource Center » 11 Ways for Your Small Business to Save Money

These essential tips will help you start saving money for your small business today.

It is still a big part of the American dream to start a small business, and that old saying "It takes money to make money" still rings true. However, there are many ways to save money while building a business and remaining successful.

Join a Professional Organization

If you join a professional organization, then you are instantly doing a service to your business. First of all, it provides a professional affiliation that gives any small business credibility, and this makes it easier for clients to build trust in the product or services the company offers. Also, many trade and business associations offer members valuable discounts on things like health insurance, air travel, car rental, cellular or land line phone service, and more.

Always Get Three Quotes Before Making a Purchase

Make it a habit to shop around for everything you buy for your small business. Many times, if you let a vendor know his competitor has quoted you a lower rate, he'll either meet it or try to beat it to get your business. It never hurts to ask!

Barter with Other Businesses

Consider swapping products or services with another business. Your company can effectively avoid cash outlays this way and possibly even unload some slow-moving merchandise. It’s also possible to contact a local barter broker or to join a commercial barter exchange club so you don't have to deal with businesses directly.

Learn to Do it Yourself

Instead of paying a copywriter to write press releases or a designer to build a web site, learn to do it yourself. Local community colleges offer many relevant classes that could teach you the basics.

Query Consultants on a Regular Basis

If you work with professionals like an accountant or an insurance agent, ask them regularly if there is anything you can do to cut costs. Building a rapport with these professionals can greatly improve your working relationships.

Practice Careful Preparation When Consulting Attorneys

Be sure to get a written fee agreement from attorneys to avoid any financial surprises. The agreement should include the estimated amount of time that will be spent on your case and the specifics of what the fee covers and what it doesn’t.

Take Advantage of Critical Tax Deductions

It's always important to be aware of tax deductions, but this is especially true for home-based businesses. Sometimes a portion of rent or mortgage interest and utilities may be deducted as business expenses. Some home maintenance expenses like house cleaning and lawn care are also deductible! In addition, if you travel a lot for your business, be sure to also deduct expenses such as gas and meals. The cost of an evening spent entertaining a client may also be partially deducted. Consult an accountant for more details.

Compare Small Business Credit Cards

If your business credit card usually carries unpaid balances at the end of the month, then shop around to find one with the best interest rate. If you do pay your monthly balances in full, then find a card that does not charge an annual fee. It’s sometimes possible to get the credit card issuer to lower rates or waive annual fees by telling them that you've had solicitations from other companies extending such offers.

Pick Up Supplies When You Can

If you're going to be in the area of your supplier, then try to pick up the orders yourself. This will save money in shipping fees. However, you should only do this if it truly saves you money and it doesn't take you away from important tasks.

Hire Your Kids

If you have children who are at least 14 years old, then it may be possible to hire them and take advantage of their lower tax bracket. Plus, they'll be happy with more than just a weekly allowance!

Use Independent Contractors

Withholding or paying taxes on payments owed can be avoided by not hiring employees. Check to make sure the independent contractors meet the IRS criteria to avoid any penalties against the business.

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