5 Ways to Save Money with a Business

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5 WAYS TO SAVE MONEY BY HAVING A BUSINESS

You may or may not currently own a business. Consider this: a business does not have to be profitable to be a significant financial asset. The following are a few of the ways that a business can save you significant money and hey, it might even generate a profit for you as well!

Reward Programs

Pay attention, seek out, and request reward programs. First, enroll in the rewards program at an office supply store. Next, get a business credit card that pays back a percentage on office supplies. Then when you buy $100 worth of office supplies, the store is giving you a 5% reward, the credit card pays 6% cash back, and you’re taking that $100 as an expense against your income for another $18 in your pocket... You got $100 of office stuff for $79.

Volume/Wholesale Buying

I think we can all agree that printer ink/cartridges re expensive. If you are able to use your PC’s printer to generate something you will resell as part of your product or packaging, you can buy ink cartridges at wholesale prices & tax-free. For example, if you print coupons or inserts that are part of a product’s packaging, you are reselling that ink and don’t have to pay tax on it both when you purchase it and then again as income/sales tax. Be sure to keep this in mind and remind your vendors. A print shop charged us tax recently for product labels for our dog-doody shaped soap “Nope, It’s Soap!”. I guess they thought we had a personal use for 10,000 product labels like that.

Daily Expenses

Make your business home-based and quit your naggy job! Eat lunch at home for $3 instead of $13. I know you’ll miss the commute, but it’ll save you $5-$10/day in gas. If you don’t have to drive regularly to operate your business, you can also reduce your insurance coverage to “recreational use” for another $20/month. And you’re going to have to work in sweats rather than your dry-cleaned blouses or suits and save another $50/month. There’s $90/month most of us incur just going “out” to work every day.

Write-Offs

Again, intermingle your business and personal expenses. For example, if you have a home office, the percentage of the square footage of your home that the office represents is a business expense. The same goes for any portion of the home used to store supplies.

Business Credit

Tread very lightly and thoughtfully here. Banks will usually grant larger lines of credit to a business than to an individual. use that credit wisely. Always think in the long term. If you don’t understand interest and its accrual properties, DON’T USE CREDIT AS A TOOL. And read the article on Understanding Credit Card Interest and Fees in the “Business/ Money-Saving Tips” section at www.nopeitssoap.com. If you do understand the principles, then use the buying power to your advantage. Use the line of credit to buy in volume to get discounts, but only if you are going to be able to pay off the purchase before it accrues interest.

Conclusion

There are many, many other advantages to having a business. The bottom line is that owning a business, whether it constitutes your entire livelihood or not, is a powerful money management asset.

If you or anyone you know in interested in starting or improving a business, the author of this article can help. There is no charge for the initial consultation. Click HERE for more information.