Following the recession in 2008, many of us gave up trying to get (or keep) a job and opted for entrepreneurship by setting up a home office. One of the biggest advantages of this was meant to be massive savings on overheads, especially rent, staff costs and transportation. However, without proper planning, there are so many other expenses that can go completely out of control. If you are planning to start your home office and are afraid of these costs, or whether you have already made some decisions that cost you some money, this article can help your situation. So before you throw in the towel and rush back into the “safety” of formal employment, you can try out these tips to save money on your home office expenses.
Cheapest is Not Always Best
This may seem contrary to saving money, but if you consider long term expenditure, it begins to make sense. Purchasing a good quality item in office supplies will save you having to replace the items many times over in the future. You should purchase branded pens, sticky notes, pencils, erasers, scissors and other similar supplies as there are often excellent quality and long lasting. To save some money while purchasing them, you can opt to buy them from a warehouse store, where you can also utilise loyalty point discounts. In addition, you should take advantage of back-to-school sales that offer discounts on such supplies.
Purchase Used Office Furniture
You may miss the large swivel chair from your previous office that was so comfortable and made you feel like a boss. Before you spend a few hundred dollars on a chair, take some time to look for used furniture that you can purchase at a fraction of the cost.In fact, make sure that your entire home office is fully furnished with used furniture. You will likely need a table, chair, drawers and filling cabinet to start you off. You should be able to buy used quality furniture from bankruptcy sales, newspaper ads or even from large institutions that are going through an upgrade. If you are still feeling the itch to place your bottom on your swivel chair, you can set its purchase as a goal, once you attain a certain amount of profit.
Only Pay Bills When You Have To
In difficult times, you may be worried about your credit rating and protecting it. You must be accountable and ensure that all your bills are paid on time. However, what you need to avoid is paying them way before they are due. Even if you have the money available, you should leave it in your bank account where at the very least it can earn some interest. Pay your bills a day before the due date, unless there is a discount available that favors earlier payment.
Though these represent small changes, the result is considerable savings. The more you save on your home office expenses, the better for your bottom line and the higher your profit.