The idea of being your own boss is a dream that many have. It seems great to not have anybody telling you what to do all day. The idea is that you call the shots and do what you want.
Well, that sounds nice, but when somebody else is the boss they usually take care of a lot of details that you don’t have to think about. Such as the costs of running a business. When you work for yourself, even if it is a work from home scenario, those are your expenses and can seriously cut into your profit margins if you aren’t careful.
In this article, we will give you some ideas on how to cut those costs so you can be more profitable.
Mind Your Devices
The electronic devices that you need to get work done are a drain on resources in more ways than one. Not only are they using what’s called phantom energy if you aren’t careful, but you could be using the wrong device and not realize.
Some devices are resource hogs. For instance, your typical printer uses way more ink than it should. Some people set theirs to black and white, but that isn’t enough since they still use color ink for the black. Instead, go for black and white printers that only use black ink so it cuts way down on your ink usage.
Then, make sure that you unplug all electronics that aren’t in use or have a switch to shut off the outlet where they are plugged in. They drain electricity even when they are not charging or being used. This will save a few dollars per month which adds up over time.
Use Your Credit Cards Wisely
Using your cards for points has become something of a sport for many self-employed people. They use certain cards for certain purchases to get points that they can use towards rebates on goods they need for their business including airline miles to fly for business at a steep discount.
Make sure you avoid the debt trap that many get in by not paying off any purchases made when the next bill comes in. Fees and interest are a killer and can eat away at your profits very easily.
Choose the right cards that give you points for the things you need the most and then use them for most purchases with the notion that you have cash set aside when the bill comes in.
Hire a Good Tax Consultant
Having a tax specialist that knows your industry well will pay for itself and then some in money saved.
They know what can be written off and deducted as well as where to look for credits on your taxes and can generally shave a couple of percentage points off of your tax return or even secure a refund for you.
Look for others in your field and ask them for referrals for somebody good that you can trust.