Note from Crystal: While I’m on vacation, I’m taking a break from writing a post for the How to Make Money Blogging series this week. I’ll be back to it next Wednesday. In the mean time, here’s a guest post on staying on budget while running a home business that I thought some of you might find very helpful.
Guest post by Angie from The Work At Home Wife
As home business owners, we quickly find that working from home means we are bombarded all day long with things that promise to improve our businesses. Some are going to teach us new skills. Some are going to share insider secrets to success. Others are not quite clear on what they are guaranteeing, but we must buy it now and we can figure that out later.
There truly are some great products out there that can improve our bottom lines. Many of us go through the stages of buying nothing, buying the right things, and then buying everything whether we truly need it or not. Those latter times can break the bank, if you let them.
Here are three tips for staying on a budget while running a home business:
1. Invest only in what you need.
When another home business owner asks me what products they should purchase, my typical response is “Where do you need help?” If your response to that question is “Everywhere” or “I really don’t know,” it may not be the time to invest in anything until you figure that out.
If you invest in the latest snazzy social media product that comes into your inbox when you really need help with your SEO, you just threw your hard-earned money out the window. Take some time to find out what improvements are truly needed before jumping on the latest recommendation.
2. Do not impulse buy.
That should go without saying, but even I often need a reminder. It is one reason I don’t keep my purse in my office.
If I’m taking a five minute break to read my emails and read a limited time sale on something “new, improved, and guaranteed”, it is too tempting to reach over and grab that wallet before I can think twice. If it is not something you were already planning on purchasing, mull it over.
3. Always check for coupon codes.
We should always be savvy self-employed shoppers, and those discounts can add up quickly on big items. If it is something that ships, you may be able to find several ways to save. Check out sites like RetailMeNot.com or CouponCabin.com for discount codes. Use a rebate site like Rakuten.com (formerly Ebates) to stretch those dollars a little further.
Every little bit counts these days, home business owner or not. And we always want to avoid buyer’s remorse when possible.
A little additional perk from savvy shopping is that what you save on one purchase, or eliminate altogether, can be moved over to something that may not have otherwise been within your business budget. Sometimes you really can buy more and still spend less.
Angie is a Virtual Assistant and founder of The Work at Home Wife where she provides home business solutions and internet marketing tactics for home business owners on a budget.
Heather @ Creative Family Moments says
I’m always amazed at the discounts I can get if I just take the time to check out coupon codes. Thanks for the reminder!
Amanda says
That is so true. I get calls all the time tell me how to improve my business and trying to sell me things. I swear, even though I am listed on the government do not call list…. I still get the calls.
Sometimes the best services and teachings are free. There are so many free webinars, etc.
Angie says
Amanda, webinars are a great source of free information! They are often wrapped into a sales pitch, but they usually have some great free pointers included. I always recommended taking advantage of them.
Kim@Going Thrifty says
Thankfully, with a lot of experience in sales, I have come to the realization that if I buy a product, it is because I did a good job choosing to buy it, not because the seller did a good job trying to sell it to me. I guess that has actually helped in the “not buying too much” category. Salespeople are the hardest people to sell to. I think my husband is thankful for that!
Angie says
Kim, I think this certainly has some truth to it. The longer I have been blogger, the more I have picked up on the little things everyone, including myself, does. It is much easier to resist when you can spot those tactics for what they are.
Hope Easter says
Thank you for this. I think I’m going to print this our and hang it up on my wall. I use to have such a bad habit of impulse buying, and it gets you no where and quick.
The invest in only what you need, I will re-read over and over again. I have a bad habit of buying into anything that looks pretty. Not a smart business move. 🙂
Angie says
Hope, my biggest problem is the peer pressure tactic. “Everyone else already has this! You are already behind!” I try to tune that out. Even I have buyer’s remorse from time to time.
SB @ One Cent At A Time says
Home business often requires tremendous amount of calling minutes. We also need to make sure we chose phone plans accordingly. Likewise, the internet bandwidth also has to be chosen carefully.
Many office supplies for home business can be obtained for free from various internet freebie sites or forums.
Tammy @ Skinny Mom's Kitchen says
It is so nice to see Angie guest posting. I have been reading her blog for awhile and love the content she offers.
I am hoping to transition from work out of the home mom to work at home mom in the next couple years. Yes couple years is a long time but we all know it flys by and plus this is going to take LOTS of planning and strategy. One of things I am trying to do to reach this goal is get my budget under control and save save save. These type of posts are really helpful. Thank you!
Angie says
Hi, Tammy! Thanks for the kind words. I know you will do great. Best of luck!
[email protected] says
Great tips and ideas in this post. One more tip to add on:
Make separate bugdets one for your home and one for your business and do not mix these two. If these two are mixed it will be difficult to stay on budget.
Angie says
Very true, Kate. When you start mixing money, things can get offtrack quickly.
Marlaan says
Know what you need? Now there’s a novel idea. Reminds me of people who go to college for years without knowing what they are majoring in, or why they even need to go. Good tips!
Linse says
I need a post-it with the second one right over my computer screen. I sometimes tend to be a night owl and things seem like a much better idea when you need sleep, ie my snuggie :p
Angie says
Me too, Linse. Me, too.