Easy Ways to Save Money When You’re Self-Employed

Save Money

There’s a lot to be said for self-employment. While it may lack the consistency and security of a traditional nine-to-five, being your own boss has a wide array of perks. For example, you can turn down any jobs that seem too difficult, strenuous or low-paying. You can also make your own hours as opposed to adhering to a work schedule chosen by an employer. However, as any self-employed individual can attest, you’re likely going to face periods in which you receive little to no work. As such, it helps to conserve your financial resources when times are good in order to weather the storm when times are tough. 

Purchasing Pre-Owned Equipment 

If your self-operated enterprise requires the use of cutting-edge tech, you needn’t limit yourself to brand-new equipment. While it’s certainly nice to have new things, certain pieces of tech are liable to leave a massive hole in your finances. With this in mind, you should keep yourself open to purchasing pre-owned and/or refurbished equipment. In some instances, you’ll even be able to buy this equipment directly from manufacturers. So, whether you’re in the market for new computers, printers, scanners, cameras or other pieces of modern tech, take care to explore all of your options before deciding to buy new.   

Haggling with Vendors 

As a business unto yourself, you may be eligible to receive small business discounts from a number of companies and retailers. For example, if you frequently patronize any office supply stores, take care to ask about the aforementioned discounts and ascertain whether you qualify for them. Additionally, if there are any wholesalers from whom you regularly purchase supplies and equipment, don’t be afraid to engage in a little haggling. You may find that certain vendors are far more willing to provide you with discounts than you initially thought.    

Renting the Right-Sized Office Space 

When selecting the right office space for self-owned enterprises, many people seek out the largest digs they can afford. Not only will a large office space provide you with plenty of room in which to stretch your legs, it stands to project an air of success to prospective clients. While this line of thought is somewhat understandable, it’s hardly conducive to conserving one’s financial resources. 

At the end of the day, a needlessly large office space is likely to be more of a curse than a blessing. For starters, the rent alone is liable to eat up a substantial chunk of your monthly income – particularly if you’re based in an expensive area. Furthermore, larger spaces are synonymous with higher operating costs. So, in the interest of getting the most for your money, make a point of sticking with sensibly-sized office spaces that can sufficiently accommodate you and any employees you may have.   

Working from Home 

In the digital age, you don’t necessarily need a formal office space. If you primarily connect with clients remotely, there should be no reason you can’t operate from the comfort and safety of your own home. This will save you the trouble of commuting back and forth, allow you to work in a space in which you’re fully at ease and make it easier to tend to family obligations. 

If you have employees with whom you work on a full or part-time basis, allow them to work from home, too. While you may not like being unable to directly supervise them every minute of the day, it’s worth noting that working remotely has been associated with heightened productivity. So, if you’re afraid that quality of work will suffer as a result of employees working from home, you needn’t be. 

Investing Wisely  

To help you weather the inevitable dead periods, you should consider making some investments. Precious metals, for example, are often smart investments that can facilitate big pay-outs down the line. If you’re new to this type of investment, you may want to start with a 5 oz silver bar

Self-employedSelf-employment is associated with a wide range of perks. Sure, being your own boss may not carry the same level of structure and predictability as a standard desk job, but many people find the tremendous freedom self-employment offers to be well worth the sacrifice. Still, even the most successful entrepreneurs experience the occasional dead period. As such, it’s important to save money whenever you can and provide yourself with a solid rainy- day fund. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.