Blog>Trade>Day 5 - Spending your first expenses wisely
Last updated: 6 February 2025
Day 5 - Spending your first expenses wisely
Day 5 of 7 to becoming the boss - first expenses and making them count!
Make your first expenses count
No one likes wasting money, and that’s why you need to really think about your spending early doors.
When you first set up a business, you tend to have a certain amount to work with.
If you’ve been taking the advice from our previous emails on board, you’ve decided what work you want to sell and where you want to sell it. Now your main focus is collating the tools and materials needed to get you started.
Using the cash sitting in your flashy new business account
Here are ways to keep your initial expenses down without compromising on quality:
Step 1: Be strict about the essential tools you need and set a target spend
Step 2: List your essential startup costs (e.g., PLI insurance)
Step 3: Determine your fixed costs (e.g., van leases or tools)
Step 4: Estimate your variable costs (e.g., fuel or travel)
Step 5: Stick to your kick-off spending plan
Top tip: A reputation as someone who cuts corners will kill your business before it has a chance to see its name on your van.
Here is a secret tip for you
How to save on the essentials now and into the future
You’ll get good rates when you open a trade account with your preferred suppliers. But there are ways to save even more money.
There are 47,000 Checkatrade tradespeople right now getting cheaper rates on their business essentials. If you’re interested, they save up to £470 per year* on trade-related items using their Checkatrade membership.
That’s tools, vans, materials and insurance they're saving on.
* Checkatrade data - Year runs from April 21’ to March 22’. Spend based on 12,505 members. Discounts differ depending on the partner. Products range from low value items to high value items. Total amount spent on Selco is estimated at £42,380,838 by 7,298 members and based on average savings per member from 2020/21. 10% discount. Some exclusions will apply on products.
Disclaimer: This article is for financial information and education purposes only. It is not financial advice. It is not a recommendation. Always do your own research and seek independent advice where required. Read the full disclaimer here.
