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Last updated: 19 January 2024
Saving money tips for tradespeople
When you're looking to be more cost effective as a business, saving money tips from others can help give you ideas and point you in the right direction. Read on to see some of the things to consider.
Running your own business throws up challenges every day. As a result, saving money tips can really come in handy if you're going through a quiet patch.
Being cost-effective is probably right up there in the headache stakes when it comes to your business. As well as making money, saving wherever you can is also key to small business success.
What are some good business money saving tips?
Be more productive
A cost-effective business tip to save money is by being more productive. The more money you bring in, the more you should be able to save.
Why not look at how to bring in more leads and job opportunities?
Investing in your employees can also help you do this - when you've got more hands, you can do more work or charge more for your services.
Charge more
Money saving ideas for small business don't have to involve making cuts. Instead, you could increase your prices. By charging more for jobs you are bringing in extra money that can be saved.
For example, have you considered using a pricing template to help you improve your profit margin?
Haggle with suppliers
Businesses can prosper when they take the initiative. It's always worth calling your suppliers and asking them to do deals on your purchases.
Plan what you spend
Keeping tabs on money coming in and out is a cost-effective business method to help you save. Setting up a practical planner for saving money requires you to look at the best ways of managing your cash flow.
A great way to manage your cash flow is by having a budget planner for saving money.
Reclaim VAT
Our saving money tips extend to tax areas as well. If you didn't already know, when you are VAT registered, you can claim VAT back on a range of business expenses.
Cover a smaller area
Being a cost effective business can sometimes mean keeping it local. If you have lots of customers close to your base, why not reduce your working area? Longer journeys can mean wasted time and fuel costs if you don't win the job.
Keep your customers happy
You can save money on promoting and marketing your business by getting customers to do it for you. If you keep customers happy and satisfied, they're more likely to share their positive experience with family, friends and neighbours. You can win new work just by being good at what you do.
Spend less on business essentials
As a member, you could savings on insurance, tools and fuel
Look at your marketing spending
Moving your paid marketing and website spend to an online directory such as Checkatrade can reduce the cost of hosting a website yourself.
You'll also benefit from an increase in customer leads through our homeowner searches.
We'll even supply you with free marketing materials to really boost your business.
Save energy
Another area ripe for money saving are your lighting and heating bills. They're probably among your highest business expenses.
For example, why not check out energy-saving ideas that can boost your profits and make you a more cost-effective business?
Get a grant
The government provides grants for small business. Getting outside financial support can help you save money and grow your business at the same time.
How about business money saving tips for your tools and vehicles?
There are plenty of ways you can spend less on vital business assets. You can:
Buy tools and materials online using trade discounts (by joining Checkatrade you'll get access to excellent offers on essentials)
Win more business by putting stickers and signs attached to vehicles to advertise your business
Invest in an electric van to reduce fuel costs in the long term
Consider the different costs of buying or leasing a van
Look for seasonal sales discounts when you buy tools
Spend less on business essentials
As a member, you could savings on insurance, tools and fuel
What are our saving money tips to reduce business expenses?
Business expenses can be hard to control. Once you start keeping tabs on what you are spending you can then look at money-saving tips to bring down these costs.
For business money saving tips you could:
Outsource jobs: This will help to eliminate overheads and allow you to take a referral fee and can also work if you have staff with specialist skills but not enough regular jobs
Buy in bulk: Many companies will offer discounts when you buy in bulk, so stock up on materials and tools that you use regularly
Save on insurance: Insurance is essential, but it can be expensive, so consider options like comparison sites, or the discount you get as a Checkatrade member
A trade's guide to business expenses
Business expenses are a necessity for tradespeople. Managing them effectively helps to maximise your profits. This is not just a question of keeping business expenses as low as you can. Many business expenses are tax deductible. That means you can use them to reduce your profits. It’s little
Key takeaways
Good business is as much about following useful saving money tips as it is about making money
Having a planner for saving money is a great way to budget by matching money in with money going out
Money saving ideas for small business come in all shapes - find what works best for you and reap the benefits
Think about trade discounts and trade membership to be a more cost-effective business
Ready to take your business to the next level?
Becoming a Checkatrade member can help you out
DISCLAIMER
This is information – not financial advice or recommendation. The content and materials featured or linked to on this blog are for your information and education only and are not intended to address your particular personal requirements. The information does not constitute financial advice or recommendation and should not be considered as such. Checkatrade website is not regulated by the Financial Conduct Authority (FCA), its authors are not financial advisors, and it is therefore not authorised to offer financial advice.
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