Consolidate Student Loans and Shop Online
by: Nick Smith
If you
run a home business, you know that budgets can be pretty
tight. Saving money wherever possible can be the
difference between the business that succeeds and the
one that fails. This article represents a broad survey
of things you can do, from consolidating your student
loans to getting small business deals on supplies, that
will help you spend less each month.
Next
Time You’re Online, Buy Something
Billions
of dollars are spent each year online. Rather than
suggest that you hurry and move your business online,
I’d like to suggest that you add some of your dollars
and cents to those billions already spent. Companies who
move operations online reduce their overhead costs and
often pass on those savings to you. Computers, airplane
tickets, even student loan consolidation, can be
purchased or arranged online. It has been my experience
that I can find almost everything I want online for less
than I can find it anywhere else. Next time you’re
thinking about biting the bullet and making that big
purchase, spend a little time shopping around online and
see if you can’t save a few dollars.
Consolidate Student Loans and Get Your House in Order
Chances
are good that you’ve been out of school for a while, but
don’t skip this paragraph. If you consolidate student
loans or other financial obligations, you will typically
save a great deal of money each month on your monthly
payments. Running a home business often blurs the line
between personal expenses and business operating costs –
do yourself a favor and make sure you have your personal
financial affairs taken care of before you find yourself
overwhelmed with past obligations. The government might
not have cared about your credit score when they gave
you those student loans, but banks looking to give
business loans are a whole different story. Making sure
everything is taken care will keep financial doors open
that, once they’re closed, are very difficult to reopen.
Score
One for the Little Guy
Believe
it not, most people want small businesses to succeed.
There are a lot of people willing to give you a break on
prices because you own a home business, but you might
need to ask about it. Office supply retailers and
computer distributors sometimes offer discount prices to
registered small business owners. The savings are not
always monumental, but even the smallest savings
multiplied over a year or two start to add up to pretty
substantial amounts. Shop around to see if the suppliers
you use are willing to offer you a discount on supplies
or equipment.
Do
Without…For a While
I’m
probably not the only person that drove a car that was
older than I was during college, or who ate Ramen
noodles more than once almost everyday. Don’t forget the
lessons you learned while you were a poor college
student – the same ability to make do with what you have
can save you a lot of money in the long run. I had just
graduated from college and I wanted to get a new
computer to replace the older, though fully functional
one I was using. This was before I took my own advice to
consolidate student loans, so money was still pretty
tight. I wanted to kick myself when I saw that the price
on the computer I bought dropped $300 in three months.
Some expenses are necessary and unavoidable. For
everything else, look to see if you can manage with what
you have for a while longer.
Don’t Do
It Alone
Nobody
likes data entry – it’s time consuming, boring, and time
consuming. If you find yourself spending too much of
your day punching numbers into spreadsheets, consider
hiring someone or outsourcing it to another company. If
you think that you can’t afford the part-time salary, do
an inventory of your time and see if what you would pay
someone is worth the amount of time you’ll be able to
invest into the meatier matters of your business.
I know
I’m risking sounding like your father giving you a
lecture about money, but remember that a penny saved is
a penny earned. A successful business minimizes costs
while maximizing profits.
