subject: Saving Money With Your Small Business [print this page] You've taken the bold step to begin your own business. This endeavor will be both challenging and rewarding. Now you can have your small business help you save money in a variety of ways. You need to take advantage of as many of these opportunities as you can, this is just good business sense.
First, take a look at the tax advantages of operating your own business. If you are unfamiliar with business tax law, you should seek professional advice from an accountant or tax lawyer for guidance. There are many legitimate business expenses that you can deduct from your income:
"Automobile expenses related to operating your business
"Travel expenses involved with promotion or running your business
"Entertainment expenses associated with clients or prospective clients
"Home office expenses directly related with your business
Depreciation of assets will save you tax dollars. You can also expense a large amount of initial purchases to you incur to set-up your business.
Taking advantage of these tax deductions can save you significant amounts of money that you would otherwise have to pay in taxes. When you are starting or running a small business, any money you save may be the difference between success and failure.
Operating your own small business may entitle you discounts at many other businesses. Their view is that is they give you a good deal now, and then when your business is successful and grows, you will buy more products and services from them. Many suppliers of business products will give a discount if you register your company with them. Other businesses will allow you to purchase at wholesale prices if you supply them with your tax ID or simply letterhead stationary. These savings can be substantial, not only for business supplies but on purchases for your personal use. Businesses that often offer discounts to other businesses include:
"Printing companies
"Office supply companies
"Repair and parts facilities
"Catering and rental businesses
"Buying clubs (These usually have business accounts to save even more money)
There are other businesses that will offer you discounts. You just need to keep alert or ask for discounts when you are shopping.
Buying in bulk will usually save you money also. Keep an eye out for sales and close outs, anyway to save money on purchases. But, don"t get penny foolish. You can spend too much time trying to save a few cents, but losing productive activity elsewhere. Spend your time doing the most productive work that you can do. Sometimes spending money to hire an assistant, outsourcing can save you money in the long run.
Having your own small business saves you money in other ways, too. You will be spending long hours working on your business so you won't have the time to spend money on frivolous things such as: movies, dining out, going on vacations, or other fun items on which you used to spend money. But, the satisfaction on being your own boss and running your own business far outweigh this temporary situation.
by: Dave Dumas
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