15 Money SAVING IDEAS FOR YOUR HOME-BASED BUSINESS 

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So you’ve made the leap and started a home business out of your backyard shed — congrats!

But how do you keep costs down when you’re just starting out and funds are limited?

I’ve got you covered. 

I’ll explore 15 money saving ideas for your home-based business that will boost your bottom line in the next few paragraphs.

Cost cutting can be a game changer when you’re starting out.

These are techniques I’ve used myself and they’ve allowed me to keep going even when times got tough.

Let’s dive in.


1| Look for Creative Ways to Reduce Waste In Your Workspace 

Running a business out of your shed is a great cost saving start. It’s low overhead — you don’t need to rent workspace and you’re saving money on commuting costs.

There’s more you can do though.

Take a close look at all of your expenses.

Can you cut takeout down from 3 times a week to once a week? What about finding ways to use less energy?

Another option is to look at the furniture and equipment you have in your workspace. Maybe there’s a storage cabinet you never use and it’s just gathering dust in the corner. Get rid of it!

Post any unused equipment for sale on ebay or Facebook Marketplace. The money you get back can be invested right back into your business.


2| Reduce Your Home-Based Business Technology Costs 

The image features a quote box excerpt fron the home-based business money saving tips article that reads "look for areas where you can cut back on technology costs. Be honest with yourself. There's a difference between a need and a want.

Even if your business requires very little inventory and overhead you can still find ways to streamline your setup to save money.

Perhaps you’ve done some research and discovered how important SEO is for your business website so you’ve invested in an expensive software tool like ahrefs or Moz. 

These tools are amazing, but they’re also expensive. Even a basic monthly plan can cost you $100 or more.

Instead sign up for a free Google Ads account and use their Keyword Planner. 

This is just one example. 

Look for other areas where you can cut back on technology costs.

You need to be honest with yourself though. There’s a difference between a need and a want. 

When you’re backyard business is raking in the profits in a few months you can think about switching then.

Now let’s look at software that can save you money.


3| Invest in Automated Software Tools

I know, I know. I just told you to cut back on expensive software and now I’m suggesting you should invest in more software. Seems counterintuitive right?

Hear me out.

If there’s a software tool for basic tasks that allows you to free up time to spend on more important aspects of your home-based business it’s worth the investment.

As a solopreneur, your time is your most valuable asset. 

Here are 3 great examples that can actually help your businesses bottom line, not hurt it:

  • Zapier — helps to automate a variety of online business tasks
  • Quickbooks — A one stop business and financial management tool
  • Hootsuite — helps you automate your business social media efforts

4| Use Online Lead Generation Instead of Traditional Marketing Techniques

The image features a quote box excerpt fron the home-based business money saving tips article that reads "Sitching to online lead generation will save you time and money.

Newspapers, magazines and brochures used to be a marketers best friend. While you can still go these routes, they can be expensive and not as effective as they once were.

Switching to online lead generation will save you time and money.

Use you’re advertising budget on social media sites like Facebook, Instagram and Twitter. You can also tap into the power of Google Ads. 

The great thing about these tools is you can easily customize your campaign based on your budget.

It doesn’t hurt that their reach is massive and targeted. If you have a limited advertising budget, online lead generation is the way to go.


5| Shop Around for Business Suppliers 

I’m one of those people that’s often tempted to jump right in. I find what I think is a good deal and want to sign up right way!

It’s a shortcoming I’ve had to learn to overcome as a backyardpreneur

If you think you have a great supplier for your home-based business needs that’s great, but there’s often a better deal out there. 

Take a bit of time to do your research and shop around for suppliers. You might be surprised by the great deal you could have missed if you had settled on the first deal you found. 


6| Buy Supplies In Bulk 

My wife and I love shopping at Costco. It’s a great way to save money by buying in bulk, not to mention they have some great stuff!

If you have a bit of extra upfront cash, why not take advantage of bulk suppliers for your home business as well?

As long as you have the storage space, you can save a ton of money purchasing supplies using this method. 


7| Outsource Simple Repetitive Tasks

The image features a quote box excerpt fron the home-based business money saving tips article that reads "It's easy to get lost down the rabbit hole. Don't be afraid to outsource to grow.

You might think you have to do everything for your Backyard Business yourself, but you don’t.

I know I’ve been guilty of it. 

Ever waste a day searching through Youtube watching videos to learn how to do something you could have outsourced on Fiverr or Upwork?

It’s easy to get lost down the rabbit hole.

Don’t be afraid to outsource to grow your home-based business. It’s back to that idea that spending a small amount upfront can actually save you money and time. 


8| Don’t Be Afraid to Ask Vendors for A Better Price

Before I started a business I’d never haggled for anything in my life. It just didn’t feel natural, so I meekly payed the asking price and moved on.

There’s no doubt in my mind that this mindset has cost me thousands of dollars over my lifetime.

Running a business is an eye opening experience — especially when you’re just starting out.

It’s critical to save money wherever you can. 

Ask your suppliers for a better price. The worse that can happen is they say no, but if you don’t ask, you’ll never know. 


9| Avoid Expensive Property Upgrades

The image features a quote box excerpt fron the home-based business money saving tips article that reads "Avoid expensive property upgrades for your home-based business unless there's not other alternative.

Need power to that workshop in your shed?

Sure you could hire an electrician, but can you make do with an outdoor extension cord from your house?

Or, maybe you can find a great deal on solar panels and power your equipment with the energy of the sun. 

Hardwiring electricity to your shed might be a nice luxury, but there are often cheaper alternatives.

The point is this.

Avoid expensive property upgrades for your home-based business unless there’s no other alternative. There’ll be plenty of time for upgrades once your business takes off. 


10| Seek Alternative Revenue Streams for Your Business

Do you have your own website where you sell your own handmade woodworking creations or homemade candles?

It doesn’t really matter what you’re selling online, if you have your own website you have an easy opportunity for a secondary revenue source. 

Why not consider selling ads on your site? 

You could search for affiliate programs in related industries or simply sign up for an ad network like Mediavine, Ezoic or Google Adsense. 


11| Reuse, Repurpose Or Buy Used Furniture

The image features a quote box excerpt fron the home-based business money saving tips article that reads "Save your limited funds for when you really need them. Don't waste them on expensive luxury items.

Buying a new desk or chair for the office you’ve built in your shed for your home-based business might be exciting, but is it necessary?

Perhaps you have got an old desk tucked away in the corner of your garage you can clean up.

If not take a look online for great deals on used furniture. 

Save your limited funds for where you really need to spend them, don’t waste them on expensive luxury items. 


12| Partner and Pool Resources With Other Home-Based Business Owners 

Sometimes you have to get creative and think outside the box to grow your business. 

Not long ago I had a friend approach me about pooling our resources to save money on basic supplies by purchasing in bulk together.

If you have friends or business partners that have their own small business, why not talk to them about purchasing office or other supplies together?

This will give you more purchasing power, allowing you to buy in greater quantities and save more money by buying in bulk. 


13| Secure Your Digital Assets 

There are some purchases you just have to make. Digital security is a great example. Don’t cut corners in this area. 

Buy a security plug-in for your website and antivirus software for your computers. Period.

You might save yourself a bit of money if you don’t, but it will cost you a lot more in the long run if your site goes down from an attack.

Save money in other areas, don’t do it at the risk of your online security.  


14| Set Your Product or Service Prices for Profit

It’s tempting to set your prices low when you’re just getting started, but it’s a mistake.

Walmart might have the luxury of using loss leaders to push sales, but you don’t.

Always set your prices for profit. It should never cost you more to make a product than you can get when you make a sale. 

If you find yourself in this position, it may be best just to walk away. 


15| Use Time Management and Organization Tools to Save Time

One last thing I would suggest to save money for your home-based business is to invest in time management or organizational tools. Tools like Trello and Evernote can be invaluable. 

There are tons of options out there. Some of them are free and some charge a monthly fee. 

Even if you have to start with a free tool at first and upgrade later once you have more cash flow available, it’s worth it. 

Organizing your time more efficiently will allow you to get more done in the day and keep you on track making money.


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