10 Ways to Slash Home Office Expenses

By Frugillionaire

blogimage-deskIf you’re working from home, make saving money part of your business plan. Here are some tips to increase your cash flow, and improve your bottom line.

1. If you need a second phone line, consider VOIP (Voice Over IP) service. Providers like Skype and Vonage offer packages that are much cheaper than conventional phone plans, particularly for long distance calls.

2. Buy used office equipment when possible. Craigslist.com is a treasure trove of secondhand computers, printers, monitors, fax machines, file cabinets and more.

3. Stock up on office supplies during back-to-school sales. In late summer, you’ll find deep discounts on all those little things you need, like pens, staples, sticky notes, binders and paperclips.

4. Before you hit the “Print” button, consider if you really need a hard copy. Strive to be as “paperless” as possible, and print to PDF instead. You’ll use less paper, less toner, and have less need for binders, file folders and cabinets.

5. Don’t blow your budget on fancy furniture–especially if you rarely see clients in your home office. Make do with what you have, and invest the money in growing your business instead!

6. Use an internet fax service, and eliminate the costs of a fax machine, paper, toner and phone line.

7. Purchase telephone and high-speed internet services from the same company. A “bundled” deal typically costs much less than buying them individually.

8. Remember that the money you spend on your business is “real.” Just because you can expense something, doesn’t mean you should buy it!

9. Consult your account (or cozy up with the tax code) to determine which home office expenses you can deduct on your tax return.

10. Pay your bills online. You’ll save a fortune in postage costs, and reduce your need to buy checks from the bank (and envelopes in which to mail them).

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Pop-Up Shops for Moms and Pops

By Frugillionaire

blogimage-popupshopStarting a small business is scary in the best of times—but in the midst of an economic recession, it can be downright terrifying. There’s nothing like a financial downturn to put a damper on the entrepreneurial spirit.

At the same time, mom-and-pop shops are closing their doors each day, leaving downtowns across America with growing numbers of empty storefronts. The longer these stores remain vacant, the less income for landlords and the less tax revenue for local government.

A possible solution: encourage landlords to offer short-term, “pop-up shop” leases to aspiring entrepreneurs. It’s a wonderful opportunity for potential business owners to “test the waters” without committing to a long-term lease.

What’s more, if properly advertised and marketed, such temporary shops can generate a great deal of “buzz”—serving to increase the hip factor of the community, and attract both shoppers, and other businesses, to its downtown.

The “pop-up shop” has developed into a trendy marketing concept for large retailers (like Target), and a way for fledgling brands to introduce themselves to the marketplace. However, the concept also holds great potential for indie business owners, and mom-and-pop shops.

Imagine you’ve created your own line of screen-printed t-shirts, and have had some success selling them on the internet. You’d love to take the plunge and open a brick-and-mortar store, but you’re reluctant to risk signing a long-term lease.

Suppose, however, you could open up a shop for a month on a nearby main street. You could advertise in the local paper, send out postcards announcing your “limited engagement,” and organize special events (like sales, parties and workshops) to bring in the crowds.

Depending on your success, your pop-up shop may be a stepping stone to a more permanent brick-and-mortar presence. Or, you may decide to “pop up” once or twice a year, boosting your sales and using the publicity to drive business to your online store.

Either way, it’s a winning proposition for landlords, entrepreneurs and communities. The “pop up” concept could encourage some small business owners to sign long-term leases. Other spaces might become “rotating” shops, showcasing the work of different artists and craftspeople each month. The result: more vibrant downtowns, more entrepreneurial opportunities, and a unique way for communities to bootstrap their way out of the current recession.

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