If you have decided to become self-employed, you’re not alone on your journey.
Around the world, there are now millions of people who classify themselves as self-employed. According to Statista, low-income countries are the most popular when it comes to self-employed work. For example, 75.8% of the Indian population are self-employed. However, average and high-income countries also have a lot of self-employed individuals – with the UK coming in at 15.6% and the US at 6.1% percent.
As a self-employed person, it’s obvious that you have a lot of competition to deal with, which is why saving as much money as possible is important.
If you’re a little uncertain when it comes to the financial side of the equation, here are some cost-saving tips specifically designed for self-employed people.
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1. Buy a Used Van
A big part of self-employed life is the transportation and collection of goods. On top of this, you also need to drive and meet with customers (especially if you’re a tradesperson). When you’re doing this, it’s impossible to rely on a car, as the space inside is very limited. Also, public transport is a definite no-no if you’re reliant on big and heavy equipment.
Luckily, the solution is simple: choose from these second hand vans.
Second hand vans are much cheaper than brand-new ones and still provide the same driving experience. Plus, if you choose a van with higher mileage, you’ll be able to save even more money.
Once you have a van, day-to-day operations will be much easier for you. In fact, it will feel like a weight off your shoulders.
2. Work from a Home Office
Depending on the type of business you’re running, you might need to do a lot of office work, from administrative tasks to customer service. However, instead of renting an expensive office space in a busy town, you can do everything from home. All you need to do is convert a spare room (or attic) into a home office space. Here, you will be able to install all the equipment you need, from a computer to a comfortable desk chair, enabling you to work to a high standard.
3. Hire Remote Employees
Speaking of home offices, it’s also recommended that you hire remote employees if you’re planning to grow your personal business. Hiring remote employees will save you premises costs while also allowing you to access a wider pool of talent. Plus, employees will be able to work from home, enabling them to save on travel costs.
4. Use Free Marketing Channels
To get customers for your business, you will need to focus heavily on marketing. If your budget is tight, free marketing channels are going to be your primary tool for this.
Here are some of the best free marketing channels:
- Social media platforms (Facebook, Instagram, Twitter)
- Your own website
- Email and SMS
- Online case studies
Over the years, if your revenue begins to increase, you can progress into paying for marketing strategies, such as Google Ads and SEO-optimized content.
5. Schedule Virtual Meetings Instead of In-Person Ones
Here’s the final cost-saving tip for you: embrace virtual meetings.
When it comes to virtual meetings, Zoom and Microsoft Teams are reliable video platform tools. By using them, you won’t have to drive potentially tens of miles to meet your customers and clients. Instead, you’ll be able to do it all comfortably from your home office.