Self-employed success: 5 ways for businesses to cut costs

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Self-employed success: 5 ways to cut costs for your business

04 Jan 2017 –– Commercial News
5 ways to cut costs for your business

Britain's self-employed workers are paid less than they were in 1995.

And although the ranks of the self-employed have grown by 45% over the past 15 years, workers are in fact taking home around £60 less every week.

Indeed The Resolution Foundation, which published the report, says the economic downturn and the rise in lower paid jobs are behind the drop in pay. Despite record numbers of people now considering themselves self-employed - a huge 5 million, which adds up to 1 in 7 of us - they earn an average of £240 a week, compared to £300 around 20 years ago.

Among the ranks of the self-employed are hairdressers, cabbies, construction workers and tutors.

So... how can this diverse workforce save money?

1. Bank on the right account

Now is the time to shop around for the best bank account for your business. Rather than staying put and paying for your account, look into the plentiful free business accounts out there. Switching is simple and the savings will be immediate. Why not save some of that hard-earned cash for promoting your business?

2. Compare the market

Those pesky meerkats may be irritating, but they have a good point. Reviewing your mobile, broadband, insurance and energy bills could save you thousands in the long run. It's something we struggle to get round to doing, but can pay huge dividends once we take the time. With that in mind, set some time this weekend to do your homework and start reaping the benefits for your business.

3. Go green

Eco-friendly cars are fantastic for the environment and your bank balance. Switch your company vehicle to a greener alternative and its low emissions will drive up your BiK (benefit in kind) from the tax man. See the best company cars for 2016 here.

4. Be accountable

A good, reliable accountant can minimise your tax liability, unlock additional allowances you may be entitled to and ensure you avoid HMRC fines. It's a smart investment, and one which will pay off for years to come.

5. Get some space

Working from home may seem economical, but it brings its own challenges. How to separate your personal and business life? Do you have a dedicated office space and sufficient storage for your equipment and files? Choosing the right office space can work in your financial favour when clients see the professional face of your business. Working from your garage may be free, but will it wow potential customers?

Many successful businesses base themselves at Store First. We offer them free use of workstations, boardrooms, breakout areas, kitchens and bathrooms, as well as free WiFi, mail and delivery acceptance and a messaging service.

With plenty of space on hand, you can easily upgrade your storage pod as your business grows and the need for space grows with it.

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