We understand that tradespeople work hard to keep their businesses running smoothly, especially following the financial strain from the current cost of living crisis, increasing material costs and the impact from Covid-19. Managing your expenses and maximising savings is essential to your success in the competitive world of trade. In this post, we’ll share six practical money-saving tips that can help you save more. Let’s get started!
Invest in Quality Tools.
Quality tools will most likely have a higher upfront cost, but they can save you money in the long run. Durable, well-made tools tend to last longer and require fewer repairs or replacements than cheaper alternatives. Higher quality tools can also help to enhance your efficiency, allowing you to complete jobs faster and take on more projects.
Take a look at the Quality Tools we have to offer!
Shop Around for Van Insurance.
Van insurance is a big but necessary expense for tradespeople, but that doesn’t mean you should overpay. Periodically review your van insurance policy and shop around for better premiums, both directly and through comparison sites. By comparing quotes from multiple providers, you can often find more affordable coverage without sacrificing quality!
Use Discount Codes.
One of the simplest ways to save money on your trade purchases is by using online discount codes. Many online retailers, including Go Sparky, offer special promo codes and discounts for products. Before making any purchase, take a moment to search for valid discount codes. These small savings can add up significantly over time, helping you reduce your overall business expenses.
Take Advantage of Your Van Advertising Space.
Your work van doesn’t have to be just a mode of transportation, it can serve as a mobile advertising platform for your business. By adding your logo, contact information, and a brief description of your services, you can attract potential customers while on the road. This low-cost marketing strategy can lead to new opportunities and increased revenue.
Be More Energy Efficient.
Investing in an electric vehicle (EV) can lead to substantial savings in the long run, whilst not only reduce your carbon footprint but also lowering fuel and maintenance costs. Government incentives and tax credits for EVs can further sweeten the deal.
Take a look at our EV Range to get started!
If you have an office or workspace, consider upgrading to a smart heating system. These systems are designed to optimise energy usage, saving you money on heating bills. Additionally, they can be controlled remotely, allowing you to adjust temperatures from different locations.
Buy Materials in Bulk.
When it comes to purchasing materials, buying in bulk can lead to significant savings. Suppliers often offer discounts for larger quantities, and you’ll also reduce the frequency of reordering. Just be sure to store bulk materials properly to avoid waste.
Automate Your Expenses and Processes.
Consider automating your expense tracking and business processes. Using accounting software or mobile apps can help you stay organized and reduce the time spent on administrative tasks. Streamlining your operations not only saves you time but can also improve the accuracy of your records.
Claim Allowable Expenses.
Don’t forget to claim allowable expenses on your taxes. This includes deductions for uniforms, PPE/workwear, and work-related fuel costs. Keeping meticulous records of these expenses can significantly lower your taxable income, leading to substantial savings when its tax time.
By implementing these money-saving tips, you can build a more profitable and sustainable trade business.