With the cost-of-living crisis involving inflation and rising interest rates, it is a worrying time for both individuals and businesses. Self-employed tradesmen need to make sure that they are intelligent with their money in times like these so that they can maintain financial stability, improve their bottom line, and keep costs down while still providing the best possible service for clients. With this in mind, this post will offer a few tips for saving money as a self-employed tradesperson.
First, it is important to look at how inflation is affecting self-employed tradespeople. It is a double whammy for those in the trades services as inflation results in higher material costs while the increased cost of living results in people putting off having any kind of building work done. Therefore, self-employed tradespeople need to be intelligent with their money to combat this sticky situation.
One of the best ways for self-employed tradespeople to keep their costs down in the current climate is to spend time scanning the web for materials instead of sticking with a local merchant. You might be surprised at how much you can save on timber and other building materials by shopping around online in your spare time. You might even find that it allows you to make further savings by shopping online instead of having to drive to pick up the supplies yourself (especially with the cost of fuel so high right now).
Once you have completed a project, you should also consider selling any leftover materials that you have instead of getting rid of them. With other tradespeople looking to cut corners and make savings, you might be able to recoup some money by selling the leftover materials that you have. Alternatively, keep the materials stored somewhere so that they can be used in a future project.
In times like these, you want to get your business out there to attract new customers and find ongoing work. These days, this means having a strong online presence with your own blog and social media page. You can use these to showcase your expertise with an online portfolio, keep people updated on your latest projects and provide useful tips and advice. You should also ask for customer reviews and make sure that these are highly visible online.
Hopefully, the advice in this post will help you to manage during this troubling economic period. It is a tough time for self-employed tradespeople that have the stress of rising costs and work drying up, which is why it is so important to know how to manage your money effectively during this time.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence