Owning a business is a challenge and a huge responsibility. When it expands to more than just a 1-man-shop, it gets more challenging. How do you find time to get it all done and make a profit? That’s usually the question the locksmiths face, and many have succeeded in finding the right mix for their business. For those who may not have found that perfect mix, this article may help with some new ideas and tips for small business.
Advertising doesn’t have to be expensive. Dexter and Yellow Pages are huge costs, so it television and print ads. Some free alternatives include Social Media, Press Releases, Blog Articles, and more. Focus on the credibility of the article and publication source where you post, and it can spread in a positive light for the locksmith industry and your company.
Taxes for a business owner are vastly different than taxes for an employee where the taxes are deducted from your income. Without planning ahead and setting aside money, paying the taxes for the business is a huge challenge. Also, know the types of tax breaks and deductions that you can take, it can also save a lot of money. If you need help, hire an efficient and trustworthy accountant to do your taxes, and soak in the advice of the accountant on how to save money.
Save a Tree
Trying to cut back on paper usage, or even better cut out all paper usage and go paperless, can save a lot of money as well. With the increase in technology enhancements with tablets and smartphones, you can receive signatures electronically, do all invoices electronically (even email them right to the customer at their door step), and more. It’s not just the cost of the paper, it’s the cost of the ink, the supplies for the printer itself, and space.
Loyalty and trust can go a long way to a vendor. Having a long standing relationship, paying bills in full, builds trust and can gain extra discounts on products purchased. This means more money in your pocket! IDN is happy to work with our customers to become your valued distributor, contact your local branch to discuss further.
Company Credit Cards can be free spending to your employees. Watch the spending, set the limits, monitor and adjust accordingly.
Some items are best purchased in bulk (just look at 250-pack key blanks). Items you use often such as paper, business cards, printer ink cartridges, toilet paper if you own a shop, etc. In this industry, there’s a reason there is a Price Break advertised on products. If you need 8 for a job, buy 10 to get the discount.
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Kathleen Kempf is the Marketing Manager at IDN-H. Hoffman.