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November 18, 2008 | by Martin Neumann

Tough Economic Times Ahead, So Why Not Streamline Your Home Business Now

So it seems we are in for some tough economic times ahead. It might be time to tighten our belts, do some cost cutting and generally begin the process of running our home businesses as bare bones as possible.

Is this scaremongering?

Well who’s to know. All the economic experts throughout the world never saw the events these past 8 weeks have produced - collapsing Banks like dominoes; the house market in a sudden utter mess (a basket case really); the sharemarket’s dropping billions/trillions in value; Governments joining with each other to prop up the world economy; Governments forced into spending taxpayers billions and so on …

So just on these things that have happened in such a short time, I’d suggest home-based business owners put their heads down, take out their business and marketing plans, and see where they’re at.

Do you run a business that relies on advertising for your income? Well, if I where you, I’d really knuckle down and watch very closely what’s happening.

Cut Your Overheads

… And be ruthless about it!

One of the great benefits about running your business from home is that straightaway your overheads are much lower and more manageable.

You have no payroll to cover; no rent or lease for a business premises; telecommunications should be lower, no cleaner or window cleaners.

As this blog is mainly about running an online business from home, our overheads may be smaller but they are still there.

Do you subscribe to lots of membership sites? Are you getting the most out of them? Step back and take a second look. That $47 a month membership site you’re paying for equals $564 a year. It might not be much, but it could be the difference.

Add that to the few bits and pieces you outlay every year - impulsive ebook, DVD, software buying, training courses, fancy seminars and the money really does add up. Lose a customer or advertiser and it could just be the difference between being on Struggle Street or just a small dent into your business.

Of course, I’m not saying dump all such purchases. Education and knowledge are right up there as an important part of being a better and smarter business - but maybe you can start being more selective.

Next, take a good couple of hours and get to really know Skype. Understand all that it can do. There’s nothing better than free telephone calls - national and international - and Skype is your answer.

Next up, your Web Host. Do you really need the upper-end of the scale in web hosting? Cheaper doesn’t automatically mean poorer quality. In fact, I’ve been with some really small hosts throughout the years that beat the pants of the big boys in all facets.

So, tough economic times or not, now is a great time to fine-tune your home business so that it stays small, is a tight machine and has the advantages of being able to be flexible at a moments notice.

~ ~ ~ ~

In Part Two, I’ll delve further into this topic and talk about the pros and cons of web apps, all those wonderful freebies floating around that can save you money and finally, taking stock of your current business activities.