Starting a cleaning business comes with several new challenges that you may not have encountered before. Perhaps you had a passion for window cleaning, but didn’t know how to advertise your business. Maybe learning some basic accounting skills and developing a budget for your business was a challenge. Whatever the case, starting and owning your own business can be difficult, yet rewarding.
At Insurance Canopy, we want you to succeed. We understand it requires a lot of you—physically, mentally, and intellectually—to run and own a cleaning business. We share with you four cost saving ideas so you can reevaluate your business spending, cut business costs, and boost your cleaning business.
#1: Buy Products at Wholesale Prices
If you’re cleaning commercial offices, residential properties, windows, etc., one of the best things you can do for your cleaning business is to buy your cleaning products at wholesale prices. Purchasing products at wholesale prices allows you to buy greater quantities at lower prices. This helps you because you can build up your inventory of products, and spend less money. It is much more expensive to go to the grocery store and purchase your products there. And, when you purchase at wholesale prices, they often have the products used for professional cleaning.
When purchasing cleaning products at wholesale, you typically need your business tax ID to set up your account online. Other places require paperwork to get approval before purchasing products. Do some research to see who the best provider for you would be and the requirements they have to get started.
#2: Track Your Company’s ROI
The second cost saving recommendation we have for you is to keep track of the return you’re getting on your investing. If you pay someone a monthly fee to take care of your marketing on social media platforms, sit down and do the math to see if their work is bringing in more money than you pay them. If you spend a certain amount of money on Facebook ads per month, find out how much money those ads are really bringing to your business.
You can calculate the ROI by using a simple equation here. If the ROI is not adding value to your business, you may need to make some big changes.
#3: Reevaluate Monthly Expenses
Our third tip is to reevaluate your monthly expenses that you’re having to pay regularly. If you have an office where you rent space, is the monthly cost still fitting your budget? How much are you paying for your cell phone and internet plans? If you haven’t already, bundle your phone and internet together under the same provider. A CPA can tell you caps and limits to write-offs and categories you can use. So phone and internet for the business can be written off, and your CPA can tell you how much.
If you’re paying an accounting firm to help with your business expenses, consider hiring a part-time bookkeeper instead; the same goes for payroll. You can also take a look at how much money you and your employees are spending on gas to fill up company vehicles. These are just a few cost saving ideas to get you thinking about small monthly expenses that can have a huge impact on your business.
#4: Review Insurance Coverage Yearly
Because insurance expires and your company grows, we recommend that you review your insurance policy regularly. If you feel that you are overspending on your cleaning insurance, do some research and find what will best fit your business. Insurance Canopy offers top-rated, affordable cleaning business insurance for $26.67 per month, which is a small price to pay to protect your business.
Insurance Canopy has cleaning business insurance policies for carpet cleaners, house cleaners, janitors, maids, and window cleaners. We offer several benefits with our policies—like a proof of insurance document that you can download, and a Site Seal to show your clients that you’re a credible and insured professional. You also have the option to purchase a policy monthly or annually, which you can cancel at any time. If you have any questions about filling out an online application or about Insurance Canopy’s policies, feel free to reach out to our licensed insurance agents.
Save Money to Grow Your Business
We hope these innovative cost saving ideas have been helpful to you so you can cut costs and save more money. Be sure to buy products at wholesale prices, track the ROI, evaluate your monthly expenses, and review your insurance coverage. We wish you the best of luck in all your cleaning business endeavors!
If you’re just getting started with your cleaning business, take a look at this blog.
