That's not as crazy as it sounds. Numerous businesses have done just that by thinking outside of the box. One expense that often can be converted to profits is the cost of disposing of waste products or scraps. Instead of throwing away scraps or, worse, paying someone to cart them away, consider whether there is some other use for the material.

A Texas manufacturer, for instance, turned a $35,000 expense for removing wood scraps into a $15,000 profit by processing them into a bedding material for use in poultry farms and horse stables.

Home businesses can often turn expenses and waste materials into profits, too. If you sell crafts, instead of throwing away the leftover fabric or craft items, or stuffing them away in a closet, package the leftovers for resale. Put them in clear plastic bags, label them, tie a pretty ribbon around them, price them, and takes them to shows. The squares of fabric or findings that are too small for you to use, may be just right for someone with a different craft, or who wants to do scrap craft projects with their children.

More >> 16 Money Saving Tips to Improve Your Bottom Line

Comments