If you had $1000 to spend on your business, what would you buy?
Come up with three specific ways you would spend $1000 on your business. I think this is a wonderful exercise because it forces you to think smart and plan. No impulse spending! Here are my three tips – I actually have a lot more, but I’ll save those for another post!
- Know your big picture goal. Before you allocate a single dime, sit down and write out what you want out of your business for the coming year. Then make a list and a budget for each item that supports your end goal. This would be a good time to invest in a financial planner to help you.
- Do not pay full retail. Make a list of what you need and research ways you can get it at a discount or even wholesale. I do this a lot with my art supplies. I buy items like my favorite paint brushes and canvases in bulk on Amazon using my Prime account, or even eBay. It saves me time from going to the store and I get a great price. Also, make use of coupons or loyalty programs! Half the battle of making money is learning how to spend wisely and save!
- If you are a blogger who relies on it as a business, research the ad programs for social media platforms. Pinpoint which platform works the best for you and create an ad campaign to give legs to your content.
- Hire help for the small stuff. Of course, we can do it all, but why should we? We only have 24 hours in the day; why spend a portion of that doing entry-level tasks? We should be focusing on the big picture tasks that only we can do. Look for a family friend or a volunteer. Barter! Or set a budget that you can afford and present it to see who can work with you.
- Invest in magnet signs for your car – and other promo items, like a stand-up banner! I made these for my business and didn’t realize how much I would be using them! They really come in handy; I use them for all my events!