The Hatchery: Columbia, MO Coworking

Life Unfiltered

An Honest Look At Life And Business

What is the best money you've ever spent on your business?

 
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What is the best money you've ever spent on your business?

“Go lean and don’t spend a dime before you make a dime!” “Focus on your strengths and pay someone to do the things you can’t - time is money!” “You have to spend money to make money!” When starting a business these are things we tend to hear. Personally, I feel they are all valid depending on the situation.

When starting a business there are many things we do not know how to do. We then have to decide if it’s worth paying someone to complete or figure it out on our own. For example, we can look at bookkeeping. You can start out with a basic excel spreadsheet and or you can purchase Quickbooks. Can a start up run on just an excel spreadsheet? More than likely, yes. Can a start up pay someone to set up their chart of accounts, vendors, etc. on Quickbooks Online? More than likely, yes.  Depending on your knowledge, starting out with an excel spreadsheet may save you money or it may cost you money! This can go for marketing, setting up a business entity, payroll, and so much more.

When we first got started, the best money I spent on our business was for marketing, bookkeeping, payroll, and an employee. I was bringing a new business concept to town, I had tried to do my own bookkeeping in the past – (the first of April was brutal, sorry Tracy!), and I had a newborn at home. My time was best spent being out in the community sharing our business and building memberships and sponsorships. My time was not best spent taking 2 hours to create two social media posts. Trust me, I tried!

 As we have grown I have tried to be smart about what we spend money on and what we can do ourselves. While we may not have the most impressive CRM, our Google doc works just fine right now.  More recently the best money was spent on a business and personal coaching.  

 We asked some other business owners around town the same question: What is the best money you’ve ever spent on your business:

“I took a class called The Blueprint Model. Money well spent!”

“Quickbooks Online”

“Hiring an attorney and an accountant”

“Kelly Howe with Kelly Howe Coaching”

“The right computer, software, and camera gear for my photography business. I’m happy to spend money up front rather than always feeling like my product was less than.”

“Inventory!”

 We’re curious - What is the best money you've ever spent on your business?




Amanda QuickComment