It’s okay to spend money on your small business — especially if you’re taking steps to improve your business.
- As a new small business owner, you may be reluctant to spend.
- Some business purchases may help you run your business better and increase your earning potential.
Being a small business owner sometimes means spending money on your business to make more money. This can be challenging, especially if your business is brand new. But some business purchases can help you do your job better and increase your income. As you navigate the ups and downs of your business, you’ll continue to look for ways to improve.
Over the years, I have invested in my business to help it grow and become more efficient and better at what I do. Spending money made me more money. Here are three small business purchases that have helped me increase my productivity and income.
1. Desktop computer
I have been working on my laptop for years. It’s convenient and allows me to get work done on the go. But now that I’m in my 30s, my eyes and brain prefer to work on a bigger screen.
Last year, I upgraded my laptop to a 27″ desktop. This investment has significantly improved my work. It’s easier for me to write and research at the same time without having to open a million tabs. I’ve been able to write better and faster, which has increased my income.
On your small business journey, you may need to buy better equipment or electronics. You can also add to your earrings if these purchases allow you to do more work and better meet the needs of your clients or clients.
Another benefit is that the small business tax deduction can help you reduce your tax liability. If you’re purchasing for a small business, keep accurate tax records.
2. Office rental
After working from home for a few years, I found that working and playing from home 24/7 is not an ideal situation for me or my productivity. I love working in my pajamas and having my two cats as co-workers, but it’s not the best work environment in which I thrive.
Earlier this year, I started renting out a single office space. My office gives me the extra space I need to separate my personal and professional life. I’ve found that I’m also more productive at work. When I get to my office, I’m ready to check the tasks on my to-do list.
While a separate office or storefront is an added expense, it can be a good option for some small business owners who need a dedicated space. It could also be a wise tax move, as commercial rental expenses also qualify as a tax deduction.
3. Editing software
I work with some amazing editors who have greatly improved my work. But I do my best to submit high-quality work.
Using editing software helps me find and fix minor errors before submitting an article. The annual fee is not expensive considering the amount of software I write and use.
This investment has helped me learn more about my writing quirks, which has helped me improve my writing skills. Slowly, I’ve been able to overcome some of the most common mistakes.
I can also edit my work on my own at a faster pace before submitting. The more productive I am as a freelance writer, the more work I can get done and the more income I can earn.
While small business accounting software or payroll software comes at a price, it can be a worthwhile investment. If you’re concerned about the total cost, you can lower the price by paying for an annual subscription up front instead of a monthly fee.
Don’t be afraid to spend money on your business
Yes, it is important to keep your personal and business financial goals in mind. But don’t be afraid to spend money on yourself and your small business if it makes a difference.
If your business brings in only a small amount of money, you might be hesitant to spend it right away. However, consider the long term when making your decision and be willing to make purchases that will help your business thrive.
Are you looking for other ways to improve your business? Check out our small business resources for more guidance.
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