My finger hovered over the mousepad on my MacBook Air as my thoughts vacillated between “Oh my goodness, that’s a lot of money!” to “Do it, the business needs this!”
My heart was beating as if I had just run a 5k. I could feel my chest expand as I took a deep breath to calm my nerves. Deep down, I knew this was the right decision, even though the numbers staring back at my from my computer screen were more than I had ever spent on my business.
I did another mental calculation of my upcoming business expenses and checked the balance in my bank account one last time.
With one final deep breath, I clicked on the button on the screen. A screen popped in front of me, thanking me for my purchase.
I let out a deep exhale as a sense of calm mixed with excitement cascaded down my body.
I knew I had made a wise investment in my business.
As the sole owner of a small business, you notice every amount of money that goes in and out of it. From the 20 cents you pay to renew a listing on Etsy to the monthly fee for your newsletter service.
Related reading: 15+ free and low-cost online tools for your creative business
When you are trying to make every penny count, spending any amount of money on something you don’t necessarily need can feel frivolous.
That money, though, is an investment in the health of your business. Investments that will help your business to thrive and grow.
4 reasons to invest financially in your business
For your convenience, this post contains affiliate links. You can read my disclosure policy here.
1. You’re feeling stuck
At the end of 2015, I was feeling frustrated with the state of my business. Sales of my book, which had been low to begin with, had stopped. I was losing money and wasting time at craft shows. My business, which had morphed so much over the year, didn’t feel cohesive.
I knew I needed to make changes, but I wasn’t sure where to go, or even where to start.
Related reading: 5 lessons I learned after surviving my first craft show season
When an opportunity opened up to work with a business coach I had long admired and respected, I jumped on it. I knew I needed the assistance of an outside person to help move me along.
It was a large chunk of money and my stomach churned at the thought of spending it. However, in the end, she provided the outside perspective I needed and the knowledge that I was lacking. She opened my eyes to what I needed to do next and coached me on how to get there.
Hiring a business coach or a meeting with a business consultant can end up paying dividends for your business by providing you with the guidance and support to bring your business to the next level.
2. The cost of your time greatly exceeds the cost of hiring out
Since I opened my Etsy shop, I had done 95% of my product photography. When I decided to totally redo my handcrafted minimalist eco-friendly jewelry in 2016, I realized the time had come for me to hire a professional photographer.
Was I capable of doing my own product photography? Sure, but the amount of time it would have taken me to do it would have cost me hours that I do not have.
Photo by Lorna Stell
As the face behind your business, you often feel like you have to do everything yourself. (And when you are just starting out, you likely don’t yet have the capital to pay for someone.)
But your time is limited and precious.
Spend those hours on things that will be the best value of your time rather than trying to do it all yourself. Hire a Virtual Assistant to set up Etsy listings or a copywriter to write killer copy for your website to free up time so you can focus on your craft.
3. You lack a skill set that someone else has
Along the way, I have hired professionals to do things such as build a new website from scratch, redo my logo, and design the cover for my book, The Busy Mom’s Guide to Creativity.
These are skills that I do not have, and I would have wasted a significant amount of time and energy trying to do them all myself.
You don’t necessarily have the time or resources to learn those skills yourself. Hiring people who know what they are doing will to give you to the time to work on the skills on which your business is built.
4. You want to learn a new skill
This may seem like it’s contradicting my previous point, but there is a difference between hiring out for skills that you lack and working to enhance skills that you already have. Perhaps you want to learn how to start a blog for your business or write better copy for your products.
In 2016, I knew it was time for me to up my wholesale game and get my jewelry in stores. I signed up for Megan Auman’s course on selling your products to retailers, and it was one of the best investments of both my time and money. Thanks to this course, I gained the skills and confidence to apply for and be accepted to my first wholesale trade show.
With some digging, you could probably find all of the information you want online for free. Consider, though, the value of your time and how much time you would spend digging around versus taking an online course.
CreativeLive offers some of the best courses for Creative Entrepreneurs.
They are often taught by people just like you, people who built a business from their passions from the ground up. Carve out a day to watch one live (for FREE!) and learn skills to enhance your business, or purchase them and watch them at your convenience.
Click here to sign up for a free CreativeLive account and get notifications of sales and replays on some of the fantastic course.
What’s the best financial investment you have ever made in your small business?