“The cost of doing business…”

Business owners, especially small business owners, are often faced with choices tougher than a piece of overcooked meat.

Every dollar counts.

Payroll, insurance, equipment, utilities – the list is never ending.

But are you setting aside money to invest in yourself? We’re not talking about retirement here. We’re talking about money you are willing to spend on the business to gain the business.

A friend of mine is focused on getting his latest book published, but in order to realize that goal, he will have to spend a pretty penny before he ever sees the dollars. He’s going through with it – getting an agent, shopping the proposal, paying editors and spending money on this project with the understanding there is long-term payoff and that these efforts are an investment in himself and his dreams – not just a line item in his monthly budget.

Another friend didn’t even have a budget when she left her full-time job in the corporate world to pursue her own business ideals. She had to put herself in the red knowing it was a necessary “evil.” After a year of believing and investing in herself and her business, she has successfully monetized her project and enjoyed its explosion in popularity in her local market.

Last month, I had to part with quite a bit of my hard-earned cash to take an unexpected trip with an intern for experience and training. This was not necessarily on the 2022 bingo card, but it was necessary for networking and onboarding. Is it worth the short-term outlay knowing this is the cost of doing business?

We often think of “cost” in terms of business cards or cell phone bills, but professional subscriptions, licenses, networking events, a new suit, a couple of extra online classes and training the intern are often just as important (and many times more rewarding).

After all, you are running the business – so investing in yourself and your personal and professional growth is as necessary as the income itself.