3 Times You Need to Invest in Your Business!

Next week is Tax Day in the U.S., and although I finished my 2014 taxes back in February, I have been giving a lot of thought lately to how I intend to strategically grow my business over the next few years by reinvesting a certain percentage of my profits back into the business. As a business owner, turning a profit is obviously something of a big deal, but almost equally as important is finding legitimate tax deductions, especially within the first three years up and running. I’m certainly not someone who spends money on their business for no reason other than to get a tax deduction, I tend to be very conservative with my income, however, their is much to be said for reinvesting in your business. After all “you’ve got to spend money to make money,” as they say, and it’s certainly true! So, what exactly are the situations where you should be reinvesting your profits into your business? There are 3 times I believe you should be investing in your business if you have the money to do so, so let’s review each!

#1. When you need new tools: Running any type of business usually requires many different tools, from computers and programs, to paper and pencils! Depending on your specific business, you may have certain tools that would help you to be more productive or more successful overall. I believe it’s important to make sure your systems, hardware and software are all up to date so that you are staying current with the latest technologies, so reinvesting business profits into these areas of your business are never a bad idea. Likewise, making sure you have all the basic office supplies you need to keep your business running smoothly is a great investment into the future success of your company. You may not have started off with a high quality printer/scanner/copier, but once you have some money streaming in, it’s definitely a good idea to invest in items like this that will help your business come together professionally.

# 2. When you need additional support: As businesses grow and begin to turn a profit, it’s often a key time to think about brining on additional support for in terms of employees or contractors. Depending on the work you do, you may find that hiring an assistant to do some part time work can help you free up valuable time for you to strategize and focus on growing your business. Or, perhaps you would like to hire a professional to work on your business website and upgrade some key features you have been lacking. Investing in people resources is definitely a key step that successful businesses will find themselves contemplating and if you have the money coming in to cover the expense, it’s often a good idea to get help for your business in one form or another.

#3. When you need guidance and information: When you are starting off with a new business, no one expects you to know everything their is to know that would make your business a success. For many business owners and entrepreneurs, it’s a trial and error process to figure out which business strategies work and which don’t. Lessons like this can take years to learn, so if your business is turning a profit or you want to make a strategic investment to help your business grow without spending the time and energy getting first hand knowledge yourself, investing in courses and coaching programs can really help you get a leg up. Many business coaching courses, programs and consultants exist out in the market specifically to help small businesses learn key information and strategies for success that have been well researched and tested. Take my Empire Building Program for example, I have spent years online figuring out the best ways to market a business and grow a community of customers online, and this is information that other small business owners really need to become successful. While you could theoretically spend years learning the lessons and testing different strategies for creating your own successful business, it makes better business sense for a small business owner to purchase my program and have me deliver the information in a nicely packaged, easy to understand format. After all, I’ve not only been there and done that, but other small business owners can see how well I am doing, and although I don’t believe their is any “secret” to success, people definitely need to know the information, tips and tricks I used to take my business from a part time hobby to a full time income source that is making me more money than I ever made working in sales and marketing for a Fortune 50 company. Will my program guarantee you success in your business? Not necessarily, but learning what I know can save you so much time, effort and money in the long run that it’s worth the investment to work with me. So, if you feel like their is more you need to learn in order to build your business to a certain level of success, investing in a business coaching program or course can be a real game changer!

With many things in business, there is no magic bullet or secret formula to success. Business owners need to do what they can with what they have and if you find that you are in a situation where you can afford to invest money into your business strategically, these are the three times where that choice is a no-brainer! Your business is an investment in your future, so make sure you are regularly reinvesting in it so that it grows strong and successful! If you would like more insight from me on how I run my business, make sure to check out my Plan Like an Entrepreneur Series over on my YouTube Channel. And of course, if you are interested in working with me directly to build your online business, check out my Empire Building Program today!

xoxo,