So we are in the middle of a recession, but as a business owner we have one step up on those that are employed by others … we are in control of our destiny. If you truly want to create a thriving business you need to invest in your business. Even though many of us are aware of this, spending money in economic downturns can be very scary. If you were to open a retail business it is very easy to see why you need to spend this money, but when you are offering a service it can be very hard for us to justify parting with our money. We believe if we just spend more time we won’t have to spend money, however there are many expenses that business owners, especially new, should not hesitate twice to spend on your business.

Getting the Word Out

The first important thing you should be spending money on is making sure people know you exist. The saying “build it and they will come” is simply not true with business. Unless you take the time to let people know you are “open for business” they cannot possibly take your business seriously. Some of the ways to do this are educating friends and family as to exactly what you are doing, attending networking events (even if it is the ones that are offered free in your area), creating a website (for on-line businesses) or getting a business sign for your location and getting out there and telling anyone that will listen to you about your business.

Education

Keeping yourself educated and on top of your industry is crucial to your survival as a business. There are so many things that association memberships can offer to you and should seriously be considered as an investment and not a cost for your business. The other thing that joining an association does is offer you a support system. Attending conferences, teleclasses, teleseminars and business meetings are other good ways to grow your support team. When you are in business, it is so important that you maintain a “leg up” on the competition and joining associations will allow you to do this. As the saying goes, “keep your friends close and your enemies closer”.

Outsourcing to Professionals

Many business people choose to do it “all on their own” even if they don’t really have the skills. However, if you continue doing this, it can actually make your business look unprofessional. Don’t ever be afraid to outsource those things that you lack the skills or the desire to perform. What outsourcing does is actually frees you to concentrate on those things that you are good at. If you start seeing outsourcing as an investment and not an expense you will be able to take your business in directions you never thought possible. Don’t ever be afraid to bring someone into your business. Take for example the consultant charging $100 per hour that hires a Virtual Assistant at $40 per hour. For each and every hour that the Virtual Assistant is handling tasks, it frees you to work on productive client work. So you are able to bill $100 to your client and the cost is $40, meaning a profit of $60. If you do this work yourself, you are able to bill $0 and although the cost may be $0 (not accounting your time) you can see how outsourcing can actually make your business money.

It is very simple, actually, if you don’t take the time to invest in your business, how can you expect your potential clients to? When you take the time to invest in your business, you are saying to potential clients that your business is worth the time and investment. If you don’t have a lot of money to invest then don’t be afraid to start out small or find things that will benefit your business the most and invest in them.