4 Things New Entrepreneurs Should Spend Money On
I’m sure you’ve heard the phrase “you’ve gotta spend money to make money.” Entrepreneurs spend thousands to ensure that their business thrives. According to American Express, things like employee wages, inventories, and rent make up the highest percentage of business expenses. If you want to be a truly dynamic entrepreneur, it’s time to start thinking about the smaller purchases to foster business growth and help you navigate complex and changing markets. The following tools ensure that your business is putting its best foot forward at every turn.
- Industry Trade Information
Look for trade magazines that cover your industry to keep updated. Information shared can let you know what’s selling, what isn’t, and what’s coming next. As an added bonus, trade magazines and guidebooks can familiarize you with names and companies good for networking. Pro Tip: Seek out industry blogs and podcasts for no-cost information about your industry.
- Your Image is Your Businesses’ Image
When attending networking events, meetings or even a casual happy hour, it’s important to put your best foot forward. Becoming an entrepreneur means it’s time to retire the ill-fitting or decades old suit. Looking professional while representing your business will give potential partners and customers a lasting impression of what your business values. Splurging a little on a few well-tailored suits and outfits for industry events can pay off in the long run.
- Memorable Business Cards
This is probably the cheapest essential on this list. Business cards are a convenient way to cement the connections you make. A quality business card not only represents your business easily and effectively, but can also come in handy in quick meeting situations. When a potential client is enjoying a conversation with you or a fellow professional seems interested in your work, these are the simplest (and least annoying) way to extend all of your information. That being said, don’t go for the lowest quality card you can find. There are plenty of websites that offer hundreds of business card lay outs. Pick one that matches your brand.
- The Right Tech
The “right tech” for you depends on the business you have. For some it’s quality cameras, computers or printers. For others, it’s simply purchasing the latest version of Microsoft Office or better payroll software. Whatever your business is, make sure that you buy and upgrade the technology needed often.
Kelly Gaines is a Staff Writer for StartUp Mindset. Kelly was raised in New Jersey and schooled in Philadelphia. She has gotten to travel and explore while writing about dozens of topics, and editing for some of the most talented people in the freelancing business today.
Do you need extra funds for your small business? An SBA loan is the best bet for small businesses with low rates, long terms and low monthly payments. Visit SmartBiz