Three Business Investments to Make This Year
Every year there are dozens of possibilities for business purchases and investments, and the beginning of the year usually brings a lot of those decisions to light - along with the cost of buying the things you’ve been eyeing for awhile! With a lot of opportunities before you it can be easy to get overwhelmed, so I’m here to help. Here are my three recommendations for the best investments to make in your small business as the year begins.
1) Hire a CPA.
After far too long doing my own taxes (yes, it’s a nightmare!), I am finally hiring a CPA (Debbie Price and Associates). Our first move is to transition my business from a Lilimited Liability Corporation (LLC) to an S-Corp instead. This has some benefits tax-wise and it’s something I’ve been thinking about for awhile, but to be honest I could not truly understand what the upside was without actually sitting down and talking to a professional. This should save me a lot of money in the long run, and even with just one change, the first investment alone will be worth its weight in gold.
2) Outsource your marketing.
As a marketing professional, I can even get bogged down marketing my own business - and I can’t imagine how that would feel if marketing is not your strength! You may think you can’t afford this investment, but imagine what would happen if your business increased and you could invest more time in the products or services you are good at creating rather than trying to get the word out through methods that may or may not work. Whether you hire me or someone else, my advice is the same: outsource your marketing, whether social media or advertising or Search Engine Optimization, to someone whose focus can be just that.
3) Get individual and/or business counseling.
When photography was my primary source of income, the best investment I ever made was paying for coaching with Justin & Mary (you can read about that experience here). One single change they recommended ended up netting thousands of dollars in income for me…and that is just one example! Over time my business grew exponentially as a result of their insights.
On a personal note, I have been in counseling for a number of years with an awesome person who is the right fit. While this is not directly business related, being an emotionally healthy person benefits every single aspect of my life. I am a better mother, friend, and yes, businesswoman, because I can work through issues in life with a professional.
As you think through your business decisions in 2022, what investments do you plan to make this year? Do any of these three ring true for you?