2 minute read
𝙲𝚘𝚜𝚝 𝚘𝚏 𝙳𝚘𝚒𝚗𝚐 𝙱𝚞𝚜𝚒𝚗𝚎𝚜𝚜
In any industry & any business, there is the 'cost of doing business' - 𝘦𝘹𝘱𝘦𝘯𝘴𝘦𝘴 𝘪𝘯𝘤𝘶𝘳𝘳𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘰𝘧 𝘤𝘰𝘯𝘥𝘶𝘤𝘵𝘪𝘯𝘨 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴. Our industry is no different, and there is truly no way around it.
Growing up in a house with small-business-owner parents, I became aware of this concept at a young age. My mom was paying a large bill for something for my dad's business. I remember being offended that they had to spend money when he was the one working hard. Her response - "It's just the cost of doing business. You have to spend money to make money."
Cost of doing business includes 𝙙𝙞𝙧𝙚𝙘𝙩 𝙚𝙭𝙥𝙚𝙣𝙨𝙚𝙨 (connected to a product or service - tools, massage oils, etc.) or 𝙞𝙣𝙙𝙞𝙧𝙚𝙘𝙩 𝙚𝙭𝙥𝙚𝙣𝙨𝙚𝙨 (maintaining your business - car maintenance, business software, taxes, etc.).
Think of the cost of doing business as watering a plant. The plant being your business and the water being the money you spend.
You don't want to over-water a plant or it will drown. (aka spending all of your hard-earned money justifying every expense as 'it's just the cost of doing business!) You also don't want to give the plant the minimum amount of water it needs to live. Yes, it will stay alive, but it won't flourish and grow. (aka refusing to spend almost any money at all.)
Trying to get by without spending almost any money at all will stunt your business growth. Spending too much will kill it.
When determining if something is a necessary cost, ask yourself...
Is it necessary?
Will it move your business forward?
Will it save you time/ stress/ organization?
Can you get by without it, but would be better off with it?
Determining what the cost of doing business is can be tricky at times. Do you really need a new machine when your current one is working fine? Do you need to buy this specific item brand new, or can you find it used on FB marketplace?
The 'cost of doing business' is something you cannot escape, so you need to be open & okay with spending money. Just make sure your expenses are well thought out & move your business towards your overall vision.