Close this search box.
Blog » Business Tips » How to Decide If Something Is Worth The Business Investment

How to Decide If Something Is Worth The Business Investment

Updated on August 8th, 2018
money habits

There are new tools for a business owner coming on the market every day. For small business owners, it can be overwhelming. You need to implement tools and systems that will help you compete in your market and stay afloat financially. But new business owners don’t always have a lot of money to invest in the latest systems or to pay annual subscription fees.

How can you tell what you really need and what’s just fluff? Ask yourself these two questions to decide if something is worth the business investment.

Will This Help Me Generate Money?

As a small business owner, it all comes down to money. Are you generating enough to keep your business running and to support your lifestyle? If you’re not, all you have is an expensive hobby.

So when it comes a new business investment, you have to ask if this will result in you making more money.

A good example of this is paying for a advertisements. Ads on any platform can get your company in front of new and existing customers, can build brand loyalty, and can bring you new business.

What might not be a worthy business investment?  It could be a $600 ticket to a conference that’s not directly in your niche. You don’t need to go to a big conference that you see splashed all over social media if it’s not the conference that your clients will be at.

Will This Help Me Build a Smarter Business?

Notice that I said a smarter business, not a bigger one. Growth for growth’s sake is not a real goal. Growing a smart business that has room to scale up and has systems to support it is a real goal.

There are headlines after headlines that flaunt the growth of a company. But when it comes to something your are DIY-ing, you need to make sure that you’re building a smart business that will take care of itself.

A good example of this is investing in an invoicing system or an email marketing system. Invoices are a part of getting paid and being able to automate that is a step towards a smarter business. Emails are a great way to turn readers into clients, so investing time into figuring out how to build a loyal list is worth it.

Final Note

Someone once gave me some business advice. They said ‘do as much as you can, with as little as you can, for as long as you can.’ I agree- throwing your money away after fads or built on someone else’s model won’t help your business. Focus on what you need to generate your money and to grow a strong and smart business, and leave the rest behind.

Kara Perez

Kara Perez

Kara Perez is the founder of Bravelygo. Kara discovered her love of finances courtesy of her quarter-life crisis. Broke, underemployed and saddled with student loan debt, she realized that her lack of financial education was crippling her adulthood. She now connects individuals with how to save and make money. She freelances in the areas of personal finance.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More