The other day I spent hours vacuuming around the house as I have a dog that sheds quite a bit. Sound familiar? I began to wonder if that time could be better spent on my business. Would any purchase be considered an investment in a business? Is it a good time to invest in a business?
Then, I began to think of someone I met a few months ago who told me she loved her robotic vacuum. Hmm, I began to wonder, could it save me a lot of time? For example, the time that I could use to grow my business?
Not All Purchases Are An Investment In A Business
I didn’t spend as much time thinking about this purchase when I realized the time-saver this robotic vacuum would be for me. This tool would be like delegating a task to my business.
Of course, you don’t want to start purchasing 1,000 new tools so you can work 24/7 in your business. That would not be a healthy approach.
You would lose your creativity to problems and probably your passion for your business. But if a tool could bring more balance to your life, wouldn’t that make you happier and more successful with your business? Then it would be a good investment in a business for you.I didn't spend as much time thinking about this purchase when I realized the time-saver this robotic vacuum would be for me. #smallbiztips Click To Tweet
Balancing the Investment in Your Business
If you want to purchase something that is not directly related to your business, give it some thought. Count the hours it could save you. If may be worth it to invest in your business and in your life.
Know what the hours would produce for your business and your bottom line. That way you will figure out if it’s worth it all around and if it is an investment in a business.
You could purchase things like:
- Robotic vacuum
- Auto toilet bowl cleaners
- Hire a house cleaner
- Clothes cleaning service
- Hire a landscaper
- Prepared meals
- Dog Walker
- Elderly Home Care
- Security tools or person
All of the above things save you time and time = money for your business.
What Other Purchases Are An Investment In A Business?
Would a trip or vacation be considered one? It could be if you needed a break and time to reset and refresh yourself and your business. But, for example, going gambling would probably not be a wise choice of your time or money.
Sometimes, people can justify any expense if they want something bad enough. In business, you must think about the decision to spend money and what you will invest it in for a business.
Think about how it will benefit the business or people, you, or other people in your life. Will it fulfill a need or be a benefit?
Spending money and investment money are two different things.
Spending money is defined as money available to be spent on pleasures and entertainment.
Investing money is defined as: is the act of allocating resources, usually money, with the expectation of generating an income or profit. You can invest in endeavors, such as using money to start a business, or in assets, such as purchasing real estate in hopes of reselling it later at a higher price.
Now, do you see the difference between the two ways of using money and resources?Spending money or investment money are two different things. #smallbiztips Click To Tweet
Your Time is Valuable
Remember as in life, the same for in your business, your time is valuable. Be sure to spend it wisely. Therefore, do not waste time each day doing mundane tasks that you could hire out or purchase tools for.
You will be glad once you do and spend more quality time making an income and having time to take off – the freedom to do whatever you want with your time.
That’s the best reason to be in business for yourself, the freedom of time and, how you spend it. So the investment in business is for you to choose and spend. Choose it wisely!
How are you spending your time managing your life and the investment in your business? What other things are you investing in business to save you time? I’d love to know in the comments below.