When anyone starts working for themselves, they go in thinking they need the same office supplies they had where they used to work. We purchase things in volume, things such as pens and pencils, staples, notepads, and paper clips, along with a lot of other junk.
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Years later I still had almost all of that stuff because, it turns out, very few small or independent businesses need things like that. It might make sense to buy one of each of those things just in case but buying in bulk as I did… stupid move.
One of the problems in doing things like that is that it creates debt that doesn’t serve you all that well. Even though those things didn’t cost all that much, there’s nothing you can do with it other than thinking about throwing it away or keeping it in storage forever.
Every business has to spend a bit of money before they get going, and be ready to spend other money once things start to take off. This means there will be some debt that has to be incurred, but it doesn’t have to be all bad. These five tips offer business debt advice that’s beneficial and necessary that will do you great good, no matter what your business happens to be.
1. Computers.
These days the word “computer” takes on so many more meanings than it did years ago, but whatever you call it (tablet, notebook, laptop, etc), you need something to work with, whether most of what you do is based on using your computer or not. You need something to help you with your bookkeeping, writing email, creating flyers or sales presentations, save files, etc.
Luckily, the cost of computers these days isn’t overwhelming, and if you’re like most people, you probably already have one of these (after all, you’re reading this on something). The major decisions you need to make are:
* speed vs capacity
* cost
* are you a power user
* does it need to be light and portable
Oh yeah; keep your software up to date to protect yourself from viruses, spyware, malware and the sort!
2. Cell or smartphone.
You need a way to communicate with your clients because sometimes email just isn’t going to get it done. A regular phone works if you’re working in an office space, but for many small businesses studies show that 40% of the American population doesn’t own a regular phone anymore, and that number is growing.
Being able to contact your clients or staff while not being in the office as well as being able to be reached if you’re on the road, enhances your business greatly. Having a smartphone with the right applications on it can allow you to connect your schedules, files, and other things with the “cloud” or even with your computers and laptops.
There are both free and paid applications to help you with all of the above. My recommendation is to always test apps before you buy them unless you’re familiar with them already.
3. Printer/scanner.
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No business can get anything done without one of these. True, you can keep running to a place that can do this for you but what happens if you need something in the middle of the night?
In the past one had to purchase each of these separately but it’s smarter to spend a few extra dollars and get a printer and scanner combined, and the cost isn’t all that exorbitant. Truthfully, the biggest expense comes when having to replace the ink cartridges, but we have to deal with the same thing if we have to bathe.
These days printers can hold more paper, and the cartridges are larger, so you’re not running to the store every couple of weeks (if you print that much). You can scan things and turn them into electronic files (pdf), which makes them easier to store, so that will save you a little bit of money by not having to print everything out when it’s not necessary.
4. Networking/educational group.
No matter whether you work local or travel for work, and no matter how good or bad a marketer you are, you’re going to need support and people to talk to who are a lot like you.
Being in a educational group that caters to things you do in your industry not only helps you keep up to date with what’s going on, but allows you to network with others who either do what you do or might be missing a piece they need you for. It also keeps you in touch with others who do the same kind of work you do, sole proprietors or not.
Being in a networking group gives you the chance to share with other what you do while learning what they do, with the possibility that each of you can help spread the message about each other down the road. Most communities have local chambers of commerce these days, and it’s worth at least giving one a try, especially if it’s possible that some of those members can use your services down the road.
My recommendation is to find one group and only pay for that one initially so you can get a feel as to whether you’re going to get what you need out of it. I’ve found that the cost for joining local groups is usually less than $100 a year, whereas joining national groups can run you as much as $500. If you need certifications to do your profession then that’s critical. If not, test the waters slowly because it’s probable that the first group you hook up with may not give you what you need.
5. Helpful services.
This one you don’t have to do right away but at some point very early on you need to think about allowing someone else to handle some of the things you do. Maybe you hire someone to cut your lawn or come in a clean your working space so you can work on your business.
These types of services will save you a lot of time that you can spend trying to make money and still having time to be with your family and friends. You also get to write them all off on your business taxes; nothing wrong with that. 😉
