I Said Invest Not Spend

When managing a one-person business, it's important to understand the difference between investing and spending in order to make informed financial decisions.

Investing in a one-person business may involve purchasing assets that will help the business grow or become more profitable in the long run. For example, investing in marketing or advertising to reach more potential customers, investing in equipment or software that will increase productivity, or, my favorite, investing in education to build a new skill set.

Spending, on the other hand, involves using money to cover expenses that are necessary for the day-to-day operation of the business. This might include paying for rent, utilities, supplies, or wages for yourself.

It's important to find a balance between investing and spending in a one-person business. Investing too much money in the business may put it at risk if the investment doesn't generate the expected return, while spending too much money may lead to a lack of resources for future growth.

A good approach might be to prioritize investing in areas that will directly contribute to the growth and success of the business, while being mindful of keeping expenses under control.

As a green one-person business owner, I understood spending from the get-go. Now, as a seasoned one-person business, smart investments in me and my business have taken center stage. My mantra is, "Invest IN yourself, don't spend ON yourself."