#CEODiary It Takes Money To Make Money

Happy Saturday fellow future CEOs!

Quick update before today’s topic: I have a company logo!!! I’m so excited that I found a graphic designer on Fiverr (a resource I introduced in last week’s article) to design my logo. It only took 3 days and guess how much… go ahead… nope… close… ok ok… $10!!! That’s right, a professionally done logo design for ten American dollars. Check it out:

Now let’s talk about spending money to make money. If you’re like me, you HATE spending money. I go shopping for clothes once or twice a year. I have clothes I still wear that’s older than some of you. However, when it comes to building a business, you HAVE TO invest in yourself. Why would anyone invest in you if you aren’t willing to invest in yourself? Having a quality product/service is essential for being able to set an appropriate price for that product/service.

Figuring out what you need in order to earn profit is the first step. For me, I needed a laptop and Microsoft Office software. I’m also looking into more advanced business presentation software options. That’s all I need to deliver my service, but how do I gain clients? My company is B2B (business to business) so I have to have a professional website. I’ve already purchased my domain name from GoDaddy (around $14/year), now I have to decide which website host (WordPress, SquareSpace, Wix, etc) would be best for my site. WordPress has a free option (this website uses WordPress), but I want to ensure the best quality for my business. Other options may cost around $200/year.

I also need business cards after I finish designing my website. 250 business cards from VistaPrint will cost around $50.

Budgeting and saving is key! Is not going out as often worth you being able to buy what you need for your company, which will help you one day make 6, 7, plus figures? I’d say yes. I’m willing to cancel my Hulu account (that I only have for Living Single) to help pay for my Google G Suite account if needed. Figure out where you can trim the fat from your spending and know exactly how much you can save per check to put towards your company. A business loan is my last resort because I have enough debt (HELLO student loans), but that’s also a great option to get you started if you can afford it. However, be mindful that you will have to put together a very well planned out business plan in order to apply for a business loan.

“Scared money don’t make no money.” Entrepreneurship is a risk, but with high risk comes high return. Believe in and bet on yourself.

Comment below and let me know what you need for your company.

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