I remember a time I use to get super excited I was getting a tax refund. I was fresh out of college with no business of my own and a manager for a clothing store. My best friend and I would go buy Juicy Couture tracksuits and bags. Yes, that was me the girl with the hot pink track suit and shades on but no money actually really in her purse. The horror it all.
Today, I want to share some smart ways to invest your tax refund into your small business verse having tons of Juicy Couture tracksuits hidden in the basement.
I am a follower of Jesus and I am called to give 10% of my income to the church. I am more than happy to do this. There was a point I wasn’t tithing regularly or struggled to tithed. Those are moments I can correlated my relationship with God too. If you’re not a follower I would highly suggest taking a portion of your tax refund and donating 10% to a cause. As criss such as Flint, MI water that has been all over the news. Even finding something close to your heart.
One of the best books I read last year was The Richest Man In Babylon. It truly resonated with my soul that I need to pay myself first not last. I am not talking about cutting myself some large check every week or every two weeks, but a simple act of taking 10% of what I earn and putting into savings. My savings has helped me buy last minute plane tickets for meetings and even my Macbook air when my pro died in a meeting,
If you’re going at this solopreneur journey all alone find a consultant that can help you. When I started my first business almost seven years ago online business was completely different. Hiring a consultant was the last thing on my mind mainly because most people were not focused on that area. Then the tides turned. Find a list of 5 people who consultant, if you can find someone locally even better. Just make sure they are the right fit not just a great seller. Don’t let price be a motivate for signing either. There are people who under charge and over charge. You need the right one for you. Use your tax refund to pay for six months in advance. Look into ICB Consults maybe we can work together.
One thing I notice a lot is small business is they rush into launching the never really brand themselves and who they are. They never really look at color schemes, fonts and more. They just go with the follow. I highly suggest finding an amazing graphic designer to work with on who your business is. Sometimes, you might get a $25 logo that stands the test of time like Nike or there will be a time you spend $300 to get your dreams.
If you’re product based company this is your gold mine for getting merchandise in the door. Outside of setting aside a certain percentage of income monthly to buy new product you can invest in getting your inventory for Summer/Fall. Even putting money away for winter stuff. If you make your products such as jewelry or natural products bulk up on those inventory items. Rather you have pounds of coffee or stacks of beads then none at all.
Your dream website has been on your mind for months, maybe even a year. Trust, me when I say I know how a website can make you feel about your business. I am even thinking of switching this layout around. You know the old blogger style, no more fancy. Even ICB Consults just got a website upgrade. If you’re on Squarespace or WordPress you can find a new theme you love for a low cost. Then hire someone to install and tweak it.
These are six smart things you can do to invest your tax refund wisely into your business in 2016. Its all about putting your best foot forward.