#05: The Biggest Expense in My Business
There are costs of doing business and there are costs of doing business well. For me, there’s been one investment that I’ve counted as a non-negotiable since 2016. In this solocast I’m sharing the one line item on my budget each year and how it’s totally transformed my business.
As a service-based business owner, unless you have a storefront or products you sell, your overhead can stay fairly minimal. But it’s easy to get in the trap of not investing in your business because you “don’t have to.”
In this episode I’m sharing:
How connecting with other entrepreneurs kept me going in the first year of business;
The lessons I’ve learned about traveling for business and how that bleeds into my personal life;
The specific investments I’ve made in the last three years; and
Eight business and life lessons I learned from my investment this year.
QUOTABLES FROM KIM
“For the most part you’re in control of how much you want to budget for business spending. But if you’re not careful, you can fall into the trap of keeping expenses so minimal that you’re a slave to your business.”
“There’s never really a point in your business where you feel like you’ve suddenly made it and now you can start in investing all of the help and resources that you need.”
“In-person events were the game changer for my business. It was the first time I was surrounded by women who I really felt spoke my language. They understood the challenges that I faced as an entrepreneur. They shared the desires as growing business owners.”
“Starting a business it’s so easy to give up in the first year. You’re not seeing the profits, you’re not seeing the ROI, and it feels like you have to learn every time you go to do something. If you’re not convinced this is something you want for the long term, it’s easy to give up.”
"It’s been important to know I can’t just jump into vacation mode. Because when I am attending an event, I can’t just hop off a plane and go. I’m not in the best head space--I became anxious and I’m not present.”
“These opportunities are not about efficiency. They’re about growth. They’re about restoration. They’re about satisfaction.”
“Most of us don’t need more information. We need personalization.”
“At some point you’ve got to shut off the noise and that’s going to look different for everyone.”
“Everything in your career has brought you to the point you are now. You are a success because of it, not in spite of it.”
“It’s about showing up every day doing work that you’re really good at and you want to be doing. That’s how you build a reputation.”
“Hard does not equal better.”
RESOURCES + MENTIONS
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FOLLOW + CONNECT
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