Spending 1000 Euro on your business
If you were to spend 1,000 Euro of your own money on your own business, what would you get?
At the start, spending your own money on the business isn’t unusual. If you were past this point or if some extra money landed on your lap, what would you spend it on?
There are a couple of things I would like to spend money on for eWrite. Sometimes its hard enough to get money out of a business to move things on fast enough.
Im considering spending this amount of money myself, currently Im thinking of the following items, I won’t mention their price but in total they are roughly equal to 1000 Euro.
- Paying for a logo recently designed for eWrite
- Paying for a set amount of time for a writer to improve the content of our website.
- A paid account with SpringLoops for better version control of our software for a few months.
Other items I have considered spending money on are BNI membership, travelling to items such as Future of Web Apps in October.
Have you spent your own money on your business in the past? Do you recommend it or advise against it ?
Makes total sense to spend your own money if you believe in the business. Do it as a loan and at a later stage, if you convert that to shareholding, you can use the Seed Capital Scheme to claim 42% back!
I would focus very strongly on the expected return. We spent a lot of money in the first year going to conferences (including FoWA). Whilst the networking was fantastic, it really didn’t do anything to increase our userbase or secure investment.
For a product like yours (and ours) where your customers are not the digerati, then unfortunately it’s not about gaining buzz amongst the early adopter crowd.
- Logo (depends on cost - but is possibly something you could do later).
- Writer (surely you’ve a friend/family with the ability to do this?)
- SpringLoops is great (as is beanstalk / github etc.) I think it costs $9 (€6) per month and I would pay this out without fail. Don’t even question it for an offsite backup of your code within single hit deployment and instant refresh to any version. Love it.
I wouldn’t even set aside €1000 to spend - it looks like you’re looking for ways to spend it. Instead just transfer it into your account and then work out how you can have as much of it still left there by the end of the year. Get by with absolutely as little cash spend as possible.
Hi Robin,
My main interest is in securing SpringLoops to allow continued development and deployment of our apps. I’ve been using the Free version for a few weeks now and I absolutely love it, wish I’d used it sooner.
As for a writer, in the past we’ve tried the family and friends option and its become a ‘too many cooks’ type situation. I’m interested in a new/professionals approach to structuring the site and content, I don’t think our approach in the past has explained our software as well as it could be.
As for spending 1,000. These are my wish list items and loosely add up to this amount. Paying for SpringLoops is a definite for me, the rest are ambitions I’ll eventually get to anyway. With this blog post I was seeing if others would spend their own money on their business in this way or completely advise against it.
I think you have to spend your own money on your business - where else will it come from?
I certainly do and see it as an investment.
The money would usually come from paying customers. Sometimes I would prefer to skip the red tape.