3 Small Business Purchases That Helped Me Boost My Income

Woman doing computer budgeting.

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It’s okay to spend money on your small business—especially if you’re taking steps to improve your business.

Important points

  • You may be reluctant to spend money as a new small business owner.
  • Some business purchases can help you run your business better and increase your income potential.

Being a small business owner sometimes means spending money on your business to make more money. This can be challenging, especially if your business is brand new. However, some business purchases can help you do your job better and increase your sales. And as you navigate the ups and downs of your business, you’ll always find ways to improve.

Over the years I’ve invested in my business to grow it and become more efficient and better at what I do. Spending money has enabled me to make more money. Here are three small business purchases that have helped me increase my productivity and income.

1. Desktop Computer

I’ve been working on a laptop for years. It was convenient and allowed me to get my work done on the go. But now that I’m in my mid-30s, my eyes and brain prefer it when I’m working on a bigger screen.

Last year I upgraded my laptop to a 27 inch desktop computer. This investment has greatly improved my work. It’s easier for me to write and research at the same time without opening a million tabs. I could write better and faster, which also increased my income.

You may need to purchase better equipment or electronics at some point on your journey into starting a small business. If you can get more done with these purchases and better serve the needs of your customers or customers, you may be able to increase your earrings as well.

Another benefit is that small business tax deductions can help you reduce your tax liability. When you make purchases for your small business, keep accurate records for tax purposes.

2. Office rental

After working from home for several years, I realized that being at home 24/7 for work and fun was not the ideal situation for me or my productivity. I enjoyed working in my pajamas and having my two cats as colleagues, but it wasn’t the best work environment to thrive.

Earlier this year I started renting out separate office space. My office gives me the extra space I need to keep my personal and professional life separate. I find that I was also much more productive. I’m ready to check off tasks on my to-do list when I arrive at my office.

While a separate office or retail space incurs additional costs, it can be a good option for some small business owners who need their own space. It can also be a smart tax move as business rental costs are also tax deductible.

3. Editing software

I work with some incredible editors and they greatly improve my work. But I do my best to submit quality work.

Using editing software helps me spot and fix minor errors before submitting my items. The annual fee is cheap considering how much I write and use the software.

This investment has helped me learn more about my writing idiosyncrasies, which has helped me improve my writing skills. I was slowly working through some of my most common mistakes.

It’s also faster for me to edit my work myself before submitting it. The more productive I am as a freelance writer, the more work I can get done and the more income I can make.

While small business accounting software or payroll software comes with a cost, it can be a worthwhile investment. If you’re concerned about the overall cost, you might be able to lower the price by paying for an annual subscription up front instead of a monthly fee.

Don’t be afraid to spend money on your business

Yes, it’s important to keep your personal and business financial goals in mind. However, don’t be afraid to spend money on yourself and your small business if it makes a difference.

If your business is bringing in little money, you may be reluctant to spend money right away. However, try to think long term when making decisions and be open to purchases that will help your business thrive.

Are you looking for other ways to improve your business? For more information, see our small business resources.

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