5 Ways to Reinvest in Your Business | Episode 51Jan 05, 2022
I heard a twist on the old saying, “When life gives you lemons, make lemonade,” and thought it was perfect for subscription box business owners. It goes like this:
When life gives you lemons, make lemonade. Then sell the lemonade. With the profits, buy more lemons and make more lemonade. Sell that, too. Then buy a bigger lemonade stand!
Why am I talking about lemons and lemonade on today’s podcast episode?
I’m not, actually. The point is, as a business owner, you need to reinvest in your business. This doesn’t have to mean spending thousands of dollars. It does mean making smart purchases that will allow you to grow your business.
Reinvest some of your holiday profits in one (or more) of these four areas:
- Marketing - Consider paid ads, an affiliate program, or paying an influencer or blogger to review or promote your subscription box.
- Technology - Is it time to upgrade your website? An improved customer experience will deliver a big ROI!
- People - Hire your first VA or in-person help. Get someone to help with social media posts or give a deserved raise to a current employee.
- Equipment - My Rollo printer saves me SO MUCH time and money! From an industrial printer to a t-shirt folder, any equipment purchase that helps you gain efficiency and save time delivers major ROI.
Remember, we’re talking about reinvesting profits. After you’ve paid all your expenses AND paid yourself, take what’s left and invest it back into your business. A bonus? Any asset you buy also reduces the amount of tax you’ll pay!
Join me for this episode as I talk about how reinvesting in your subscription box business makes the GROW stage in Start, Launch, and Grow your Subscription Box possible - and how using “subscription box math” helps you figure out how much to invest.
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