I bought a new sewing machine this week, and we are building an indoor craft show booth, and a few months ago I bought a tent for outdoor craft shows, and I need a new computer.....do you see where this is going?
I really hated to spend the money after all I have spent in the past few months, but with the focus of myothershop changing to many things sewn, and my very old sewing machine jamming one minute and spewing thread all over the place the next minute, I had to have it. I had my old one cleaned and adjusted and repaired...even though the guy tried really hard to convince me otherwise...but I thought if I could get just one more year out of it.......
If you own your own business, what do you do when you have to have things in order to operate your business, and they just aren't in the budget?
I try very hard to pay cash for most of my materials, but I don't have a money tree in my back yard and things like the tent and the booth and the sewing machine end up on plastic. I hate doing that because I am bustin' my butt to pay down our debt. I have no desire to increase it....but sometimes I need stuff.
So, what do you do? Do you have a money tree? Do you just say, "Charge it"? Do you do without until you can pay for it?
UGH! Share your worldly wisdom and business expertise with us please....
I really hated to spend the money after all I have spent in the past few months, but with the focus of myothershop changing to many things sewn, and my very old sewing machine jamming one minute and spewing thread all over the place the next minute, I had to have it. I had my old one cleaned and adjusted and repaired...even though the guy tried really hard to convince me otherwise...but I thought if I could get just one more year out of it.......
If you own your own business, what do you do when you have to have things in order to operate your business, and they just aren't in the budget?
I try very hard to pay cash for most of my materials, but I don't have a money tree in my back yard and things like the tent and the booth and the sewing machine end up on plastic. I hate doing that because I am bustin' my butt to pay down our debt. I have no desire to increase it....but sometimes I need stuff.
So, what do you do? Do you have a money tree? Do you just say, "Charge it"? Do you do without until you can pay for it?
UGH! Share your worldly wisdom and business expertise with us please....
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5 comments:
I like to save up. But sometimes I splurge and charge it and then work really hard to pay it all back. I am still paying back all the stuff I got for my craft room.
That's a tough one. Those things just happen and there is little we can do about it. I understand the need for the sewing machine. Without it, no business. It was a very necessary purchase. And since it wasn't currently in the budget you had no other choice but to charge it. Don't feel bad; I know you'll work hard at your business and maybe for a while you can tighten the budget up a wee bit more to help pay for it. Everything will work out! Hugs!
Nancy
We all wish we could have a cash-only business, but sometimes things break or something you need is on sale, and it's a good investment to spend the money. When I first started out I didn't have a digital camera and didn't have the money to buy one. While pondering what to do, I celebrated my 20-year anniversary at work and got to choose a gift from the appreciation catalog. Lo and behold, there was a digital camera. Not a great one, but one good enough to get me started. It was like divine intervention!
That's a tough one. I've owned my own business before and "investment spending" means tough choices. I just always tried to make the purchases that had the biggest and fastest return on investment so I could pay off the loan or the credit card. The rest I saved for.
Hang in there.
over the years i've needed to invest in some pretty large, expensive equipment. i figured out how much i would make and how long it would take to pay for it. in every case it was well worth it. most of these big expenditures are one time expenses and they don't hurt at tax time! my first big piece of equipment was my kiln, which i bought used for $150, a fortune in 1979. I have since bought and sold a number of kilns, rented studio and shop space, etc. It has always felt like a risk and a leap and always ended up worth it and more.
Only you can know your numbers and comfort level. Good luck!
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