The idea of spending more on something can be seriously scary to some people. Why would you spend more, when you can get something for less? The truth is that sometimes it’s worth it to spend more. I thought about this while attending the New Media Expo last week in New York City.
I sat in on a panel about podcasting. The presenters talked about podcast equipment. And, while it’s true that your computer likely has everything you need in order to start a podcast (video camera, mic, sound editing equipment) the quality for these “free” resources may not be the best. I thought back to an interview I did a couple months ago with PMI-TV via Skype. I used the camera and the mic that came with the computer. The difference in quality was stunning. And it made it clear that if I decide to podcast, I’d better up my game — or at least invest in a good quality mic.
Sometimes You Need to Spend Money to Make Money
The truth is that sometimes your business needs you to spend a little more money if you expect to do more, and get better results. Many people are reluctant to advertise, but spending money on the right advertising campaign can result in excellent results. Spending money on a competent and worthwhile social media expert can help you find more customers, and get your business “out there” more.
Sometimes, spending money can help you attract business in a way that benefits your business in the long run, and provides you with better cash flow. If you spend $1,000 in advertising, but receive $5,000 in revenues as a result, you come out ahead in the long run.
Paying for Quality
Another issue is paying for quality. If I’m serious about podcasting, I need a better mic than the standard on my computer. Additionally, if I want better video streaming, I’ll need a better Internet connection, and a better router to handle my home wireless network. Better quality equipment can lead to better results, whether you are trying to create high-quality merchandise for your customers, or providing a work environment that leads to better worker productivity.
Paying for better quality services is also important. If you want a better logo, you might need to pay for a better graphic designer. There are plenty of cut-rate SEO “gurus” out there, but you might end up with sub-par (or worse, black hat) results that can be damaging in the long run. There are plenty of folks who will provide content for $5 an article, but it may not be the highest quality. If you want the best services, you sometimes have to pay a little more.
Investing in Your Business
Sometimes, paying more is an investment in your business. Consider what would make your business better, and how you can improve your business situation. Think about what items are the most important to your business success, and then spend a little more on those items. Look for true experts to help you out; these are folks that are worth the cost.
What are you willing to spend more for?
Miranda is freelance journalist. She specializes in topics related to money, especially personal finance, small business, and investing. You can read more of my writing at Planting Money Seeds.