Thoughtful Spending During the Season of Deals

girl hand with phone and laptop

You made it through Black Friday and Small Business Saturday and now it’s time for Cyber Monday. As a small business owner and a photographer, I am inundated with a flood of emails for all kinds of steals this week from software to gear and to digital products that solve your dire pain points. I know some of you are jumping for joy and scouring the inter-webs for the best deals.

But before we get to spending our hard earned cash on the greatest new gadget or a must have social media how-to ebook, pause first to assess your business needs. Is this an item I’ve been looking to implement into my business and planned on purchasing it this year? Do I have the funds to purchase it without having to carry debt or cause other items / client orders to be affected? Will I have time to implement the new product into my workflow or will it be lost in my download folder or collect dust on my shelf?

Look over your cash flow and assess how much spending, if any, is a wise business investment at this point in time.  Notice I used the word investment and not purchase. Whether you purchase a new computer, or a new set fonts, there needs to be a correlation between the purchase and how you generate revenue. If the new item will save you time, that means you’ll have more time to do other things (that’s a win). Or if you purchase a item that is a subscription you have budgeted anyway, and now it’s cheaper, that a win too. If you purchase hardware (i.e. equipment), what will it allow you to do? Do you have plan for selling off your old equipment and props? This can help offset the cost of your upgrades.

Have a plan when shopping. I know I get caught up in the buzz and the excitement, but having a plan (aka shopping list) of what you’re actually in the market for will help keep you from going astray and over spending. Oh and check in on your tax deduction strategy… can your purchases be written off this year?

To help you with your financial strategy download the free PDF budget worksheet (or upgrade to the excel version to plug in your budget numbers).

A list of deals from vendors I love and use:

Fundy – huge sale off the suite and the modules
Totally Rad  –  save 35% off all their products (I love RadLab, Replichrome and ProRetouch).
SmugMug – save 40% through 11/30 (after 11/30 save 20%)
Creative Live – 25% off 1000+ classes
Squarespace – 20% off your site on #GivingTuesday 12/1

Want more deals?

Check out these two huge lists collected nicely together for you from Photographer Black Friday Sales and Behind the Shutter

What deal is the right investment for you?