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Are You Spending Enough on Your Business? Comments

If you won’t take a risk on yourself, others won’t either.

On Friday, I did my weekly check of my Mint.com account. On the free online personal finance tool, I saw that the balance on my business credit card was about four times its normal amount. A happy little shiver shot up my spine.

I knew where the money had gone. In the past few weeks I’d invested in a couple of consultants, signed up for a conference and bought some blog software–all investments in my business. Making those purchases was a little scary. With each investment, after all, I was taking a risk that it would pay off in the long run. But I’ve come to realize that success is impossible without risk–even if it means that I’ll need to budget carefully to cover my mortgage payments for a few months.

Years ago I interviewed the well-known financial advisor, author and radio host Ric Edelman, who offered this advice to independently employed financial advisors about building their practices:

You have to be prepared to commit the time and money needed to do it right. A lot of advisors refuse to grow because they say they can’t afford it, but I can’t spend enough money. The more we give away, the more we get back.

Those wise words came to mind in recent months as I’ve explored ways to break away from my old, established business as a freelance business writer, and grow my personal platform (and popular blog) into a media and consulting business. 

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