You DO Have to Spend Money to Make Money

I’m not going to apologize for using clichés when they’re true.  In fact, an argument might be made that that’s how they become a regular part of our lexicon.  We find that we use these expressions often because they accurately reinforce a key point we’re trying to make.

“You have to spend money to make money” is a saying that has been around and stood the test of time.  And I just had a front row seat to practicing what I preach in this very regard.

If you’ve been listening to my weekly “Now Hear This Entertainment” podcast and/or reading the weekly e-newsletter or following the Instagram account for the show, you know that the new year has started fast for me in terms of being on the road.

I do a good deal of speaking and right out of the gate I was on stage in Orlando at Podfest Multimedia Expo in mid-January.  I was home from there less than 48 hours before flying to Anaheim for the massive NAMM Show.  Immediately upon its conclusion I drove up to Los Angeles for a few days.  I just flew back from there last Wednesday, yet three days from now I’ll be on a plane back to California, heading to go speak at the 21st San Francisco Writers Conference.

In the midst of all of that I took a couple of hours to have lunch with my best friend, who lives out in southern California.

I told him of a couple significant investments that I was making on behalf of Now Hear This, Inc. and he was quite taken aback at the price tag.  He remarked, “Wow, and I was feeling good about my three hundred dollars a month in Google AdWords.”

The fact is, while he suddenly felt like he was barely registering on the advertising scale, he was making attempts to improve his business and attract more customers.  There’s also the apples to oranges cliché as it relates to whether it’s a fair comparison or not to put his spend for what his business is up against me and my PR agency.

If he weren’t doing anything at all and business was bad, he would for all intents and purposes have no right to complain.  “Look in the mirror” would be another popular expression that would be applicable then.  I know that in my weekly blog I have cited the “doing the same thing over and over but expecting different results” definition of insanity.

We’re in February now, meaning, you can no longer hide behind the holidays (hangover) veil.  It’s past time to get moving if you want 2025 to be a big year for you financially.  (And why would you not be striving for that?)

So?  How were things last year for you, business-wise?  Did you hit the monetary goals you set for 2024?  Was your income where you wanted it to be?

I know there are lots of people who don’t like to hear it, but, creators, authors, indie music artists, podcasters – you are a business.  What did your spending look like last year as it relates to investing in a way that sets you up to get more sales, more bookings, more sponsorships, and just flat out more dollars coming in than going out?

If your expenses consisted of meals and a new guitar and other frivolous purchases that you laughed at while saying, “I can write this off,” then you’re probably in the red and not finding things too funny.

Do you need to set up some Google AdWords of your own?  Facebook ads?  Is it time to invest in hiring a publicist to get you the attention you keep feeling frustrated about not getting while you see the profile of others just like you being raised?

What are you doing for professional development?  Are you spending money wisely to learn what you don’t know or are you too busy waiting for the free ones and/or complaining about the cost of options that you know will ultimately help you anyway?

It’s amazing how quickly and easily a personal expense can be justified (“I need this for me” or “I work hard. I deserve this.”) yet when it comes to investing in a way that will help your business grow, suddenly it sounds unreasonable.

Challenge yourself to a new mindset in the new year and embrace spending money to make money.

For more than twenty years I have been helping indie music artists, authors, actors, entrepreneurs, podcasters, filmmakers, small business owners, and more.  What challenges are you having in your creator career that I can lend some insight to?  Drop me an email and let’s chat so you can take advantage of all my experience, and I can help and keep you moving forward.