The Three Places You SHOULD Spend Money When Starting Your Business - Part 1

(This is the first part in a three part series).

Spending money can feel painful when you're just launching a business. But there are a few areas where spending wisely can make all the difference.

Whether you’re starting a non-profit, small business, social enterprise, or any type of organization, you naturally try to save every penny. Things feel tight. There’s little margin for error. The early days can be gut-wrenching. You’ve got big dreams that this will work out—that you’ll be profitable, successful, and not forced to eat dirt for breakfast.

Worrying about money can become a constant companion. You think about it throughout the day and dream about it at night.

And while the old saying “you have to spend money to make money” isn’t always true—I’ve seen plenty of people waste money, especially other people’s money—I do believe there are a few places where it absolutely applies.

Below is the first of three key areas where it's worth spending money early on—even before you're officially up and running:

1. Spend Money on a Consultant

“Wise people do wise things. Poor people have poor ways.”

A friend named Ben said that to me 20 years ago while we were volunteering at a food pantry. Ben didn’t have much formal education, but he had a lot of life experience. After surviving a car accident and leaving behind a life of addiction and homelessness, he started helping the very people he once shared needles with. Despite a tough past—including more than a decade in prison—Ben had wisdom that ran deeper than most people I knew.

He told me, “Make sure you are wise, not poor, Chris.”

Hiring a consultant is a wise move. There’s no hero on the silver screen who makes it without help. Whether it’s Star Wars, Rudy, or any Pixar movie, every protagonist has a mentor—someone who coaches them, guides them, challenges them, and reminds them they can do this.

In your business, that mentor should be a consultant or a coach.

Gather a few trusted advisors. Form a steering team. Schedule regular meetings with an expert in your field. But most importantly, consider hiring a business coach or consultant. Look for someone who has the heart of a teacher, who’s trustworthy, who believes in your product or service—and who truly cares about you.

Mistakes in business are expensive—especially the avoidable ones. Spending money on guidance might feel like a stretch in the beginning, but you’ll thank yourself later.