The historic $2 trillion coronavirus stimulus package is scheduled to begin issuing payments as early as this week, which means many Americans could be receiving payments of $1200 or more in a matter of days. Some already have the money earmarked for essentials like rent and groceries, while others are planning to put the money into savings in case things don’t improve right away. If you’re a business owner, you may be wondering what the best way to make the most of your money. If you’re thinking “what should I do with my stimulus check?” we’ve put together some ideas on how to kick-start your business with $1200.
1. Get your papers in order.
Just getting started? Use that cash to handle the necessary but less fun aspects of your business. Incorporate or register your LLC, hire an accountant, or check in with an attorney. With a little legwork, you should be able to take care of all three for under $1200, giving yourself a great foundation for your business to grow (and potentially saving thousands of dollars in headaches down the line).
2. Learn something new.
Invest in yourself by taking a course, a certification, or completing continuing education. Not only will you make yourself and your business a more valuable resource by staying in the know, you’ll benefit from networking with others in your industry and potentially come away with a whole new direction for your business.
3. Take your business online.
If you’re used to working face-to-face, now may be an excellent time to put your business on the web. That may mean purchasing a new computer, webcam, lighting, or maybe it means enlisting the services of a web designer. Going virtual can put you in touch with potential customers that you wouldn’t have reached otherwise.
4. Refresh your digital footprint.
Take a look at your social media profiles. When was the last time you updated them? Just as you’d refresh your resume if you were looking for a job, you’ll need to keep your digital presence curated to attract potential customers. For those wondering “what should I do with my stimulus check,” consider splurging on a professional photo shoot. You may also want to hire an expert to review your profiles and give you some areas for improvement.
5. Hire some help.
As a business owner, you’ll be busy enough with the day-to-day—it’s impossible to do it all alone. If you have some extra cash, consider outsourcing some of the administrative, marketing, or more time-consuming to a freelancer or virtual assistant. If you’d rather go solo, hire a house cleaner or babysitter so you can enjoy some uninterrupted time to work on your business.
$1200 may not seem like very much money but if you can make some strategic moves, even in small ways, you can set your business up for long-term success. And if you need additional cash, you can explore ways to maximize your options with government or private funding.