Everyone is familiar with the phrase: ‘you get what you pay for’. This isn’t true in all situations, but there are many for which it definitely is. For example: • Nappies – buy the cheapest nappies and you generally make up the cost in washing wet clothes, bed sheets and anything else your child comes in to contact with • Tea Bags – if you are buying no name tea bags, you need to seriously consider if you are actually a tea lover or just someone who might as well drink dish water. The same applies in business. There are some aspects of running a business that you may be able to do ‘on the cheap’ (marketing is a great example: if you can find cheap or free ways to advertise your business, that doesn’t impact negatively on your business brand, then go for it!). But there are some areas you shouldn’t skimp on: • Domain Registration – you would choose the cheapest, right? Wrong. When you need to make changes to your domain you are likely to find out that the ‘cheap’ registration didn’t include access to all the areas it should. You either end up paying more than the ‘expensive’ option OR you can’t access your domain registration at all. • Graphic design – your neighbour’s cousin’s girlfriend loves drawing and has completed a 6 wk introduction to graphic design course. She’s only charging $100 for a logo – bargain! And yes, you may be lucky and get a great product. But more likely, you will find that you don’t get what you asked for and/or don’t receive the professional branding your business really needs. • Insurance – this is not something for which we like paying any more than necessary. However, finding the cheapest possible business insurance (or ‘cutting corners’) is a dangerous game to play. Make sure you are fully insured for all areas relevant to your business (including loss of income).
Michelle Grice writes a weekly column for business women in The Western Weekender