One of the up sides for sole traders who’ve had a tough recession is that if your taxable income is less than the previous year there’s a fair chance you’ll see a tax rebate. A nice surprise for the start of the year.
If that’s the case then the next question is what to do with it? In our view you have two main choices … spend it and enjoy it or invest it in the future of the business.
- Have a holiday – in tough times you tend to put a lot of hours in so deserve a break
- Invest in equipment – in a recession folks tend to keep their kit going longer to save buying new, perhaps it’s time to change that?
- Invest in marketing – research demonstrates that those businesses who invest in PR & marketing during a recessionary climate come out of it quicker, better, faster than those businesses that slash such budgets
- Invest in a new idea – if you’ve been cooking up new ideas for products & services then perhaps a little windfall like this would give you the boost you need to realise it?
- Invest in an assistant – if you could afford an assistant or PA what would this buy you in terms of time to do new things? time for acquiring new clients etc?