5 Ways to Spend an Extra 50k to Grow your Business
Updated: Mar 31, 2021
First let’s make sure we’re all on the same page. Benchmark can save you 100% of what you’re currently paying for credit card processing. That means you can free up a ton of money to spend on other functions of your business. We do so by taking your credit card processing from around 3% per transaction to 0%, and yes it’s really possible.
In this post, I’d like to talk about ways in which we’ve seen our clients spend the extra money they are saving by not paying credit card processing fees. They reinvest into their business so it can grow, whether its through marketing, new tools, or more.
The best way to get new business is to start a marketing strategy. Spending money boosting your brand, showing up in Google search results, running ads on social media are all ways in which you can reinvest your savings to grow your business. You will need to allocate part of your budget to developing marketing materials whether that means a new website, well-designed ads, or blog posts like this to run as ads. Then you need to allocate some money towards a budget to put behind the ads. Finally you need to allocate a portion of your saved money to a person or company to manage these ads.
For rule of thumb, I recommend spending 5-10x on budget as what it cost to make the content. For example, if you paid $500 to develop a video ad, put between $2500 and $5000 behind that one ad.
2. New Employees
We have seen many companies that use Zero Cost Processing have the ability to hire someone new at their company. Whether that’s an in-house marketing person, a sales manager, an accountant, office manager, or anything else, we love seeing our clients reinvesting the money they save into their business. Whoever you can hire, that is better than you at something you currently do yourself, is a good investment. Stop filing paperwork when you need to be doing business development. Hire an office manager to take care of that for you. Stop booking appointments when you need to be in the field working, hire someone for that. The list goes on.
3. New Location
Some of our clients include retail stores that have one or two locations. By saving thousands per month, they were able to open a second or third location. We’ve even had restaurants tell us they were able to pay for their food truck from they money they saved by switching to processing with Benchmark.
4. New Tools
Being at the top of your game, means you work with nothing but the best tools. This means, every few years or so you need to upgrade. Whether youre a home inspector buying a new digital level, or a pool cleaner buying an electric truck, making room for these improvements is necessary….but where you do find the money? If you’re able to save 50k a year just by switching to Zero Cost processing, then whats holding you back?
5. Health Insurance / IRA
While it is not right for every company, being able to offer health insurance, an IRA or even a matching 401k is something that your employees will value. Besides marketing, new employees and tools, one of the most important aspects of your business is creating happy employees. Having benefits like health insurance, IRAs or 401ks are valuable to employees. By savings tens of thousands of dollars a year, now you too have the option to offer these benefits.
While every business is different, it’s important to understand the best way for you to move forward and grow. If you’d like to bring in more business through digital advertising, you need to somehow create that budget. If you need a new truck you need to figure out a way to save up. Switching to Zero Cost Credit Card Processing is the fastest and simplest way to start saving big for your company. Grow your savings, reinvest into your company. It’s as simple as that.
If you want to learn more about eliminating your credit card processing, click here to learn more.