Think you can't afford to start or grow your business? You might be wrong! Spending money on your business is actually a key ingredient to success. Here are four reasons why you should stop being afraid of spending money and put those funds (even small ones) to work for you.
1. Don't be afraid to spend money on your business — it will help you grow and succeed
If someone had suggested in 2022 that I could pay a freelancer to complete specific tasks for me, I would definitely say: No, I can't afford that now. My mindset was that it was best to keep the expenses in my business as low as possible, as that would mean more for me! But I've changed my ways, and here's why:
Time is money! And it's wise to invest money in your business in the beginning so that you can make more money in the future. One way to do this in the beginning is to outsource tasks to people living in countries with lower living costs than your own. This way, you can pay people a decent hourly rate, even on a budget.
I don't know where you are in the world, but chances are high that you can deduct your business expenses from your tax bill. Ultimately, you indeed end up with more — and maybe spending more won't affect your earnings much!
2. Hire experts to help you with tasks that you don't know how to do or don't have time for
If one daunting task takes you four hours to complete because you find it hard, boring, or a combination of both, and someone else can complete the same task in an hour or two, why not pay them to complete it for you? Hopefully, you can make more money in those four hours if you focused on work, which brings in more money than it would cost to pay someone to do a specific task.
In 2023, I hired someone to help me with my Pinterest account. I wanted to utilize Pinterest to gain more traffic and place my content in front of more eyeballs, but I found it hard to make a pin and upload it once a week. The ideal on Pinterest is to post daily!
I didn't have the interest or time to do that, so I posted a job on Upwork and got a lot of replies. I found a fantastic Pinterest manager, and thanks to her, I'm slowly but steadily putting links to my products on Etsy, Creative Fabrica, and blog posts out there to be found by the right people.
3. Invest in good equipment and tools that will make your work easier
You don't need a super fancy camera or the fastest computer on the market, but spending money on online services that can help you grow your business or automate tasks for you is a great investment!
In general, I think having an investment mindset is a great skill to practice even from the get-go as a business owner.
4. Don't be afraid of investing in yourself by taking courses and learning new skills
This is one of my favorite ways to invest in my business! Taking courses and learning from people I admire has been very valuable for me, and some of the courses I've taken have even led me on new career paths. I've worked as a freelance journalist, translator, and social media manager after completing online courses in these fields!
You should check out my blog post 6 Great low-cost programs for small business owners, if this is a way you want to invest in yourself. I've also written a blog post called 9 Free Resources for Small Online Business Owners, where you find tips on getting everything from design resources mockups, fonts, and graphics to great tips from some of the best business coaches out there – completely free. If you're bilingual and want to work from home, take a look at my post on earning money by translating, and check out the free course I link to there.
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