Although you can launch an entire business on a shoestring budget, there comes a time where it is time to spend some money. It could be money that makes your life easier, or it might be money that directly impacts your business.
How to Spend Your Money as a Small Business Owner
You have made some profit, or perhaps you have some free cash, and you want to put it into your business. Here are some smart and yet simple places that you can put your cash to make a positive impact on your bottom line.
There are a lot of free courses, and these can be an invaluable course of information. Not only can you learn more about your business, but you can use it as downtime too. Learning keeps your mind active – which is already great.
Learning also can feed directly into how we do business. Understand people’s working rhythms, knowing how you can increase conversions, mastering the fine art of content creation. All of these things feed into your business.
Any learning that you undertake that isn’t directly related to your business can also benefit you. The more knowledge you have (in any area, the more confidence you have). It could be how to use MetaTrader 5, it might be how to use color theory for mood, or simply growing herbs. The more you know, the more you can use.
While you can do a lot of work on marketing for free, sometimes a paid advertisement will get to the places that had evaded you until this point. Small businesses often see more value in tools, tech, and networking than they do in marketing. But it is the marketing that does the heavy lifting and brings people to the conversion door.
Great PR, good marketing, a slick and well managed social media all bring people. They increase your visibility the strengthen the likelihood people will buy from you. There is no real replacement for money well spent in this area.
The key point is that you don’t have to hire outside help here if your budget doesn’t stretch that far.
Here is a great guide from Criminally Prolific, Do Your Own PR Without A PR Agency. Although it is just the tip of the iceberg, great things happen when you put in the time and cash.
If your marketing is using bad logos, bad fonts, and bad colors, then you just won’t get very far. Great design comes at a price, but it is always one worth paying for. Invest in a designer, invest time in coming up with clean designs that tell you potential what they need to know.
If your website loads slowly, your images are stretched rather than resized for each social media platform, and the colors are difficult to process – you’ll lose business you didn’t even know you could get.
Spending money in a small business will always feel like a gamble, but if you are careful and research well, you’ll find that money well spent brings in plenty of profits.
If you need help getting your digital marketing to really pop, check out Why Your Digital Marketing Isn’t Up to Scratch.