Four Smart Ways to Reinvest Back into Your Home-Based Business
Jan 10, 2017 23:09
Working from home and starting a business in lieu of the nine-to-five grind is the dream of many entrepreneurs.
However, few know exactly what to do when the money starts rolling in.
One of the most common mistakes newbie business owners make is failing to reinvest back into their business. That being said, such timidness is understandable. After all, the idea of spending money to make money can quickly blow out our budgets if we aren't incredibly careful.
Regardless, you can't hope to take your business to the next level if you never go beyond a shoestring budget. At some point, you're going to need to invest in smart paid tools and services as means of making yourself more efficient in terms of time and growth.
So, what are some smart investments you can make to boost your sales without breaking the bank in the process?
Upgrade Your Office
If you're been operating in a cramped corner or haven't had the opportunity to really give yourself a true office space, it's probably time for an upgrade. While purchasing modern home office furniture may seem like a luxury, bear in mind the fact that a comfortable office is a productive one. Rather than settling in terms of your office space, ask yourself: wouldn't you rather spend more time grinding if you actually felt happy about your environment?
From furniture to tech and beyond, even the most subtle changes can go a long way toward making yourself more comfortable in the office.
Outsource Some of Your Tedious Tasks
Some aspects of running a business are an absolute chore, plan and simple. As recommended by savvy solopreneurs such as Tim Ferriss, we've entered an era where tedious tasks can be outsourced to virtual assistants via platforms such as Fiverr and Upwork. Virtual assistants ultimately save you time and money, taking on seemingly menial, time-consuming tasks such as:
●Answering and responding to emails, questions and blog comments
●Checking data regarding web traffic and content
●Researching content ideas as well as performing competitive analysis
While these tasks may be difficult to let go, consider how you can still take up the role of monitor to prevent them from falling to the wayside. You may be shocked at how much time you save when you stop focusing on the small stuff and start really getting down to business.
Modernize Your Marketing Strategy
While there's plenty of free marketing to do these days in the form of blogging, consider how you may need to invest in some paid advertising to really supercharge your sales. For example, Facebook ads or paid email platforms such as Aweber may help build your business' list much, much faster than an all-organic approach. Regardless of what you decide to do in terms of digital marketing, make sure you run some test campaigns first before needlessly burning a hole in your pocket.
Give Your Site a Branding Makeover
Your website is easily one of the most important aspects of your business, regardless of whether you run a digital company or brick and mortar firm. It's easy to neglect your site once you've got a steady stream of clients; however, that doesn't mean you should let your site sit stagnant.
For example, you could easily hire a web designer or conduct an SEO audit to make sure your site is ticking all the boxes in terms of content, design and conversions. It may take fewer tweaks than you think to really improve your site's performance in terms of visitor engagement and search engines. Such an investment could easily be made for less than $100 when using the aforementioned freelance channels.
Building your business for long-term survival requires some smart yet serious investments. Putting money back into your business is perhaps the best way to make it happen, granted you spend reasonably and start small.