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I’ve learned that investing in your business is essential to growth. While some months I spend more than others, I try to keep money on hand for opportunities that arise.
But what exactly do I invest in? My spending can be divided into three main categories:
- Training/Courses for Self-Improvement
Let’s look at each one.
Training & Courses for Self-Improvement
My very first purchase for my business was in this area. You can never know anything, and seeking to improve yourself can help you grow.
I went ahead and upgraded to the Rockstar Package on the VA course, and landed my first VA client through her matchmaking service.
Both of Gina’s courses were well worth every penny I spent, and I quickly earned back the cost.
Quick Side Note: If you’re interested in enrolling in her writing course, you’ll have to hurry! You can only register for a few more days and then it’ll be off the market for a while.
I’m currently taking a college course on social media marketing as part of my coursework to keep my teaching certificate active.
In addition to courses, I’ve purchased books and other materials to help increase my knowledge. There’s so much to learn about marketing, blogging, entrepreneurship, and freelancing.
Of course with so much material on the market, it’d be easy to spend all the money I make. I recommend not getting caught up in the never-ending cycle of trying to learn everything.
Pick a few key areas where you’d like to grow, and focus on those. Perhaps limit yourself to one course at a time, or put a limit on what percentage of your income you can spend on learning.
You won’t get much business as a freelancer if you don’t market yourself. My expenses in this category cover a broad range of items, including:
- My website (hosting, design, all that stuff)
- Chamber of Commerce membership
- Graphics for my site
- Photos for my site
- My email signature
- Email marketing service (I use ConvertKit)
- A booth fee for a local event I attended
If I ever jump into Facebook ads or anything, this is the category those expenses would fall into. Maybe someday I’ll have time to dive more into social media marketing (like after I finish my course perhaps!)
But right now isn’t that time.
This category is sort of catch-all, until I spend enough in any of these areas to justify making another category!
- My post office box (an investment for my safety!)
- Membership in a mastermind group: I’ve tried two, and will be dropping one after this month. I just didn’t have the time to put into it to justify the monthly fee. The other one is a much better fit for me!
- Items I bought for my giveaway. (I learned a lot, and hope to do another one next year!)–maybe this counts as marketing? Oh well, I’ll keep it here for now.
- Paying others for work, including to have my course edited and sales copy written
- Paying my kids for work they do
- Job board membership (Contena)
How Do I Decide What to Buy?
There are many things I’d love to invest in. I’d love to learn more about marketing my services and improving my blog for instance.
But, if I spend money willy-nilly, I won’t have any to bring into the household budget. That won’t do the family any good.
So I carefully evaluate the purchases I want to make and see which one will bring the most ROI. I look for expenses that will improve my business in a tangible way.
How Do You Invest in Your Business?
What have been your favorite purchases for your freelance business? How do you decide what to buy and what not to buy?
I’d love to have you share your thoughts in the comments!
Lisa Tanner is a former teacher turned homeschooling mom with 11 kids. She's also a successful freelance writer. Lisa enjoys helping other busy moms find time to start and grow a side hustle of their own.