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Listen to Episode 017, Reinvesting Business Profit Back Into Your Freelance Business
- When it comes to managing your business finances, you are not just responsible for taxes and expenses, you are also responsible for reinvesting the money for your business’s growth.
- Reinvesting is when you take the profit from your business and you put it back into your business.
How to Get the Money to Reinvest in the First Place
- Make room for spending
- Increase your pricing/increase your value
- After taxes + paying yourself, is there enough money left over for you to put it back into your business?
- Work more to bring in more money
- Build alternative income streams
Decision-Making with Investments in Your Freelance Biz
- What is the long-term value of the investment?
- Can I put the time into making this investment work right now?
- After you make the investment, sit down to make sure the investment is worth it – see our CEO report episodes for how you can regularly evaluate your business.
- Think like a CEO, not like a consumer
- Look at which companies have free plans that you can take advantage of.
Ways Freelancers Can Invest Profit Into Their Biz
- Course + Coaching
- Investing in a course or coaching can help you learn what you need to move your business forward. It will help you skip the “figure it out” stage.
- The courses only work if you actually apply what you are learning from the course.
- Work directly with an expert
- Bookkeeper, accountant, lawyer (an expert who can help you navigate the financial/legal side of your business)
- You can also buy legal templates (we recommend Sam Vander Wielen)
- Branding or Marketing expert
- Therapist – take care of your mental health so you can be an amazing CEO (and because it’s important)
- Making investments into your physical health – join a gym or yoga studio and spend the extra money to eat healthy food
- Virtual Assistant
- In-person networking is a great investment (we talk about this in depth in episode 5)
- Online networking – online mastermind/group coaching program
- Software and tech
- Canva – making your own business graphics
- G-Suite for Business or Dropbox
- Social media scheduling – Tailwind, Buffer, Later, Planoly, SmarterQueue
- Acuity (has a free plan)
- Zoom (premium version allows you to host webinars and go live on social media)
- Dubsado helps automate the client process, and you can keep your projects, accounting, invoicing, and contracts all in the same place
- Samsung Go mic is small and affordable
- iPad, laptop
- Website and Design
- Investing in a website doesn’t have to be the first thing you do, but it’s a great (and low) investment
- Bluehost is a great website host
- Design- make sure you have your messaging straight before you invest in getting designs for your business. As your business continues to grow, investing in someone to give your business a really on-brand and professional look is a great way to uplevel your business.
- Creative Market
- Ask yourself what stage of business you are at
- Determine what the next step is for your business
- Determine how much you have to invest each month into your business
- It’s ok to make mistakes!
Show Notes and References
- Bucketlist Bombshells Course – Course that helped Fran start a business
- Shauna Van Bogart – Fran’s Coach! Shauna helps keep Fran’s business in line with her purpose
- Sam Vander Wielen – DIY Legal Templates
- Bluehost – Start a website
- Building a Simple Freelance Website Video
- Episode 005, In-Person Networking for Freelancers
- Episode 012, Balancing Mental Health, Anxiety + Freelancing
- Episode 016, Managing Biz Finances + Keeping Your Books Organized for Freelancers