017. Reinvesting Profit Back into Your Freelance Biz

Listen to Episode 017, Reinvesting Business Profit Back Into Your Freelance Business

Key Takeaways

  • 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 
    • Copywriter
    • 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
    • Quickbooks
    • 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 

Action Steps 

  • 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

 

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