“You have to spend money to make money.” But do you know where to spend money to make money?
I’m sure you have heard this statement before. You don’t want to believe it if you’re like me (frugal, cheap, averse to spending money). But I’ve got news for you…
I know, I know. You have spent your entire career as a service provider and gig worker trying to do business on the cheap so that you can make more money. This is an excellent trait for a business owner. I’m not advocating going hog wild spending money.
However, sometimes spending money provides a great return. That’s the analysis that needs to be made. How much money could you make if you spend X amount of money?
One area of spending that most of us need to consider is marketing. Marketing can include many things, but at the most basic level, it consists of a website.
Typically there are hosting fees and URL fees that need to be spent, not to mention potentially hiring someone to develop a website for you. (However, many great tools allow you to do this without being an expert web developer. Think WordPress and Squarespace.)
A website is essential because, even in a world of apps and mobile devices, people still visit your website to learn more about your business. You need a digital place to call your own.
A website is a perfect example of money well spent. A website could cost you as little as $130 a year. How much money can you make if you had a website? I guarantee you it would be more than $130! Money well spent.
Taking strategic and calculated risks within your business can be crucial to unlocking higher profits, increased growth potential, and better return on investment.
Marketing is one of the many areas. What are the required tools you need to do your job? That’s also money well spent because you can only make money with those tools. There are literally hundreds of categories to consider.
What are some of the categories that you spend money on that help you make money?
Let MySyde know so we can better serve you.