This post is from our regular Wednesday contributor, Erin.
If you’ve been growing a business on the side, there will come a time when you’ll need to invest some money into it in order for it to evolve. A business can’t grow if it’s staying stagnant!
I know how you might feel. But it’s just a side business, why should I spend money on it? I’m trying to make money with it, not spend it!
That’s all well and good, but as the saying goes, you have to spend money to make money.
I resisted investing in myself and my freelance writing business for a few months. It was hard to spend money to further grow something that I had just started.
Once I got over that and made the leap to investing in myself (and thus, my business), guess what I saw? A return on my investment.
If you’re serious about expanding your business and making even more money with it, you’ll have to invest money back into it.
Of course, you should take care when considering whether an investment is worthwhile. You certainly don’t need to spend an astronomical amount to see a good return, and investments should be within your budget. Some investments only require your time!
It might help for you to define monthly income goals for your side business (especially with the new year approaching). If there’s something you know you want to buy, work to earn it from the money generated by your side business!
With that said, I wanted to share with you 4 ways you can further invest in your side business.
Learn from Others
Learning from others can involve reading books and blogs, taking courses, going to conferences, and hiring a business coach or mentor.
Some of you might remember that FinCon (Financial Blogger’s Conference) occurred back in September. It was a great opportunity for personal finance bloggers and professionals to meet up, network, and learn.
There is a lot of value to be had at conferences, as you have the chance to learn from the best in the field, and you’ll come back with tons of ideas on how to improve your side business. This is especially true if organizers have hired a high-end speaker to take part in the conference. These types of conferences are useful for everyone involved, as these speakers tend to open up your eyes to an entirely new way of thinking.
Being able to hear someone who has had legitimate success within your industry give a talk on what has made him or her successful is truly eye-opening and can act as motivation well into the future. Make sure that you read up on some conferences in your area to see if any high-profile speakers will be making an appearance.
For the most part, books and blogs are free or very affordable. They can be an invaluable resource, offering actionable advice or guides to walk you through certain processes. If you’d rather go for a hands on approach, take a course on a specific skill you’d like to learn.
Lastly, a business coach/mentor can be an amazing investment. You’ll be able to learn from someone who has already experienced what you’re going through. They’ll be able to provide you with much needed direction, as well as set you up with a plan to achieve your business goals. If you’re looking to take the “side” out of your side business, this is the way to go.
Invest in Branding
It goes without saying that if you have a business, you need to have a website to promote said business. Your website should be a reflection of your brand.
If it’s not, it’s time for a change. Your website should feel like your home on the internet. It should be a place where you feel inspired to show your work.
Your business is going to evolve with time, just as you are, which means your brand has likely evolved from when you first started. Do your website and social media accounts accurately reflect that?
I wouldn’t skimp on a good website design or logo. It’s the first impression customers get of your business – you want to make it a good one! Therefore, it makes sense to consider re-branding your side business to align with your goals and values.
Side note: in relation to websites, it’s a good idea to purchase a domain containing your name, even if your side business is a separate entity. It might come in handy!
Put Out a Call For Help
If your side business is growing faster than you can handle the increased workload, it might be time to call in some help. Outsourcing tasks can be one of the most difficult decisions you make for your side business, but it can save your sanity.
There are many business owners out there that don’t think they can afford help, or don’t want to hand control over to someone else. However, if you eventually want to be able to scale your business, it’s worth considering what you can outsource.
Plus, it’s highly unlikely you’re the best when it comes to all aspects of your side business. None of us are perfect at every task we must complete, and there are probably some aspects you don’t want to be bothered with. Make more time for work that inspires you!
Network, In-Person and Online
Networking is the best way to get more from your career and your side business. It’s always worth it to be connected to others in your field, as you never know what may come of it. Besides attending conferences, here’s 3 ideas on how to network:
- Facebook Groups: There’s a Facebook group for just about everything out there! Facebook communities are a great way to virtually network and meet with others that have the same interests as you. It’s also a great place to ask questions and bounce business ideas off of your peers.
- Meetup Groups: Has anyone used meetup.com to network? In my city, there are plenty of groups dedicated to entrepreneurs of all kinds. Again, it’s a great way to meet people in a similar line of work. It makes it easier to start a conversation! Some of these meetup groups are free, and some require dues, but you should be able to go to a few meetings and “preview” the group before committing.
- Mastermind Groups: Technically, a mastermind group will result from your networking efforts, but it’s worth it to mention. Mastermind groups consist of a handful of individuals who are focused on achieving similar goals. It serves to hold everyone accountable, and members offer encouragement and advice to each other. It’s almost like a support group! I’ve heard many great side hustlers and entrepreneurs (such as Pat Flynn) mention that their mastermind group propelled them toward success. So if there are a few people out there who have inspired you along your journey, reach out to them and see if they would be interested in forming a group!
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Investing in your side business doesn’t have to be costly. You can start small and work your way up. As your business grows from your efforts, you’ll be able to invest more back into it! It’s all about taking a slow and steady approach, especially when building a business on the side.
How have you invested in your side business? Are you reluctant to do so? Why?
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Photo Credit: Dan Foy
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Why reinvent the wheel when there’s already a wheel?! That is to say, learning from others is the most helpful thing I’ve found with respect to moving forward with a side business. For example, I followed Cat’s lead to get published in the Huffington Post. Without a doubt, that wouldn’t have happened without following her advice on what she did to get published.
I’m with you–learning from others and networking are key to just about everything (in business, personal relationships, etc)! And, good call on buying your domain! Mr. Frugalwoods went on a spree a few years ago and bought up all of our possible name domains for pretty cheap and I’m glad he did. You never know when you might want to use them and, you certainly want as much control over your online presence as possible.
We’ve definitely invested in our blog (more time than money), but, we did recently buy a PO box in order to support our new email subscription system. Well worth the expense as we’ve already had a great response rate to the email sign-up option! So, I’m all for spending when you can foresee (or at least envision) the ROI. Thanks for this post, Erin!
I struggle with how MUCH to Invest since I also have a lot of debt and the ultimate goal of staying home. My current website design is better than what I had, but there are plenty of issues with it and I need to do something about it. Then again, I JUST got it. I’m terrible at networking – I keep coming up with side hustle opportunities that require networking but I run scared… But I also know how valuable networking is. One lady I work with said she’s networked her way into every position she’s ever held and another guy just got a new job with double the salary after successfully networking his way into view of the new company!
These are all solid ways to invest in yourself and side business Erin. I’ve struggled in the past with doing it, and see it a lot with the blog coaching I do, but if you’re wanting to grow there are many ways you can do it. Networking, in my opinion, is likely the biggest part of that. There are so many options to do that today both online and in person that it makes it much simpler to do if you’re willing to step out of your comfort zone.
I used to want to do everything myself. I finally gave that up this year and I now have time to take on new ventures. Life’s more fun when you do a little outsourcing.
I definitely practice investing in myself and my business and it had really paid off. I wouldn’t be doing as well as I am in freelance writing if I hadn’t worked with a coach early, or as a business consultant if I didn’t have my mentors to help guide me in the early days. Being able to network with others has also helped immensely.
My blog has been fully configured by myself, logo’s for twitter and Facebook picked up at fiverr, but I’ve been considering taking the plunge for a professional web site make over. Spending a little money to hopefully make some in return.
I’m all about investing in your side business. Without investing in it, I think it would be hard to be successful. I’m all about attending conferences, being in mastermind groups, and more.
It’s a fine line between trying to save money vs invest in your hustle. I think ultimately when it becomes more than a hobby, it’s wise to think about the things you mentioned.
I’m slowly doing a few minor things here and there like getting some new business cards, handing over some writing assignments on some sponsored posts, and at the very least giving my crew lunch when I shoot some BATB TV segments. You’re right at some point you do have to take a leap and invest SOME money into yourself and your business to get ahead. I’m just very careful about my purchases and make sure that I really think about each one first before I go ahead.
theFinancegirl That’s awesome Natalie! Congrats on that accomplishment. I very much agree – it’s better to learn from others that are willing to impart their wisdom to us!
indebtedmom I struggle with how much to invest, as well as networking! I’m really shy, though I’m slowly learning how to get over it. When your livelihood depends on it, you don’t have much of a choice!
FrugalRules Thanks for sharing your insights, John. Networking can really be the end all be all! If your efforts don’t get noticed, you’re not going to make it very far. You have to put yourself out there and connect with others.
firstqfinance Nice job, Will! It’s really difficult to give up control, but I’ve seen it work out in favor of the business owner more times than not. Time is precious, and outsourcing is one way to get more of it.
Kassandra @ More Than Just Money Well you know I’m with you on the coaching aspect! I do wish I had more of a mentor earlier in my life, as I went into far too many jobs with blinders on.
DebtDiscipline Good luck! Sometimes an entire redesign is worth it, but I would say if you’re trying to do it inexpensively, a nicer paid theme that looks great out of the box might work just as well.
SenseofCents It’s great to hear that from someone as successful as you, Michelle!
Eyesonthedollar Exactly – I was mostly trying to talk to those that are beyond the hobby point and really want to turn it into a profitable business. If blogging is simply something you do for fun, and you’re not looking for a way to make money on it, there’s not a huge reason to invest in it.
Beachbudget Giving back to those that help you out is always great, too. It’s nice to have a few key people/team members you can rely on. I agree that it’s smart to carefully consider each investment – not all are equal, and what helps one person might not be great for your business.
I don’t think you can ever under estimate the value of learning from others. I’ve always been a big believer of networking, coaching and mastermind groups. I do all three and they have made a huge difference in my business. They are all investment of time and some in money as well, but I have seen a healthy return for doing so. I’ve learned to be good at asking for help. It’s not always easy to relinquish control but I simply cannot do everything and having a trusted team backing me up, frees me up to do other work and generate more clients.
I am a big proponent of investing in yourself to further your business. I know that people are sometimes scared of the commitment, but I always say, “If you won’t invest in you, how can you expect others?” I was offered investor money a year ago to start my company, but instead I decided to do it myself and it’s been the best investment I have made to date.
I’m certainly a work in progress on learning more, my focus is my journey(paying of debt currently).
I usually don’t hesitate too much to reinvest into my blog. You have to spend money to make money : ) The one thing I wish I had a better gasp of is networking. I would really like to make fin con next year and actually meet some people in real life!
Great information, as usual, Erin! I think I will be stashing this article in a folder for future reference. Thanks! :)
Erin, this is awesome! I am a big proponent of personal development, but personal development in terms of a side hustle always seemed so foreign to me. I’m excited to go to FinCon next year and really take my development to another level :) Thanks for the tips!
ShannonRyan That’s great to hear, Shannon! It really isn’t easy to hand tasks off (I was horrible at delegating at my last job), but we are much better off doing that than trying to be superhuman. Our time is better put to use on tasks that will generate income.
blonde_finance I love that, Shannon! Very true. If we don’t have the confidence to commit to our (side) business, how do we expect to gain the trust of others or to be hired? I think it’s great you paved your own way as well. You do learn a lot more that way!
EvenStevenMoney Nothing wrong with that! There’s tons of information out there, and more people to learn from every day.
BudgetforMore That’s great, Liz. I hope you get to make it to FinCon, but we are lucky as bloggers to have “internet homes” where we can network easily! I’ve found it can be worthwhile to email other bloggers versus just commenting, too.
kay ~ lifestylevoices.com Thanks for the compliment, Kay! I hope it’s of use to you later on.
sunburntsaver Thanks Melissa! I think you’ll be taking side hustling to the next level even before FinCon. =)
I like it! It is definitely worth it to invest in yourself and your business if you want to succeed. Those investments don’t necessarily need to be financial, though. Like you said, networking can be huge and generally doesn’t cost a thing.
Holly at ClubThrifty Yep, it largely comes down to time or money. Learning and networking are great ways to get started!
I just signed up for a course… it was fairly expensive in my scheme-of-things… so it had best pay off! I would love to be able to attend a conference in person, but all the ones that I want to attend seem to be an awful times of year for my day job. Soon, soon, I will find one that works!
moneypropeller I had the same problem. FinCon has been during the monthly close or the forecast the past two years – there was no way I could go. I hope to go to next year’s FinCon. At least that’s the only conference I would consider attending for my side hustle.
moneypropeller I hope the timing works out for you so you can attend a conference in the future! There are some great courses out there that are pretty costly, but will give you an amazing return that more than makes up for it. I’m all for doing research beforehand to make sure courses are a good fit for your side business.