The 5 Investments You Should Make In Your Freelance Business

Today, we are going to delve into the investments you should be making in your business, educational and otherwise.

Investments can be helpful because they make your business run faster, and sometimes it’s great to treat yourself.

Your investments don’t have to cost money. You can make these general investments:

  • Invest your time.

  • Invest your money.

Sometimes you have money and not time, while other times you have time and not money.

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In today’s episode, we’ll be chatting about the five investments you should make in your freelance business.

Investment #1: Personal Development

Obviously, the first investment we will talk about is professional development. How can you give yourself new skills by learning more?

I love reading and taking courses, but those are only a few of the professional development tasks you can do.

  • Podcasts

  • Webinars

  • Videos

  • Books

  • Planners

  • Online Courses

  • Internships/Apprenticeships

  • Coaching

  • Masterminds

  • Conferences

  • Degrees/Certificates

The purpose of professional development is action. So, after you’ve absorbed all the knowledge, you need to act to make this investment worthwhile.

Investment #2: Technology And Software

When it comes to your business, you need to invest in the tools that will get you further, faster. While you can make outdated tools work, especially when you are getting started, it’s important to take time to invest in yourself and your future eventually.

What can you do to upgrade your tech? I recently upgraded to an iMac, and I am so happy with my purchase. Yes, it was a $1,200 investment, but I’ll be working on this computer for YEARS to come.

  • Computers

  • Double monitors

  • Cameras/Webcams

  • Microphones

  • Adobe

  • Grammarly

  • Stock photo memberships

Investment #3: Space

The space you work in is so important. You need to make strategic upgrades to your space so that you can get more done. A safe space that you want to spend time in is key.

  • New desk

  • New office chair

  • Bookshelves, organizers, etc.

  • Coworking space

  • Office in your home or in town

  • New decor that will make you happier

  • P.O. Box

  • A monitored security system (could also fall under a tech investment)

Investment #4: Branding

Next, you may want to invest in your freelance company branding and overall web presence. You want to build a brand around your freelance business because that’s how you can make the most money. When you are seen as a known expert in your field, more people want to hire you and pay you significantly for your time.

  • Logos

  • Professional Website

  • Fonts

  • Domain Names

  • Social Media Schedulers

  • SEO Services

Investment #5: The Time Savers

Last, but not least, let’s talk about the time savers. These are those somewhat bougie things we splurge on because it makes our lives easier, more enjoyable, and we can focus on doing the things we actually love doing.

Maybe there is a task you are paid well for, but you don’t like doing. You could outsource that task to a cheaper freelancer, approve it, and send it to your client. You need to trust that freelancer, and set up a great working relationship with them. Then, you pay them a portion of the amount you get paid. It’s like you are getting paid for doing nothing, except negotiating the arrangement for the cheaper freelancer.

You might want to outsource other things like grocery shopping, setting up your new desk, picking up dry cleaning, etc.

  • Outsourcing freelance tasks you hate

  • Hiring on sites like TaskRabbit, UberEats, or Instacart so you can spend time doing other tasks.

  • Getting a babysitter, cleaner, organizer, etc.

How To Decide Which Freelance Investments To Make First

You can’t make every investment at once.

  • Make a list of all the investments you want to make.

  • Prioritize the list based on what’s most important to your freelance career right now.

  • Organize your funds and make investments one at a time.

How To Afford Investments

If you want to afford investments, the best thing you can do is save your money. Set up a business investment fund. I encourage you to set this up in a different location from your regular bank. You can use a tool like Chime or Ally. Save a reasonable number from each freelance check, say $10-$20, and put it in your fund. Before you know it, you can start making those small investments.

FreelancingAmanda CrossComment