“By investing sweat equity instead of money in your project, you’ll avoid going into debt and minimize the impact of failure if it doesn’t work out.” — Chris Guillebeau
I’m a firm believer that you don’t need to spend money to make money. Back in the day when you wanted to start a business, you had to be rich. The average joe wouldn’t start a business because it was viewed as something that cost too much money. Well, that’s not true. You don’t need much money at all.
You can start a business with $100 right now.
I believe in getting started with as little money as possible to see what your potential is. This means that you don’t have to apply for any venture capital or think of some absurd business plan. This means that you just need to start.
Start and then tweak as you go for a LONG time.
Eventually you’re going to reach the point where you want to grow. There are only so many hours in a day and so much that you can work. You’re eventually going to have to invest some money.
When do you finally spend money on your business?
Outsourcing work.
I’ve outsourced work that I just couldn’t do. For example, I always outsource design related work because I just don’t have the talent for this.
In your business or freelancing career, there’s going to be something that you want to outsource. This is usually the best time to spend some serious money on your business.
Hiring your own staff.
Depending on the nature of your business, you might have to hire staff easier. More staff would make things easier for you and allow you to focus on what matters in your business life.
Hiring staff would also allow you to scale back your work. This means more time to for family and your other hobbies. You don’t want to let your business consume your life.
Another benefit of hiring staff is that you can take on more work. There’s only so much work that one person can do. More people would open you up to more jobs.
Improve your marketable skills.
Could you get better at what you do?
It could help your business tremendously if you get better at what you do. You could improve your marketable skills in many different ways. For example:
- Take a weekend course.
- Meet new people in the field.
- Take someone out for lunch.
Those are three occasions that I could think of where you shouldn’t hesitate to invest in your own business.
Ask the readers: When do you finally spend some serious money on your business?
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