If you’re a freelancer or solopreneur, it can be hard to grow your business with limited resources. Outside of doing the work that you love, the demands of handling bank accounts, invoices, taxes, contracts, marketing and sales can be a bit overwhelming for one person. If you don’t generate enough revenue to off-load some of these responsibilities, it can be frustrating. This may call for more creative and strategic measures, for example, you can always outsource.
Here are three tips to to free up cash to grow your business.
1. Outsource by Thinking outside your laundry room!
Revamp other financial aspects of your life to free up time and money. For example, laundry is a never-ending chore with multiple steps. There is sorting, washing, drying, folding and then actually putting the clothes away. This can be very time-consuming. If you outsource this task, then your time can be better spent redesigning your website, sending invoices or talking with prospective clients by outsourcing such tasks.
You can potentially save on utilities by lowering your water and electricity bill while trying to outsource this task to someone else. It also frees up your mental energy, especially if you dread doing it. Look into area laundry mats that offer this service. Some places will offer same day service for pickup in person or pickup and delivery services on certain days.
2. Hire a personal chef….or not
Before you stop at the drive-through or slap together yet another peanut butter and jelly sandwich, stop at the grocery store for “grab ‘n’ go” options. While a pre-made sandwich or salad may still be pricier than buying needed items and making it yourself, it’s a time-efficient solution and a sanity saver to buy it already prepared. For example, Trader Joe’s sells many healthy, affordable salads for roughly $3.50 each (can vary by region). I, personally, buy three every Sunday and have lunch taken care of for the beginning of my work week. There also isn’t any hardcore meal planning involved.
In some ways it’s like having a low-cost personal chef. Someone took the time to shred lettuce, chop veggies include dressing in a separate container and package everything. You didn’t have to lift a finger. Take advantage of these types of options to eat well for less while creating more bandwidth to get more work done.
3. Outsource on your clothing
If you were hoping to purchase much-needed items or services for your business but can’t afford to do it, think about what you can sell to scrape together some quick cash. You can go through your closet to sell clothing you no longer wear. If you’re looking for a fast turnaround, go to consignment shops that pay you upfront. They may take a big percentage but at least you can get money right away and not have to wait around and see if it even sells.
Also, consider Craigslist when selling higher value items like furniture. Many cash-strapped college students are looking for furniture for their dorms and apartments. It’s another quick way to sell stuff to bring in extra cash. A good old fashioned garage sale (or tag sale in the northeast) might also help you net some quick money if you don’t mind sitting outside on the weekend.
If you’re looking to free up more time and money to grow your business, it can be hard to pay others when you are not currently making enough revenue to do so. Consider outsourcing other tasks outside of your business to free up your time to make more money to help you to afford items or services needed. It can even help you work more effectively.