Annuities

How to spend money on when starting a freelance business

You’re probably aware that you have to spend money to make money. The good thing about a freelance business is you can start with a pretty bare business budget and still see results. You can build a solid foundation without spending hundreds or thousands of dollars on bells and whistles. Here are important (and relatively affordable) business tools to invest in first that won’t break the bank:

Get a system to collect money.

By definition, freelancing is working for many different bosses instead of being employed by one boss. Collecting one check from an employer is as simple as pie. Invoicing and tracking many payments can get pretty challenging. Invest in a system that will make this process easier for you and the customer. Due offers invoicing and ways to collect payment online that are affordable.

Start an email list.

An email list is key because it’s where you’ll keep in touch with your people. Typically, email services charge by the number of people on your list. A small email list won’t cost too much to manage in the beginning. MailChimp is the email service I used at first. It’s currently free up to 2,000 subscribers and 12,000 emails sent per month. The next plan up starts at $10 per month. MailChimp has a cool feature where you can estimate the cost of your email list as it grows here.

Sign up for a project management system.

Freelance business owners juggle many projects at the same time. A project management system is one way to stay organized so you can meet all of your deadlines. The good news here is that many project management systems are completely free to use unless you get premium features. Asana and Trello are both systems that I’ve used in the past to manage different projects. Having a system in place to manage your projects will be a lifesaver when it’s time to outsource.

Invest in the right marketing.

Putting money into marketing can be a tricky business because you can easily go down the rabbit hole. There are many marketing strategies and social media platforms where you could invest your money and time.

If you don’t have much money to invest right now, the foundational elements are your website and social media pages on platforms most used by your audience. Your website and social profiles are like online business cards.

I’ve used WordPress for most of my websites. I’m a non-techy person who taught myself how to build sites with WordPress from scratch. There are a plethora of YouTube videos on how to start a WordPress site. Wix and Squarespace are other “drag and drop” website builders that may be easier to set up.

Invest in teachings that won’t break the bank.

No need to drop a lot of money on a business coach right away. Instead, focus on looking for clients and doing the work. Much of the information you need to learn about business comes from running your own business. If there’s an aspect of business you need to learn from a pro, try books first or affordable courses and then move on to the more costly options when you really need it.

Final Word

Starting a freelance business doesn’t have to be expensive. If you play your cards right by following these tips, and get free money assistance from the government, you’ll have a good foundation. Once you build the foundation, invest it back into your business as the money starts coming in.

Taylor Gordon

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a personal finance and productivity blog on hacking your way to a happier savings account. Taylor has contributed to MagnifyMoney, The Huffington Post, GoGirl Finance, Madame Noire, and The Write Life.

Share
Published by
Taylor Gordon

Recent Posts

15 Cheat Codes for Life: Jump 7 Years Ahead of People

When you played video games as a kid, you would likely often look for cheat…

3 days ago

Retiring? These States Won’t Tax Your Distributions

It can be difficult to afford retirement, especially when your retirement income is taxed. In…

19 hours ago

Considerations When Rolling Over a 401(k) into a Roth IRA

The two-pronged axis of employee-sponsored pension plans and individual retirement accounts is the stage where,…

2 days ago

17 Ways to Make Extra Income While Working for Minimum Wage

In the current state of the world, it is nearly impossible to survive on a…

6 days ago

Outsourcing Key Business Functions Can Increase Profit: Here’s How

As businesses grow, keeping up with increasing demands can be difficult. That's why outsourcing key…

19 hours ago

11 Ways Your eCommerce Company Can Fight Back Against Inflation

When it comes to protecting your eCommerce company from rising inflation, you have a few…

4 days ago

10 User-Friendly Personal Finance Tech Tools

Personal finance is a complicated part of life. For example, you can't just take your…

1 week ago

The 10 Best and 10 Worst States for Retirees: A Comprehensive Guide

Many people are more mobile and moving today thanks to the benefits of technology and…

3 weeks ago

How to Stand Out to Small Business Investors

Has your dream always been to own a business? Perhaps you have an invention you…

2 weeks ago

10 Websites that are 100% FREE; Start Making $100-$1,000 Today

Are you looking to bring in some extra money right now? With life getting more…

2 weeks ago