We all know that money doesn’t come easily. We also know that $10,000 takes a long time to save up. Let’s just try to have some fun today and think about what you would do with an extra 10 grand. Let’s just say that an investor or someone approaches you with free money. There’s just one condition for this money. The condition is that you must invest this money into a side business that you’re working on.
How would you invest 10 grand into your business? Lets look at some of the common options.
This can be a perfect opportunity for you to create more time for your value-added business projects by cutting out the tasks that take up a major chunk of your time. In this day and age we are all very busy as it is. Outsourcing certain tasks allows you to cut out things that you dread. Think of all of the mundane activities in your life that you can’t stand. Now imagine cutting all of these out by paying someone else to do it. I personally have always outsourced all back end work on my blog because I have no patience for coding and design work. I also almost shut down my blog by attempting to edit some coding one time. Outsourcing work also means that someone out there that’s better at something can do it for you.
Has expansion been on your mind? There are many ways to expand any business. For an online business you can purchase a new home office setup, an innovative laptop, or even rent out space to have your own productivity space. If you have a physical side business you can dabble with purchasing a new property, hiring more employees, or expanding your product line. Expansion does come with plenty of risk because either you or the market might not be ready for this growth. Expansion could also help you take things to the next level.
(I know with 100% certainty that Mike would buy more blogs.)
There’s nothing like having your own full-time employee working for you and only you. My good friend runs a Subway franchise and his quality of life has improved greatly ever since he hired a full-time store manager. Sure it cuts into his profit, but he’s now essentially earning passive revenue at its finest. The store manager takes care of literally everything.
Depending on your business and how much authority you’re willing to pass on to someone, a full-time employee can free up a lot of time for you. What would you do if you could hire your own full-time employee? You could work on more important projects or think about the long term focus of the business. There’s many possibilities.
Your business might be in need of a face lift. You can spend this money on aesthetic purposes. This means a new design for a blog, a new store front for a physical business, or a new wardrobe for yourself. I was getting sick of looking at my lame blog design a few years ago and I decided to just suck it up and invest the money in a new theme. When the new design was ready it felt like a much needed revamping. Is there anything that you would like to revamp?
This doesn’t seem like a good idea at first. However, time off can be just what you need. A little time to relax and think about where you want to go next can help you prevent burnout and allow you to recharge your batteries. As glorified as it is in society today to work 18-hours a day and never sleep, it pays to take some time off to recharge.
An extra ten grand to put towards your business would go a long way. I just listed the ideas that came to the top of my mind. I’m sure that I missed some really creative ways to invest this money.
Ask the readers: How would you invest a free $10,000 into your side business? How would you invest your money into your business? Is there a difference?
(photo credit: fairfaxcounty)
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