How To Buy Money Online
Spending Money VS Investing Money
From 2010 until now, my mind has gone through a fundamental shift in how I look at spending money on my website.
When I first started online marketing, I was definitely on a shoestring budget. I was too cheap to buy a .com domain name for $12.99, so I bought a $1.99 .info domain name instead.
(Actually, the domain ended up doing quite well, and I always regretted not getting a .com domain name because I think it could have performed even better)
Now I'm able to spend money on my business quite liberally because I look at it as investing into my business.
Here's how I see it:
If I spend $100 right now, that investment could turn into $100 per day in the future.
It's kind of like buying money. I spend money now, with the idea that that investment will get me more money in the future.
A great example is outsourcing content. If I buy an article for a hundred bucks, then it ranks, and I add an affilaite link, that initial investment of money will generate money doing the road.
Instead of those dollars sitting idle in my bank account, they are working hard to generate income for me!
Each Dollar You Earn Is Another Employee For Your Business
I like the idea of treating the dollars of your business like employees. Once you start spending money on your business, you can then allocate resources to specific departments.
For example, I might spend $500 per month on content. That's investing in the content-creation portion of my business.
Then I might spend $300 per month on infographics and Pinterest images. That's the visual and branding department.
Even spending money on bookkeeping apps, tax professionals, code customizations, or updating old content could be worthwhile investments.
You don't have to put all your money into one basket though. Put a little money here and there, and of course keep some for yourself.
What To Invest In?
It's hard to know exactly what to spend money on, and what will bring you the best return for your money. When you spend $1, you hope that dollar brings you $2 in return. It doesn't always end up like that, but part of running a business involves taking monetary risks.
I've spent money on lots of projects that just went nowhere.
Wasted money? Not really. Though it sucks to think I would have had more money in my account if I hadn't spent money on that particular project, it's all part of the process of finding out what really does work.
Five failed projects costing me $2500 may seem like a big failure. But if the sixth idea generates just $1000 per month, I break even in three months, and then it's all profit after that.
In my opinion, there are three areas where your money is best spent initially, if you have the cash to help your business grow faster.
- Premium plugins and themes
- Outsourced content
- Small coding jobs
Premium plugins and themes can help you customize your site faster and more beautifully. Chart building plugins are a fun one, and streamlined themes with frequent updates keep your site running fast.
Outsourced content means you can scale your traffic faster. More traffic usually means more sales, or at the very least, more data to work with so you can funnel people to your affiliate pages. Volume of content is important when starting a new affilaite site!
Lastly, sometimes a tiny bit of code can make your site look exactly how you want it. Small things like reducing the logo size to get more content "above the fold" increasing font size could increase the readability and conversion rate of your site (among hundreds of other things).
Buying "Future Money"
I look at investing in my business as buying "future money". If I spend some money now, and it gets me more money later, that's a win for me.
Right now I have the time and energy to run a business. In the future, it may not be that way.
If I make a couple grand this month, that's awesome. But I don't want to keep it all. I want to invest a portion into the future of my business so that it continues to earn month after month. Personally, I'd rather have less money now, and more money in the future.
What about you? Are you investing in your business, and what are you investing in?