Small business owners have dozens of jobs to do in their company’s infancy. For first-time business owners, the number of tasks seems overwhelming. When is it time to reinvest in your beauty business?
It’s a matter of knowing when to take profits and when to put those profits back in. New businesses should focus on growing. To do so, reinvesting profits is the #1 way.
In this article, we will talk about the following:
- Outsourcing Tasks
- Investing in Ads
- Tools to Automate Your Beauty Business
- SEO’s Time-Saving Eventuality
As I talk about reinvesting, I want to use personal experience. I will not recommend things that I never use. For example, I have never hired a coach, and I wouldn’t know where to begin with that subject. I also will not promote tools that I never use.
Cost and ROI are critical to me. I prefer to use cheap tools and do most things myself. I am independent, so it’s hard to convince me to use or pay for something. If I feel like it’s not needed, I will not use it.
That being said, there are a handful of things that work for me! As independent as I am, I know when I need help. I also know that reinvesting money equals more time spent on better things.
Do our values and goals match up? Good! You can take something of value from this article.
Outsource Content to Save Time With Professional Help
In their early stages, CEO’s and business owners have a lot of tasks. You sacrifice time instead of money because your small business is in its early stages. More than likely, you do not have the money for big investments. Instead, you get home from your 9–5 and start your 6–10.
Why is this number one on my list? I believe that outsourcing content helps small business owners save a huge chunk of their time. Think of the time you spend on Instagram, your website, your blog, and your newsletter.
Early-stage small business owners should consider outsourcing content. There are plenty of affordable content writers, graphic designers, and social media managers. You may not have the right skill set to reach your audience, but an affordable freelance professional can.
Because I write content for beauty business owners, I will focus on that. I do not know the ins and outs of graphic design, and I am not a social media manager. When I write content for companies, my goal is to bring their customers higher-quality content and save the owner time on their schedule.
The first step involves outsourcing your content. The second step is to spend your time elsewhere. The value of a content writer is that they take about 4–6 hours of work per blog post off of your back. That’s good! Now, where else can you spend that 4–6 hours in a productive, money-making way?
Here are ideas for reinvesting your time:
- Personally message potential customers.
- Offer discounts to existing customers.
- Ask your followers questions.
- Boost incentive with giveaways.
- Make announcements about new products.
- Start experimenting with new products.
Invest in Facebook and Instagram Ads
New beauty business owners make plenty of mistakes, but there is a big one to keep in mind. Your business’s profits are not money for spending… yet. You should reinvest that money into your business. More money invested equals less time spent on the business’s growth.
A cheap way to reinvest your profits is through ads. Facebook and Instagram let you set a budget for their ads. You can spend as little as $5 for an ad, and between 1,000 to 4,000 people see your post. The ROI (return on investment) is decent for smaller budgets!
Pay your bills and fees first. Pay your employees, and take chunks out of your debt. Any leftover money should go straight to reinvesting. That’s the best way to secure your company’s future growth.
Remember, when you make a profit, you are not out of the woods yet. That money should immediately go back into your beauty business, so you make double the profits at a later time. Your growth should be constant, depending on how much you reinvest.
Helpful Tools to Automate Your Beauty Business
Automation is another savvy time-saving tool. There are plenty of automatic processes out there. Think Instagram, Twitter, Facebook, newsletters, reminders, and CRM.
Here are tools that I personally use or have used in the past:
There are plenty of other tools out there, too! I am only recommending tools that I personally use, however. For the most part, I prefer if a tool service is free or cheap. I do not want to reinvest 100% of my profits into a tool. I personally prefer to reinvest in ads and outsourcing, and I only save a bit of profit for tools.
*The Skillshare link is an affiliate link. If you sign up for a free trial, they will pay me a small percentage. I wouldn’t be recommending Skillshare if I did not totally love the website. It’s helped me learn lots of new things about marketing, social media, and talking to customers. It has my stamp of approval!
*My JournoPortfolio link is also an affiliate link. This is what I used to create my website. The tools on it are helpful with an easy learning curve. If you need a quick, painless website, JournoPortfolio works.
Tighten Up on Your SEO and Website User Experience
Imagine a brand new person seeing your website for the first time. First of all, how did they get there? Did you share a post on social media, or did they use Google to find you?
Tightening up on SEO means less time spent advertising. Search engine optimization is an automatic way for people to find your business. Reinvesting in SEO is a long process that is worth it in the end. The added exposure has so much value that it turns tiny businesses into multi-million dollar corporations.
Being the first on the search engine is not the only important part of SEO. Users need to be able to browse your website easily and efficiently. You only have a few seconds to catch their attention. Before they slip away, they should come across an eye-catching piece of information.
Investing lots of time into SEO pays off in the long run. At first, the process is super intense. You need the right keywords, the right blog posts, the right types of visitors, and a unique take on your brand. After a while, Google recognizes you, and you start ranking.
The process takes anywhere from 3 months to years. Think of it as a big-time sacrifice for a large payoff in the end.
Am I speaking complete gibberish to you? That’s okay. There are plenty of SEO content writers with the skillset to do this for you. Thousands of advertising agencies, SEO writers, and other experts would be happy to do the heavy lifting.
For you, that means more time-saving, and you get to reinvest your profits into valuable solutions.
Legitimate Investing: Stock Market, Dividends, REIT’s, etc.
The stock market intimidates a lot of people, but it truly is for everyone. I started investing in stocks in March, and it’s a great way to increase the value of your dollar. When you earn money, putting it back into stocks and dividends pays off.
Small business owners should think about their retirement plan. Where will you be in 5, 10, 15, or 20 years? As our lifespans lengthen, so do our needs for bigger retirement funds. Blowing all of your money on unnecessary things digs your future self into a hole.
Without the stock market, I never would have saved my first $1000 from my business. I would not have the financial stability needed to keep up my writing career. I would probably struggle and have to put my entire career on hold.
I personally believe that entrepreneurs should invest in the stock market. There are millions of tools out there to help you learn quickly, and after that, it is a matter of trial and error.
“Trial and error with my hard-earned money?” I’ll be blunt here. Putting your money into the wrong investments is a risk. That’s why I suggest learning first, and then put in tiny investments for trial and error.
Never invest in something that could seriously hurt you if you lose it.
The subject goes deep, so I’m only telling you to let you think about it. If you want to retire early and sit on cash in case of emergencies, I suggest looking into the stock market. By no means am I an expert, and everything that you do will require your own research.
Thank you so much for reading!
If you made it this far, thank you! I’m happy to provide value to entrepreneurs. Growing your business takes time and money. It’s all about being smart and reinvesting your profits. Don’t blow your cash all in one place!
My name is Destiny. I create content for beauty businesses without the time or skills to do it themselves. My services revolve around all things beauty and how to portray that to customers.
I write blog posts, product descriptions, about pages; and I also do social media consultations. If my services interest you, give me a follow on social media!