investing

8 Smart Investments For Freelancers

All businesses must make smart investments. If not, they are surely doomed. For freelancers, it is no different.

Some people may assume that freelancing is a hobby, and I guess for some individuals, that is true. But for the majority of freelancers, the work we do is a business. So, we must also make smart investments to help our business grow.

In this post, I am going to share 8 smart investments for freelancers. Some of these can be big investments, while others may be somewhat small; but all of them will help build your freelance business into a success.

Let’s take a look.

Smart Investments You Need To Make

Investment #1: Yourself

This is the most important of all the smart investments I am going to list today. As a freelancer, you ARE the business. You need to seek all the good things you can for yourself.

Your health and well-being

You need to eat right, sleep right and play right. Your well-being should take first place.

Your family

You invest in yourself if you are making sure your family is happy.

Education

Learning something new can never hurt. I suggest you invest in books and read. I suggest you take correspondence courses. Just find ways to learn.

Invest in yourself, and you will make huge strides in growing a successful freelance business.

Investment #2: Comfort

This investment falls in line with #1. Major businesses have figured it out that when their employees are comfortable, they get higher quality and quantity production.

I found myself sitting in an uncomfortable chair about 8 months ago. I noticed that I just wasn’t performing up to my full capabilities, so I pulled $125 out and bought some comfort.

I would have to say that I made that investment back within 2 weeks in the quality of writing I put out. I gained more clients, and I owe it to this wonderful chair I bought.

Investment #3: Hardware

Mac of all TradesHaving a top-of-the-line computer guarantees that you will be able to perform better. A good quality printer, fax machine and even the fan blowing air your way are important investments you should consider.

By the way…Don’t neglect a high-quality coffee maker.

Investment #4: Software

Trying to be at the level of a professional freelancer means having key software components.

Yes, I am a cheapskate on some items, but when it comes to the software I need to do the job correctly, I invest.

An invoicing software, writing software, and any other software that can make you more efficient is wise. If you are not sure if it will help you, see if they offer a free trial.

Investment #5: Marketing

What business survives without marketing their products and services? None.

As a freelancer, marketing yourself is an important investment. You should have quality business cards which will take some investment. A website is a great way to market yourself. Put your contact info and portfolio in the website.

You may want to consider investing in various advertising schemes. Try them and keep track of your results.

Here is where I obtained my website and hosting; I am extremely satisfied with it.

affiliate_link

Investment #6: Retirement Plan

It is important to consider your later years. Without the advantage of employer retirement plans, freelancers must use smart investment choices, and find a way to save for retirement.

This article from Investopedia tells some great ways to invest for our retirement.

Investment #7: Professional Memberships

Networking with like-minded people can help your business a lot. There may be a monthly or yearly cost, but joining professional organizations can let you “hob-knob” with other freelancers that have gained success in your niche.

I highly recommend joining the Freelancer’s Union which is free as a start.

Investment #8: Freelancers


It can be a great investment to hire other freelancers to take care of the duties you can’t handle. Maybe you are an accountant, but you need content for your website…Hire a freelance writer to do it. Maybe you are a writer who needs his/her taxes done…Hire a freelance accountant.

Freelancers hire freelancers, and our system works even better.

Conclusion

There are 8 smart investment moves for freelancers. Do you have any you would add? Do you have any questions? Just post them in the comments area below.

References

https://blog.freelancersunion.org/2015/07/20/4-smart-freelance-investments/

http://www.forbes.com/sites/laurashin/2014/07/21/freelancers-heres-how-to-save-pay-down-debt-retire-and-splurge/#1b21491b347f

http://www.kiplinger.com/article/saving/T047-C001-S003-best-ways-for-the-self-employed-to-save-for-retire.html#

http://www.avalon.host/blog/entrepreneurs-freelancers-startups-why-a-web-hosting-service-is-your-first-smart-investment-in-2016/

http://www.cbsnews.com/news/freelancer-splurges-7-worth-investing-in/

http://www.huffingtonpost.com/john-rampton/how-to-bootstrap-your-fre_b_9583294.html

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