So you’ve managed to build some capital from your small business. You haven’t quite paid yourself just yet. Now you’re looking at ways to scale by reinvesting. As an entrepreneur, you know it is in your best interest to grow and pay yourself later. Here are some smart ways you can reinvest back into your small business.
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#1. Use Paid Promotion
Reinvest back into your small business by using paid promotion
Paid promotions are a smart way to get your service or product in front of the eyes of many people.
You can use paid promotion through:
- Instagram Sponsored Posts
- Facebook Ads
- YouTube Ads
- Blogs such as Frank Nez
- Twitter Posts
See our ‘Network’ tab – this is where we sponsor businesses and put their product or services in front of potential clients that will one day need their services.
While you can set a budget of $30 for 6 days on Instagram, we keep a published post about your services on our ‘network’ tab for only $45/yr.
We also include your service in a variety of posts if it is relatable to the topic!
So why is paid promotion a good investment?
Paid promotion is a great way to land new leads and new business. It’s a great way for your business to be seen by thousands of if not tens of thousands of people. Think of it as an online billboard!
Why promote with Franknez.com?
Social media platforms are too expensive. And, if you’re not great at analytics then your campaign won’t reach your targeted audience.
Franknez.com makes it simple. We publish a post about your business and service or product which can benefit our readers. Our readers:
- Are interested in business and finance
- They’re looking for ways to make more money
- Are serious about progression and goal setting
- Want to learn about starting their own business
Our ‘Network‘ tab allows our readers to network with your business so that their business and endeavors can grow. This is a great benefit to both our readers and clients. And pricing is only $45/yr!
Another benefit is that the businesses who renew will grandfather into the same price bracket even though our number of visitors continues to increase!
#2. Promotional Products & Apparel
Reinvest into your small business by elevating your brand
Promotional products and apparel is an attractive way of reinvesting back into your small business because it’s a fun process and it works.
Small businesses are marketing by handing out t-shirts and caps with their logo on them or simply wearing them to elevate their brand awareness.
This strategy serves as an eye-catching way to get people to recognize your business. It’s a great way to direct attention to your services and products no matter where you go! This self-promotion tactic brings customers right to your front door.
Easy Marketing Concepts is an advertising agency that allows you to order and brand apparel such as shirts, caps, jackets, backpacks, and other wearables.
They print on mugs, pens, and provide stickers for your business too!
Check out their Instagram or email them here.
#3. Purchase New Assets
Reinvest back into your small business by purchasing new assets
Purchasing new assets such as new equipment or new software is a great way to also put your money to good use.
If you started your business with older equipment and software but have built enough capital to reinvest in your business, then upgrade these tools.
Investing in the latest equipment and tools will pay off long-term and ensure you’re providing your customers with top notch quality work.
Most people are afraid to reinvest in new assets
The reason most people are afraid to reinvest in new assets is because their current assets are doing just fine at the moment.
The tools they are currently using has allowed them to make money therefore don’t think of the long-term gain but rather in only the short-term gain.
However, you should always strive for better quality, and overall a better way of operating.
Ditch the old equipment
When you’re able to do so, ditch the old equipment. As your small business continues to scale you will be thankful for this investment.
When you’re growing faster than ever you’ll be able to avoid the strains of dealing with the poor performance of older equipment and software.
#4. Start Building A Team
Hire talented professionals so you can continue to scale
There will come a point where you will need to reinvest in your company by hiring talented professionals to help in different areas of your business.
If your revenue has been consistent for the past 5+ years and you’re looking to grow then you might want to consider building a team so that you can focus on bringing in the sales to further scale your small business.
Who do I hire first?
Who you hire first will vary from business to business. Ask yourself, “in what area can I use a hand with the most?”.
If accounting is taking too much of your time then hire someone to take care of that side of the business for you. Whether it’s operations, social media and marketing, or something else, make the investment to hire the talent so that you may continue to scale your business.
#5. Reinvest In Your Current Customers
Always give back
Your customers success is your success, so show them you appreciate them. Find ways to give back to them.
These incentives might be in the form of giveaways and gifts or discounted services and products.
Some businesses give their customers a free plate of food after their 10th order for example. Watch stores will sometimes provide their customers with a free battery after their fifth one.
These incentives will keep your customers happy and coming back for your service or product.
Take advantage of the holidays
During the holidays, present your best clients with gifts to show them your appreciation for their business.
This small reinvestment can yield high returns in the future and grow your relationship with the client.
These small tokens of appreciation demonstrate gratitude. And when you’re grateful bigger and better things tend to come your way.
Why Reinvesting In Your Small Business Is A Great Idea
Reinvesting in your small business is going to scale it. It’s one of those process that requires you to be patient with the payday. It’s delay gratification at it’s core. Instead of paying yourself from the profits, you are reinvesting the profits back into your business to increase your revenue.
You understand that reinvesting in your small business is going to yield bigger and better returns a year, five, and ten years from now.
This exact discipline is what’s going to allow you to continue succeeding in business and ultimately reaching your life goals.
Read: How Marketing Plays A Big Role In Your Small Business
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