Let’s face it, sometimes you do have to spend money to make money. However, knowing when you should spend and when you should save can be confusing. When starting your own online business, if the budget is tight (and even when it’s not), use this guide to know where to splurge and where to save.
Save on hosting. Hosting is important, no doubt about it, however, you don’t have to spend a fortune to get a good website host. This is particularly important if you’re using a WordPress blog as your platform. Most hosting programs are fairly consistent in what they offer. There’s no reason to spend hundreds of dollars annually. Make sure you have the features, functions, and capacity you need but don’t pay for extras.
Website design. The look and feel of your website is important. However, while it is important to make sure you have a top quality and professional looking website, you also don’t have to spend a fortune to get the job done. In most cases simply designing the website yourself and then outsourcing key elements like your header will be enough to create a unique and quality website.
Content. Content is important to your success there’s no doubt about it. If you don’t have the time or inclination to create a consistent flow of great content for your website or blog then buy it. Use PLR or ghostwriters to make sure you’re giving your prospects and customers the information they need. Content is the key to success.
Advertising. There are many free advertising options available to a business owner. PPC can be effective but it can also get expensive quickly. Focus on free advertising options first. For example, try free classified advertising directories and even Craigslist.
Technology. Technology can and will make running your business easier. However, make sure you’re making smart choices. An a la carte approach to software solutions can get expensive quickly. For example, you can buy a shopping cart software and a separate autoresponder and membership software or you can look for combined solutions. Regardless, always make sure you’re buying a quality program with a good reputation.
Each business decision you make comes with a potential financial investment. Always shop around and consider the importance of the investment. What’s the ROI? How much will it affect your business? Will it provide value to your audience and generate profits? If the answer is yes, then consider spending a little money.