Q&A – Hiring vs. DIY, Budgets & Freedom, and How Much to Invest

May 16, 2018 | Podcast |

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Episode Brief Description

We answer 3 questions submitted from listeners, including hiring vs. doing it yourself, how budgets can create freedom, and how much to invest into your personal and business development.

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Key Insights & Timestamps

  • [00:51] – Welcome
  • [02:45] – Question 1 – How do you determine if something is worth paying for or hiring out vs. bootstrapping, when you are on a budget? 
  • [03:50] – Be sure you are focusing on the right things in the beginning
    • Validate your business idea
    • Who are your customers?
  • [04:15] – Figure out your money model
    • DIY things first, so you have a handle on what it takes to complete the task. This will allow you more confidence when it comes to hiring it out later on
  • [05:58] – Consider hiring an assistant or virtual assistant first
  • [09:55] – Have a set budget in place before hiring anything out
  • [12:57] – Question 2 – How can I manage my money/budget without it making me feel like I’m losing my freedom?
  • [14:02] – Align your money habits with your goals
    • This can be a very basic tie in with how you manage your personal finances, as well
    • Look at where you want to spend money and what you wish to invest in
    • Allocate a set amount to go towards those goals and stick to it 
  • [19:05] – Think about money and how it ties into your bigger picture goals and set up systems that allow you to have control 
  • [21:03] – Question 3 – How do I know when I should be investing in my business?
  • [21:46] – In the beginning, look at the full ammount you have to invest in your start up
  • [22:20] – Once you are making revenue, ballpark about 3-10% of that money to reinvest into your business
  • [23:27] – Live events and confrences can have a great impact in “planting the seed” for your business by way of networking and learning, as oppposed to a monetary gain
    • If you do invest in a live event, try not to give into the “FOMO” or fear of missing out. There will always be more trainings, more courses and more events in the future
    • Consider having a purchase partner for  conferences – this will help keep you on budget
  • [25:40] – Look for free podcasts, online groups and consider investing in books in the beginning. Tons of information can be gathered at low to no cost

A big thank you to those who submitted questions for the show!

Sarah Guilliot

Sarah Guilliot (pronounced Ghee-Oh, like guillotine ;-), is a professional web designer who left her corporate job as a UX Architect to bring the power of Photoshop mockups to Etsy shops. She helps custom drinkware shops showcase their hard-to-photograph products online with her ready-made mockups and an online course called Photoshop Mockup Mastery.

www.sarahdesign.com

Ashley Brasseaux Chacon

Jake Ballinger

Jake helps socially conscious entrepreneurs and small businesses become recognized as experts in their industries, build a raving fan base, and earn more business through heart-centered SEO and content marketing.

https://jakeballinger.com/

Key Insights

  • Discover the best times to hire out vs. when you should be DIY-ing or bootstrapping in the beginning
  • Finding ways to address your budget planning, without feeling overwhelmed
  • Knowing when and what to invest in for your business

Free Guides For You

Plan With Purpose - The Ultimate Guide to DEfining & Building Your Ideal Life

Invest In Yourself - When, How & How Much to Spend to Grow