Q&A – Hiring vs. DIY, Budgets & Freedom, and How Much to Invest
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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.
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 (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.
Ashley Brasseaux Chacon
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.
- Want to submit a question for us to answer live? Go to tomandariana.com/question
- Blog post – How To Hire A Business Coach
- Plan With Purpose: The Ultimate Guide to Creating Your Ideal Lifestyle
- Lifestyle Builders Mentorship
- Join our Free Facebook Group for Family-Focused Entrepreneurs
- 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