Weeknote 23 — Investing in my business

Joy is only 3 months old. I’m not yet paying myself the full salary I hope to while I build up reserves. With all this in mind, it feels really hard to invest in my business.

But I am.

I recently heard my lovely friend and artist Jen Sievers talking on Instagram about how hard she finds this. She talked about how she flips it. Rather than focusing on the money she’s spending, she likes to think about how the money will benefit the businesses she is paying. When she does this she’s able to spend the money with joy.

I like this idea.

So I wanted to share some things I’ve decided to spend money on in the very early stages of running my own business.

Accountancy

This was an easy one for me. I always say I can do words and pictures but not numbers. Numbers scare me, they make me angry, they make me cry. My accountant actually talked me out of hiring them when I first got in touch because I was so desperate to hand over money for this service.

I started using Maslins* in January and they have been fab. No question is every too silly and you get a very quick answer. This will always be money well spent for me.

You also get access to FreeAgent (invoicing software that connects to my bank account). I did recently build my own cash flow spreadsheet though, possibly my proudest achievement to date!

Web hosting and domain

Again, this was something I did early on without a second thought really. I know some people freelance without a website and built their business through word of mouth and promotion via their social channels. But I knew the process of building a website would help me to articulate what it is I wanted to do. I also think it helps potential clients get a better feel for who you are and what you do.

I chose SquareSpace because it’s easy to use for non-coders and the price included hosting, a domain and access to Google suite.

Community

I knew when I went out on my own that I needed to surround myself with people who could support me, share in my challenges, be there to ask questions of etc. Most of the communities I’m a part of are free but I did decide to invest in joining the UpFront Global Bond.

I did this before I incorporated my business or got my first contract so I was quite nervous about it. I told myself that if it wasn’t right for me I could be UpFront and cancel.

I haven’t cancelled and I’ve met a wonderful creative partner, Maddy, through the UpFront community. I’ve also lent on the community for support and been to some really great events.

Photography

This was another difficult one for me so early on. I met Sarah Tulej through UpFront. She’s works as a brand photographer and is especially great at helping female founders be more visible by representing themselves and their businesses through photography.

The headshot I currently use I took in front of the yellow wall in our old flat just before we moved house using a selfie stick — I knew I needed some help in this department!

Sarah came to my house last Friday for our shoot and it was great. She put me at ease, made helpful suggestions, wasn’t scared to climb on furniture and didn’t give up when I clammed up pretending to do a talk in front of a wall in my bedroom!

Pension

I’ve never used a financial advisor before or spent money on this but this felt like the right time to invest in making sure I was putting myself in the best possible position for the future.

My pension fund is now invested in one of Aviva’s ethical funds and I have committed to £300/month payments starting in April.

Software

I’m still working out what software I need to invest in to run my business, especially as the work I do is quite varied.

I’m lucky that I currently get access to Creative Suite via my Dad’s subscription so the only thing I’ve invested in so far is Figma. This seemed like an economical choice as they have now integrated FigJam so I can get prototyping and whiteboard software all in one place.

Insurance

Last but not least the neccesary evil of insurance. I have to admit I put this off until a client’s contract mandated it. After a soul crushing conversation with Hiscox I found the lovely WithJack, a startup insurance broker who working with creative freelancers. Ashley demystified the process for me beautifully.

I’ve also recently been considering signing up for income protection insurance. This is a lot more expensive than I thought it would be but I feel like having this in place when I have a very long and expensive mortgage to pay is important.

Marketing

One other thing I’ve considered investing in but haven’t yet is support to market my services. I’ve only considered one solution to this which was a LinkedIn course one of the UpFront Bond members was offering. I’m still considering this, but like the photography, it feels like a hard one to commit to.

I’m interested in what other people have invested in and how this has felt?

I’d like to grow my confidence around investing in my business as my income grows. I’d also like to prioritise supporting other small businesses where I can. So I can feel the joy when the money leaves my account.

Have a joyful week everyone.

*If you sign up to Maslins please mention my name as I get a discount off my fees.