Where do you spend money when you have it? And when you don’t have the money, where will you get it? You’re in a wonderful position to be thinking about where you can be allocating profits or investment money. Here are three great ways to reinvest…
Get a PR Agency.
PR is a fantastic opportunity to get in front of the right editors and bloggers, and also to be able to host coordinated events for your target market. Many different brand owners have mixed feelings about it but the right PR team makes the difference between a brand that’s getting off the ground and simply creating a little bit of noise in their space versus a brand that’s getting a ton of visibility.
That visibility is valuable because all those relationships, meetings and socializing you would have to do if you managed your own PR can easily be achieved when you hire the right PR agency. It’s definitely an area that can take a lot of time off your hands and push your brand forward in the market.
Hire a Technical Designer.
It’s important to have a great technical designer, especially if you’re launched on your own and have been doing everything yourself before handing it off to your manufacturer. An expert with top technical skills can help you as you’re going through the concepts. He or she can make sure you have the right number of centimeters, that garments aren’t going to lose shape when they’re cut, that you’re not going to have one arm that’s a little bit longer than the other, etc. This person will also be very mindful of the fabrics and materials you’re using. A great technical designer is an amazing person to have in your back pocket.
Invest in Your Website.
Lastly, when it comes to investing in your brand, take a good, hard look at your website. If you were scrappy in the beginning, you may have used a template or something really easy to get from Shopify. That’s not going to cut it. If you have the money to invest in good branding and a good website, that’s really where you should be spending time and energy. They make the difference between a brand with amazing visibility that will convert, versus a brand that will fall short when the customer sees it.
Good luck with reinvesting. If you need help understanding cash flow, how to best invest money back into your business, or how to take that investment from outside capital and put it to good use, send us an email at firstname.lastname@example.org.