Whether you find yourself with an extra $5,000 from a small business grant, an investor, or simply savings, we want to ensure small business owners are putting every funding opportunity to maximum use. But how can you get the best return? Let’s go over some smart ways to spend $5K on your small business.
If there’s something pretty much every small business owner could use more of, it’s time. When spent wisely, a moderate amount of excess capital can help you get just that. That’s why Hello Alice provides small business grants to help you purchase the tools and the extra hands you need to get more done each day and grow your business throughout 2022, the Year of (Your) Small Business.
Here are some of our favorite ways to invest $5k back into your business.
1. Consolidate Debts
If you’ve fallen on challenging times as a business owner, one of the best ways to utilize your funds is to consolidate debt. Use $5K to pay off any small outstanding debts and reduce the number of bills you pay each month. This will free your mind of worry and allow you to focus on growth opportunities.
2. Invest in Tools to Scale
Hello Alice community members shared a compelling investment that will pay off all year long: automation tools.
For example, consider tools in any of the following areas:
- Customer Relation Management (Salesforce, Hubspot)
- Accounting (FinancePal, Sage 50cloud)
- Workflow (Notarum)
- E-commerce (Square, Shopify)
If the service has a monthly fee, see if you can purchase an annual license. This frees up valuable time for you and your employees to produce, market, and sell through 2022.
3. Refine Your Branding
Whether you are spiffing up your website or need a new branding strategy, how you convey your story and present yourself to the world is an important step to take. Branding builds trust and helps your customers recognize your value proposition as they consider buying your products or services.
Invest in branding by working with:
- Brand Strategists
- Graphic Designers
- Copywriters
- Market Researchers
Any of these experts can help to elevate the look and feel of your brand. Use websites like Fiverr to find a freelancer in these or other areas.
4. Boost Your Marketing
Spend money to get new customers! From brick and mortar, to e-commerce, and consulting — any business model can benefit from spending money on marketing to reach new prospects.
Two of our favorite ways to utilize extra budget and drive brand awareness online include:
- Paid Social Media Marketing
- SEO
Consider hiring consultants in these areas or enrolling an employee in a certification course to further invest in their career development along with your business.
5. Outsource Support
While $5K might not allow you to hire a full-time employee, it may be put to good use if you can outsource tasks that would otherwise eat up your time.
Options for outsourcing might include:
- Marketing
- Accounting
- Legal
- Technology
We hope these ways to spend $5K inspire you in your small business journey! For more small business tips and funding opportunities, create a free Hello Alice account or subscribe to our newsletter.