Smart freelancers invest in their business

You owe it to yourself to take your business seriously

When you're starting as a freelancer, it’s tempting to take the thrifty route. Cheap laptop? Sure, why not. Free software alternatives? Bring them on. Doing everything manually? No problem, we’re fast learners.

The problem is we get focused only on the money being spent, which makes sense. Especially early in our career, every dollar feels as precious as an acorn to a squirrel. If we aren’t making enough money, then every dollar is spoken for by bills and necessities. If we’re making more money, well, it’s easy to pass on a business expense in favour of something fun, like buying a life-sized inflatable unicorn for your deck.

Freelancers with our money Photo by Önder Örtel on Unsplash

While saving money might seem like the smart thing to do, there’s a hidden cost—your time, growth, and efficiency might be paying the price. If we do everything ourselves for long enough, we start to think we can keep doing it forever, which is another path to burnout.

Think of your freelance business as a plant. It needs water (money) to grow. You can hope for rain (the cheap road) or you can grab that watering can and take control.

Balancing efficiency and frugality

Let’s talk about doing things for free that software could do for you. I’ve talked about this before, but it bears repeating—manual processes take longer, drain your energy, and allow too many errors to enter the process.

Imagine there’s a tool that costs $100 a year but saves you an hour a week. That’s 52 hours a year! If your hourly rate is even $50, that software quickly pays for itself. And, the sooner you implement it, the easier it is to scale as your business grows.

In the past, I scheduled all my meetings by email, but that often led to days of back-and-forth messages. Now, I use a scheduling system linked to my calendar that shows when I’m available. When someone clicks the link, they can see two weeks' worth of dates and the times I’m free. They simply choose a time that works for them based on my availability. I’ve set it up so it never offers Fridays for meetings, and I don’t take any calls before 10:00 AM Pacific from Monday to Thursday. I also don’t take meetings on less than 24 hours’ notice. This setup not only saves time and hassle, it also helps me protect my boundaries. For $200 a year, it’s worth it.

Not investing can hold you back

You might think holding on to your money is playing it safe, but in reality, it could be holding you back. By not investing in your business, you might be missing out on fresh ideas, new strategies, or opportunities that could completely transform how you work. A $300 course might seem like a big spend now, but if it helps you land a $1,000 client—or even just boosts your confidence and skills—that’s money well spent.

Additionally, I’ve taken many courses where I met someone who thought of me for a client they knew who needed help. And I’ve met people in courses I’ve sent clients to. It’s not just about the professional development (although that is crucial), it’s about the connections you build and the inspiration it creates.

When you invest in your business, that’s when the real magic happens.

Take your business seriously

Here’s the truth—when you take your business seriously, you invest in it. You think beyond today’s expenses and start looking at the return on those investments. Whether it’s top-notch software, a shiny new laptop that doesn’t make sad noises every time you open Photoshop, or a course that sparks new ideas, these things add up.

Or buy a large inflatable unicorn Photo by Meritt Thomas on Unsplash

Smart investments for freelancers

So, what should freelancers be willing to spend money on? Here’s a quick list of smart investments that’ll help your business grow stronger and faster:

1. Invoicing software
   Sure, you can track invoices on a spreadsheet, but good invoicing software can save you hours of headaches and make sure you get paid on time. It also keeps everything organized, which is priceless when tax season rolls around. And, if clients are slow to pay, it’s easier to track and follow up with them.

2. Courses
   Freelancing is part skill, part hustle. A great course in marketing, sales, or even something industry-specific can open doors to new clients and help you confidently navigate the business side of freelancing. Professional development courses can allow you to add new services and increase your prices.

3. Project management tools
   When you're juggling multiple clients and projects, staying organized is key. Investing in a project management tool like Trello, Asana, or ClickUp can help you keep your deadlines straight and your stress levels low.

4. Website hosting and development
   Your website is your digital business card, and a professional-looking site can make all the difference when potential clients check you out online. Invest in good hosting and maybe even a pro to make your site stand out.

5. Subscriptions to industry resources
   Staying updated with the latest trends and news in your industry can set you apart. Whether it’s a subscription to industry journals, premium software, or membership in professional organizations, staying current shows clients that you’re serious.

6. Upgraded tech
   Your tools are your lifeline. If your laptop sounds like it’s trying to take flight every time you open a big file, it might be time for an upgrade. The time and frustration saved are worth every penny.

7. Design and branding
   If design isn’t your strong suit, hiring a professional to create your logo, brand materials, or even help with social media images can elevate your online presence. After all, you want to make a strong first impression.

8. Your space

   Let’s not forget about your workspace. If you spend hours every day in your home office (or at least the corner of your living room), it’s worth making it a place you enjoy being. Whether it’s investing in a comfortable chair that doesn’t leave you with a sore back by 2 p.m., some noise-cancelling headphones, or even a few plants, creating a workspace you love can boost both your productivity and your mood.

   

   He likes my redone office space, too (photo, Heidi Turner)

Business Expenses: Lower your tax load

The cherry on top? Many of these investments count as legitimate business expenses—which means they’re tax-deductible. By spending on the right tools and resources, you not only improve your workflow and business growth, you also reduce your taxable income. Just make sure you’re keeping track of your receipts—thankfully, that invoicing software you invested in can help with that too!

At the end of the day, taking your freelance business seriously means putting in the investment. Whether it’s software, education, or tools, the cost is often far outweighed by the benefits you’ll reap in efficiency, skills, and, most importantly, revenue.

The next time you’re hesitating about spending money on your business, consider how much it will help you rather than only weighing the dollar cost. Future you will thank you for it.

Feel like sharing? What’s the best investment you’ve made in your business? Share in the comments.

Here’s to your ongoing freelance success,

Heidi

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