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#1 Reinvest Profits
One of the key ways to scale your income as a Digital Marketer is to reinvest profits back into your business. When a specific strategy is going well, you don’t want to change course and stop doing what’s working – especially in the world of Digital Marketing. Instead, you want to siphon off a portion of those profits and reinvest them into your business.
This type of expansion allows you to double and triple your income just by duplicating what’s already bringing in money. So what do you reinvest the profits into? Some of it depends on which business model you’re pursuing.
This could mean investing in new tools or software to improve your productivity or outsourcing tasks to free up your time to focus on higher-paying clients.
You may want to reinvest funds into outsourcing measures. If you’re maxed out on the time and effort you can personally contribute to your business, then it makes sense to bring on another person as a freelancer.
For example, if your blog posts or video reviews are earning you money, and you need many more, you can outsource these tasks to a freelancer. The beauty of outsourcing is that you don’t have to share profits like you would with a business partner.
Paid advertising is something most newer businesses need to reinvest in. If you’re already seeing good results from your advertising efforts, but want to scale up and earn even more, you can reinvest your profits into advertising your product/service offers.
Another way you can reinvest in your business is to level up your tools and courses. Knowledge is a powerful thing, and if you’ve only read a free traffic course, now might be the time to go for a paid one that details more in-depth training.
If you’ve only created text content because you didn’t feel like you had good enough equipment to produce and edit videos, then you might want to set aside some of your existing profits so that you can create a home studio that you feel comfortable with.
Doing these types of things helps you expand your reach. Whether it’s with more content and advertising or to expand into different media formats, these measures can bring in more people and higher profits easily.
By reinvesting your profits, you can improve the quality of your work and attract higher-paying clients, ultimately increasing your income over time.