As a creator or as somebody starting a business you will have found yourself spending rather than investing. Often is the case that we spend way too much and then realize we didn’t really need said product. Spending vs Investing in starting your journey as a creator or a as someone starting a business will find the lesson hard and often repeated. The questions I often get are around this spending vs investing, how to budget and how to grow a business without walking into the trap of spending too much.
In this video we look at the idea of needs vs wants as it relates to spending vs investing and how it should directly correlate to the needs of the clients we currently have and expected future client needs.
0:21 Intro Smart Buying for Creators
0:55 Spending much? Time to Invest?
2:00 Needs and Wants Explained
3:05 Investing or Spending and Needs/Wants
5:33 What is the Need for the Clients
6:07 How do we grow and buy smart with client growth
8:03 Start creating the budget accordingly with ROI
Check out the video on Purchases and Regrets. My Experience and Advice: https://youtu.be/5SV2xTlRctE
Drop a comment below and/or your question.
Check out personal creative website: https://nikosrentas.com?
Check out my Business website: https://mentorsapproach.com?
Check out my Mentorsapproach channel: https://www.youtube.com/mentorsapproach
Your content really serves a reminder to those content creators out there. The fight between wants and needs. I won't say getting cheap stuff is not good but at least do more research of what you are purchasing. A deep research and to view other reviewers will help save you heaps. You are right about a piece of equipment, if it works, you don't have to rush and to upgrade it, make the equipment to generate profit first. Who knows, by the time you wanted to do the upgrade, the upgrade cost might be lower due to newer models are out.
I often fight myself into wants and needs. I am fortunate enough to resist temptation, maybe I am a typical practical person. Most of the time I will think of, is it possible to have it done without spending heaps. be it PC, cars or even house improvement. Take for example I have two PC, one main, one standby, If I need to purchase a component which I know will help me save time at work and able to recover my cost later, I will jump to my standby PC, then sell off the component on my main before I purchase the component I needed. This way I don't lose out much.
It also happened that during this pandemic last year, I always wanted to renovate my room to have the ideal work station, both for work and a benchmark table. I have seek contractors and most will charge me more than 1k. I ended up renovating my own room, the wall, the floating shelf, the tables and lightings. Yes, it took me time but is satisfying as 1st I have done up my own room and 2nd, I spend less than 500 buck. best of all, this allows me to have another video content lol