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I have 5000$ is it good to reinvest this money. Advice needed fastlaners?

ISAACO

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Jul 23, 2019
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Juba
I run small business of electronic spareparts. I have obtain 5000$ from my business and now I wanted to reinvest it, is it not risky. Am waiting for fastlaners to help me



Your response is highly appreciated
 

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Garret S.

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Jul 16, 2019
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Reinvest it back to your business.

Some ideas that might fit for you:
1. Hire someone or learn how to make an ecommerce website selling electronic spareparts.
2. Hire someone or learn how to do SEO to generate organic traffic to your website.
3. Invest in Google ads.
4. Invest in Facebook Ads.

Good luck!
 

NursingTn

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FASTLANE INSIDER
Jan 30, 2019
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1) put money into marketing endeavors to increase customer acquisition. More customers = more money

2) hire an employee if you cannot keep up with demand, e.g. turning away work because there is too much work

3) buy items that fill a need, e.g. look at RHL thread in hustle category on the forum. I made a nice computer for about 600 buck... Thinking about making that income back by starting a super small virtual personal assistant business using that computer.

4) consider CENTS. Is there anything the money can be used to help you have more control in your business? To help you scale? To remove yourself from the business? To fulfil a need you found from caring for your customers? Obtain even more specializes education/training to provide a better service or product?

5) play it safe, keep some for emergency fund if you don't have any, and take on smaller risks, e.g. someone posted about getting vending machines. Another example is of businesses getting things that make people stay at the business longer, building loyalty and so on, e.g. OB/GYN offices that make the office into a luxury spa for women until they get seen by the provider.
 

Kevin88660

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Feb 8, 2019
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I run small business of electronic spareparts. I have obtain 5000$ from my business and now I wanted to reinvest it, is it not risky. Am waiting for fastlaners to help me



Your response is highly appreciated
If 5000 is all you have for personal finance then I would not advise you reinvesting all.

Having cash worth six month of personal expense is still important.
 

ChrisV

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