Ever wonder how much you should spend on your website? – Kimberly Gosney

So you’re thinking about hiring someone to build your website, course site, or monthly membership site and you’re not sure how much it’ll cost.

You’ve got no idea because you’ve never hired a designer before and you’re not sure if you’re getting “ripped off” or not.

How frustrating, right?!?

Fears start swirling up in your head because you’re nervous and you want to make sure that everything goes perfectly from start to finish.

But, you’re not even sure what start to finish looks like… so now you’re really feeling overwhelmed and nervous at the same time because you don’t know what you need, how long it takes, who the right person is for the job and most importantly…

How much you should spend on your website.

What if you had a simple formula to help you weigh the risks of spending too much on your site or not enough so you’d know what a good ballpark is for hiring someone that’s professional and will give you your website building money’s worth.

That would feel really great, right?!?

Let’s dig into how much you should spend on your website.

But first, let’s reframe the question.

What’s the value of an amazing website to YOU?

For someone, the value of an amazing website might be measured in the amount of money coming into your business. For someone else, it’s in being able to leave a dreaded day job and work from home full time, and still for someone else it could mean having the flexibility and freedom to take a step back from doing all the work in a growing business and getting some much-needed help.

What’s the value of an amazing website to YOU?

OK, now that we’re looking at the value having an amazing website will bring to you let’s get back to the amount of money you should spend on your website.

Here’s a simple mathematical formula that will help you get to the heart of how much money you should spend on your website, course site, or monthly membership site.

Please note! This math is based on hiring someone to build your website for you.

PART 1: You’ll really need at least two  websites.

One main website which houses your core content like your blog posts and 1-on-1 services and one course or monthly membership site for serving up what people buy from you when you’re scaling up your business.

Let’s say you’d like to make $100,000 in your business in a year. Take that number and chop it into half so you can get your main website in the first chunk of the year.

That’s $50,000.

Now multiply that number by 10% and you’ll get the minimum number you should spend on your main website.

That’s $5,000.

This gives you a nice, neat, and tidy budget that gives you a 10x return on your investment of $5,000 based on what you project you’ll make in six months – while affording you the ability to hire a pro that’s got a proven track record and knows what they’re doing.

Hiring a pro gives you tremendous VALUE no matter which way you slice it.

Based on the ways you might want to see value coming from your website, you can measure the amount of money coming into your business from your new site. You’d have a huge head start on leaving that dreaded day job and work from home full time with your first $50K in income (my dreaded day job I left to work from home in 2014 brought in $45K a year), and you’d have the flexibility and freedom to take a step back from doing all the work in your business and get some much-needed help, YAY.

This same chunk of math also works for you in the second half of the year when it’s time to create your first course or monthly membership site.

Hold up wait a minute I know what you’re thinking. You’re asking yourself… why do I have to wait for six months to have my course or monthly membership site.

The answer is…

You need to spend the first six months working with your 1-on-1 clients to start honing in on what course you’ll create and then to start creating your course BEFORE you rush off into building that course site.

You need time to find your course or monthly membership idea and fully develop it before digging into building a second site. This will save you so much time and overwhelm because you’ll already be comfy with the process from working with your site designer for the first part of the year.

YAY!!!

STEP 2: How to calculate the budget for your course or membership site.

$50,000 in the last six months of the year X 10% = $5,000.

Same amount of money for the second phase of growing your business.

And, boom – there you have it.

A simple mathematical equation for knowing how much money you should spend on your website, course site, or monthly membership site.

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