If I had one piece of advice based on experience, I would advise not to spend too early and not too late. I know that sounds vague, but I will give you guidelines to help you identify the times you should be spending your money on advertisements.
Keep in mind, I always advise sweat equity before anything. That means put all your energy and effort into promoting your content before ever spending a dime on advertisement.
Here is a quick list to show you when to spend:
1. Spend when you have enough to spend
This seems so obvious, but ROI on advertisements is not always immediate. So, the first money you put in won’t always be multiplied by tomorrow.
If you don’t have extra money to experiment (Minimum of $200 per test) Don’t even think of spending on advertisement because running ads is an endurance race not a sprint.
2. Don’t Spend too Late
Ad money should be thought of as a tool to extend your energy and effort. Spend it to expand your presence.
By hoarding your earnings and never investing in your growth, you are only placing a plateau on yourself. So, at some point it would be a good idea to start testing ads as if they were YouTube videos.
Judge the results, see what works, and invest in what works.
3. Understand the Cost
There are many types of advertisements: Banner Ads, PPC, and many more styles of advertising. They all cost different amounts. Just know that some companies are willing to spend $50 for a new customer. So, be aware that costs can fluctuate.
4. Realize what your money is doing for you
Stacking a bunch of money in a bank is great, but what will you do with that money. Inflation is constantly driving the value of that money down, you have to put that money to work by investing it into assets, things which will work for you and bring you more revenue and business.
Invest in self education, advertising, business systems, equipment, and services to make your business better.