As an entrepreneur, smart business investments are essential for growth and continued success. The hard part? Figuring out which investments will get you the most bang for your buck. Especially at the beginning of your business journey when resources are limited, this is really critical.
The good news? Some investments will pay for themselves over and over again! And if you’re ready to know exactly where you should put your dollars so you can have a profitable year in 2023, then read on!
Investing in yourself is one of the best investments you can make. Why? Because it isn’t something anyone can take away from you. The skills you learn by attending workshops, joining masterminds, networking, and taking classes or courses are things that stay with you for life!
But I will say that some are better investments than others. In the last 7+ years, I found that the best resources were the ones that made me do the hard work myself. If I was able to just breeze through it, it honestly wasn’t that helpful. You can’t really grow if you aren’t pushing yourself!
While I’m a big fan of these types of resources, I don’t think you should be listening to everyone, at least not at one time. I only follow one or two people I consider mentors because it keeps me from becoming distracted.
Loads of people have great advice, but it may not always be best for you right now. And when you’re trying to filter what you hear through the lens of your own biz, everything can start to become overwhelming.
Plus, the money you save from not buying everyone and their dog’s courses you can easily put towards future business expenses or set aside to accumulate long-term wealth, like in a retirement account!
Another great investment I made was in my team! By having them implement the right procedures and workflows, and helping me refine the quality of work I give my clients, I’ve found that I’ve had much fewer emergencies and hiccups (check out pages crashing during a launch, for example). And that’s been a weight lifted off of my shoulders!
Doing so has also helped me manage the problem child (me!), and while it has taken some of the “me-ness” out of my business, that’s also the benefit of it. I don’t have to be everywhere at once, and as a result, it doesn’t take me five days and counting to get back to a client (oops — not anymore though!!).
One thing I’ve never cheaped out on is software and technology. Because to me, when you’re paying for those things, you’re either making a long-term investment or throwing money away. The cheapest option isn’t always the cheapest option.
Usually, you AND your team (who you need to pay for their time) will spend more time trying to figure things out, fix stuff that goes wrong, and put more time than what it’s worth investing in a cheap ass piece of technology.
Marketing is important, but I think a lot of people mistakenly invest in it before the other stuff. Personally, I think marketing should be one of the last things you put your money towards. Instead, focus your attention (and money) on creating a good offer.
A good product or service will always speak for itself, which builds credibility and attracts more of the right people to your business.
Coming up with a winning offer is one of the hardest things you can do in your business. If you’re struggling to figure that out, check out the video below! I detail a few different ideas you can run with and make your own, no matter what industry you’re in.