Are you ready to take your business seriously and really grow it? In order to build a successful business, you have to be willing to invest the time, money, and effort. Depending on your situation, this could be the perfect time while you are self-isolating at home and have more time to invest.
You need to understand the difference between an expense and an investment. As a CPA, my professors would not agree with these definitions but in the real world, they help to plan effectively.
An expense is something you have to do for the normal operations of your business. Like electricity or a good computer. An investment on the other hand is something you do in order to grow. Like hiring professionals to help you.
I’ve broken down investments you can make for your business to grow into two categories. The first focuses on YOU and the second focuses on your business directly.
Investments in Yourself
As an entrepreneur or small business owner, YOU are the center of your venture. If you grow and expand your skills, indirectly your business with benefit. Here are few ways you can invest in yourself:
Training + Education
One of the most important ways you can invest in your business is training. By investing the time, energy, and money, you can develop your skills more so that you can charge a higher rate for your work. Some examples of this are a web development course or a leadership summit. There are many, many trainings on all kinds of subjects online now that you can work on in your own time.
I’ve had some training duds and some amazing courses jam packed with useful information. My favorite among these are the brand designer courses that are focused on strategy.
Another investment in yourself is hiring a coach. Having a coach can be hugely important as they can help to guide you. They also push you to expand beyond your limitations by working on both internal and external growth. It has truly amazed me to see the incredible projects and businesses birthed in just a few months by people working with a high-quality coach.
Investments in Your Business
Invest in a MasterMind
A business focused mastermind is a great investment to help grow your support system. In today’s digital age it seems like there is a mastermind geared toward every niche. I have been a part of formal paid masterminds and formed one with entrepreneur friends. The later will take a a bit more time and self discipline but can be very impactful!
I’ve found the more successful masterminds have a clear structure to follow! If you’ve recently joined or formed a mastermind also be sure to give it a number of meetings to really hit the stride!
Invest in Your Business Personality
You also need to invest in your business personality with effective branding and copywriting that gets the attention of your ideal customers or clients.
It’s very common for new businesses to start with ineffective branding and then have to put much greater time and monetary investment into fixing it later. Why not start out strategically and grow like a great dane puppy? Not only will it save you money in the long run but it will also help you to make more and impact the world at a higher level.
Invest in On-going Services
If you invest in people who can help you like a bookkeeper, virtual assistant, or social media strategist you can be sure that the nitty-gritty is done to a high standard but give yourself time to invest in growth rather than details. People who are specifically working in certain niches are faster and more effective at taking care of things. Not only will they save you time but energy and headaches.
Investment Wrap Up
If you really want your business to succeed now or anytime, you have to invest the time, energy, and money to really give it a chance to grow. Make sure you are investing in yourself AND your business for stellar results!
I’d love to hear from fellow entrepreneurs what their favorite business investments have been in the comments below!
If you are ready to make an investment in your business and need a hand with your branding or design I’m happy to set up a free consultation HERE.