At some point along your business journey, you will need to invest in it (time, money, and energy) to see growth. No matter the type of investment, it should be strategic and specific to your situation and particular needs.
You get out of something what you put into it - whether that be time, energy, or money - you need to put in the effort to see results. At the end of the day, the cliche saying “you have to spend money to make money” has some merit. This doesn’t mean just endlessly spending and being frivolous with your money; rather, you should look at your budget and make strategic investments in things that will continue to help you grow your business.
When you first started your business, it was most likely a one-woman show. As an entrepreneur, you are tenacious, driven, adaptable, and creative. While you may think you can do everything, this doesn’t mean you should. As your business grows, outsourcing will become important at some point - you can’t do everything yourself while keeping your sanity, home/work-life balance, and a sustainable business. Be prepared to make adjustments as your business grows and changes.
Benefits of investing in your business:
+ Investing in your business allows you to save time, minimize stress, and help you to focus on where you thrive the most.
+ Investing in your business not only helps you increase your bottom line but also helps you to stay current and survive your competition.
+ Increasing investment and ultimately your bottom line AFFORDS you the flexibility to grow your business over time.
Investing in your business will look different at every stage. You don’t need to invest a lot of money to start seeing a difference. Once you’ve sat down and determined what your budget looks like at your current stage, make a plan to strategically invest your money in places that will have the biggest impact on your business. As a business owner, you have the power and responsibility to make decisions that will affect your company and lead to growth.
This all sounds great, but I’m sure you’re wondering what this actually looks like! We have some ideas for you based on different stages you might be in. We've personally invested in almost every single one of these options (we're in the middle of a few right now!) and we can confidently say we've grown from a $10k business to a multi-six figure business because of these strategic decisions we've made.
Investment Ideas If...
...you have $500 or less
+ Register your LLC
+ Buy a pre-made logo or website template
+ Purchase a course on social media marketing or something specific to your business
+ Invest in Quickbooks for the year
...you have $2,500
+ Utilize higher tier options in your software (CRM, Canva Pro, Quickbooks, etc) - this will save you time!
+ Hire a VA or industry-specific specialist for help with some bigger projects (batching blogs or Canva posts, setting up software like Dubsado or Honeybook, implementing a Pinterest strategy, etc.)
+ Work with a designer to create branded collateral (welcome guides, branded emails, pricing guides, etc.)
+ Book a brand photography shoot
...you have $5,000
+ Invest in a brand strategy, logo, and website design (we'd love to chat with you)
+ Travel to a conference or well-known industry event
...you have $10,000
+ Hire a virtual assistant or social media specialist
+ Invest in a business coach
+ Hire a digital marketing company to work on social media, email marketing, and paid ads
Bonus Investment: One important investment at any business stage is giving back. A business that doesn’t prioritize giving will have a hard time reaching true, fulfilling success. Choose organizations that align with your values and find ways to support them either with your time and/or money.
When you are thinking of what to invest financially for your business, always make sure to think of the return on your investment to see what will be most beneficial to you and your particular business needs. Remember, if you want a successful business, invest in it. Have questions or need help? We are always here to help strategize!