Straight up: I feel super uncomfortable and highly unqualified to be speaking on today’s topic, but I thought “If I have questions about when and how to invest in my business, I bet my followers do too.”
So here we are.
With all the promises of making money by taking a workshop with that business coach, or growing by adding on another team member, or simply purchasing a new piece of equipment, it can be hard to know which is right for you and how much is too much to invest.
So in what is likely my most unqualified solocast thus far here on Small-Minded, here are ways I’ve invested in my business so far (both the good and the bad!) and what I’ve learned along the way.
- Investing in your business isn’t always about the up-front cost. Think about the return you will get on that investment of your resources.
- Ask yourself: How long will it take me to make this money back?
- Invest in Education: When I felt unsure, stagnant, or lost professionally in the past, I knew I worked through it best when I focused on growing my knowledge base. So that’s something I’ve come back to time and again as I grew Molly Knuth Media: if I feel adrift or uncomfortable, that’s probably a sign that I have learning to do on that topic. Ask yourself: How will I be able to make money based upon what I learn in this workshop/course/mastermind? Do I vibe with the instructor? Is this presented in a way that fits my learning style?
- Invest in Tools/Equipment: Sometimes upgrading the tools or equipment you work with can reduce the time and frustration you have to exert. Over the years I’ve brought in softwares that will help my team communicate and track projects better, updated my computer, and purchased entirely new products that I can turn around and monetize via a new offer at MKM. When deciding which tools and equipment to invest in, I ask myself the same questions: How will I pay for this? How long will it take me to get a return on my investment? Will it allow me to better serve my clients?
- Invest in People: To grow your business, at some point you will likely need to lean on others. Whether it’s bringing in a person on your payroll as a W-2 employee or a skilled independent contractor on a project-by-project or monthly basis or bringing in a Virtual Assistant to complete specific tasks you have lots of options to invest in people.
- Trust your gut.