Deciding How to Invest in your Business

Can you believe we're already in the first week of August? With a new month usually comes new goals, and in today's episode, we dive into how we can invest in our business in order to help move us closer to those goals.  Determining what to invest in can be tough. Maybe you've been there. You invest in something at the recommendation of someone else but you don't truly see how it can impact YOUR business and YOUR goals - you just know it's worked for someone else so it should work for you, but you don't end up making your money back.  Before you invest in your business there are a few steps I always recommend you take: Assess your business right now Where do you want your business to be (dive deeper than rank - let's get into the numbers here) What do you need to work on to take you from where you are, to where you want to be? An example I share is: You currently bring on 5 new customers a month but you want to bring on 10. What skills, processes, etc. do you need to get there (and I don't mean hustle harder)? Improvements to your social media, marketing, and mindset work are a few things you can invest in. This might look like hiring someone to help with your social media, a course related to marketing, or a business/life coach. Once we pair our weakness with an investment we have to decide how we want to see that return on our investment. That might look like investing in someone to help you in your business. This allows you to see your return on investment in the form of time. As a coach, my goal is to save you time by teaching from my own experiences so you can jump past the trials and move your business forward. The last question I ask is, how will you finance your investment? Most people look at this from the perspective of what they've already made in their business, but I'm going to challenge you to look at it differently. Maybe you haven't had a $5,000 month yet so you think investing that amount isn't doable. But the fact that you haven't gotten there yet IS the reason you should be investing in your business.   A good method to follow is: pay yourself 50%, save 20% for taxes (this is not tax advice), and 30% should go towards your business investments. If you want to pay yourself more, you need to make more, and your investments can help get you there.  If you are ready to invest in your business I would love to connect with you on a free consult call!  Thank you for joining me this week! I’ll talk to you next week!