How Do You Know When it is Time to Invest Strategically in your Biz?
Helloooooo money makers! Welcome to Episode 22 of Six Figs!!! This week we are talking all about when it is time to invest in your business. We are going to talk about how to do it strategically and if you need to borrow money to make that investment, how you should go about doing it. If you have been thinking about investing in a coaching program, mastermind, or even the possibility of hiring someone, this episode is for you. Let’s go!
I’m going to get into some real talk here. Okay. So, I just made a huge investment into my business in the past month. I decided to join a mastermind. I decided that it was time to do something to up-level my business. It’s important that I keep learning new skills to implement in my business in order for me to grow my business, and make more money. The mastermind that I chose to do was $10,000. Here’s where it’s time for me to be honest. I didn’t have $10,000. So what did I do???
Well, from the very beginning of my business, I chose to never borrow money, use credit cards or do anything that would result in debt. I bootstrapped by business. I didn’t pay for photoshoots with a credit card. I didn’t have anyone else investing in my business. It was all me.
For the first year and a half of owning my business, this was completely true. Recently however, I realized I needed to invest in something that would take my business to the next level. That investment was Rick Mulready’s Accelerator Mastermind. It is a mastermind that teaches you all about automated Facebook marketing. This is a piece of my business that I have been struggling with for a long time. I have a huge mental block when it comes to Facebook marketing. Sure, I am marketing my business every single day. But it’s all manual. I realized that I needed to change that to make my business more sustainable. So, I decided Rick Mulready’s program was right for me.
Here’s the thing-the price tag was $10,000. To be completely honest, I didn’t have $10,000 lying around so I had to find another way to pay for this program. That’s when I decided to ask my dad for a loan.
Yes, I know I said that I’ve never borrowed money for my business and I don’t use credit cards. However, I do believe it can be extremely beneficial if you do it in a strategic way. So, in Episode 22 of Six Figs, I’m here to talk to you about how you can invest strategically, in order to take your business to the next level.
Here are the main takeaways from the episode:
Is this thing that I am going to invest in going to make me money, or does it have a high potential to help me make more money faster?
This is also comes into play when you are thinking about hiring someone. Investing in a part time contractor will give you back your time which will then help you do other things that will make you more money.
Something else that you may want to think about when you borrow money for a strategic investment is, “What am I going to have to sell in order to pay back what is owed?” For my own business, I’ll have to sell either two spots of my upcoming mastermind, the Profit Project, or about 10-15 Deep Dive sessions.
Weigh it with your potential to pay it back.
What should you not invest in when you’re first starting out in your business?
Anything that isn’t help, education or coaching. You don’t need to spend a ton of money on your website, business cards, branded stickers, etc right away. Anything to do with branding is something you can learn how to do on your own initially until you get to a point in your business where it makes sense to spend money on those things.
Think to yourself, “Am I just investing in these things because I want this stuff and because it excites me? Or is this something that is going to make me more money?”
Spending money on yourself and spending money on your business is not a luxury. It’s a necessity to the growth of your business.
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