No one wants to spend money when they don’t have to. Especially if you don’t have a stable or consistent income. For those of you who just left your 9-5 and are scared to death to make a big investment in your business, keep reading.
Some of you might think the saying “You have to spend money to make money” is cliché.
But, this is what our founder, Gracie Thomas, has to say, “After building not 1, but two 6-figure businesses all before 25, I now take that cheesy saying to heart. You should too.”
Now, we’re not saying to throw money at a problem, or that only wealthy people can make their businesses grow. Nope. We mean that careful and strategic investing in your business is necessary and incredibly helpful when it comes to growing and scaling your business.
If you are thinking “Where do I start?” or “How do I know if something is the right investment?” You’re in luck. Gracie knows the struggle and she’s been there. In 2020 alone she pumped over $25,000 back into her business. Was that scary? You bet. But, she also attributes those investments to where she is now, after approaching a multi-6-figure mark after only 6 months in business.
Here are 5 Types of Investments and How To Know If You are Ready for Them
This is one of the most challenging investments for most entrepreneurs. It is hard to trust someone else with your baby, even if it’s just a part of it. But, with the right person, your life will become infinitely easier and you can stay in your zone of genius and do what you love.
We suggest that every quarter you take a look at the breakdown of how your time was spent over a 2-week period. Then see what took up the most time and if that is where you want to be spending your time. Also, consider how you could spend that time if that task was out of your hands. Sometimes just having one person to lighten the load can make all the difference and is 100% worth the investment.
Education & Coaching
As an entrepreneur, we should always be learning, especially those of us in the online space. If you notice a gap in knowledge, or you’re having mindset blocks and just feeling like you need support, the Building Better Collective community and resources are at your disposal.
We designed our platform to be a one stop shop for female wellness professionals so you don’t have to invest in multiple courses, mastermind sessions, and resources. We’ve got them all for you!
We’re talking logos, templates, website, graphics, photoshoots, you name it. If you have a good eye, there are some things you may be able to piece together yourself, but getting a professional to take the reins is one of the most value-packed things you can do for your business. You don’t need to do it all at once, you can do little chunks at a time.
Don’t DIY your finances. As tempting as it is to go to town on a spreadsheet or wing it, your financial future is too important to Youtube your way through it. If we had to recommend the one thing that all entrepreneurs should 100% invest in no matter what it would be a financial expert: a CPA to handle all the annoying tax stuff and if you are big enough, a bookkeeper to make sure everything is good to go.
Oh my goodness how a good system can save you! There is a program or app for everything these days and to be successful you certainly don’t need them all, but there may be some that end up saving you time and money in the long haul.
For the entrepreneur who is scared to invest, who is nervous about making financial mistakes or struggling to give up control, I see you. Entrepreneurship is hard, but investing in ourselves and our business is more important than the Starbucks you are drinking or the shoes you’ve been eyeing, take a look at your priorities and goals and evaluate if your decisions align with them.