What are the best investments you can make in your business? All too often, I talk to people who struggle to know the answer to this question. It’s so easy to get overwhelmed by the sheer number of options when it comes to investing in your business. We know that we have to do it, but how do we invest in the best possible way?
I break investments into three different categories:
#1: Who are the people that you need to invest in?
When I talk about investing in people I’m thinking about biz besties, accountability groups, social media, direct outreach, and your connections. This type of investment is an investment of time.
We often think about investments as financial investments, but there are so many other investments that you can make. One of the biggest investments is your time and building those relationships with the right people. You might do this in networking organizations, online, or in person.
For me, clients are always the best investment.
Not only because they’re paying you. It’s also because, in the long-term, you benefit from them in many ways such as referrals, strategic partnerships, and collaborations. How are you investing deeper into those people so that you can continue to build these relationships?
I want you to think about who the people are that:
- You are connecting with
- Are opting into your list
- Are showing up to your event
Investing in people that do things that are outside of my zone of genius.
One of the biggest investments that I’ve made, and something that has made the most difference, is investing in people that can do things that I do not do well or that I do not have the time for. That’s been a copywriter, my podcast manager, and a VA.
Something people struggle with most when it comes to investing in people, is that they’re not clear on exactly who they need. Before you start to outsource, I want you to spend some time thinking about:
- What is it that you need to free up in your life?
- Where are you spinning your wheels and getting frustrated?
- Is there somewhere you are wasting time that you could use elsewhere?
For me, and most of my clients, it is Canva graphic design. That is a rabbit hole that turns into such a time suck. We can hire somebody that can handle all of it and save us so much time. Get really specific. You need to stop trying to find a Jill-of-all-trades.
Stop looking for a “unicorn” before you make any investments in your business.
I see posts on Facebook all the time, “I’m looking for a unicorn.” Let’s just be real, unicorns don’t exist. Stop expecting people to be unicorns. There are people out there that have a massive amount of skill and can do a lot of different things.
I’m not saying that you can’t find somebody that is really good at a couple of different things. Yet, the chances of you finding somebody that is good at graphic design, website maintenance, copywriting, and general admin work are slim to none. It’s just not realistic to expect somebody to be good at all those things.
Don’t be afraid to hire more than one person.
It’s not always going to cost you more money. Plus think about what you’re going to get in return. I have one person who does copywriting because that’s what she’s good at, another that does podcast management, and an executive assistant that handles a lot of admin stuff. Those three people make a fabulous team for me by helping me in the areas that I’m not strong at.
#2: What tools do you actually need to help your business succeed?
We can get really overwhelmed with all the tools in the marketplace. I have talked to quite a few people that feel like they have all the tools. They’re paying for all the things, but they’re just not utilizing them to their fullest capability.
What tools do you really need? I would say every single person needs 3 tools:
- Email marketing platform
- Scheduling software
- Good laptop, computer, or phone
Then there’s software.
Just because something is popular, doesn’t mean it’s the best fit for you. For example, let’s look at Kajabi or Clickfunnels. The idea of having an all-in-one software is really great. But if you only have an email marketing list of 300 people, and one course or one funnel, you really don’t need Kajabi or Clickfunnels. There are so many other platforms out there that are less expensive and serve the same purpose.
Think about where you’re spending and investing in tools.
One of my favorite software’s right now is TidyCal, which replaces Calendly. With Calendly, there are constant upgrades to their next level or to get the next feature. They have a million features, but you have to keep paying for them. It’s a monthly fee.
TidyCal is $29 for life on AppSumo. I paid for it one time. It integrates with PayPal and Stripe. You can do paid events, have multiple different types of calendars, and sync to more than one calendar. There are so many different functions to it. For me, it works beautifully. And it was $29 one time. I own it for life. That’s such an incredible investment.
I canceled Caldendly, which saves me $200 a year. That is $200 a year that I can invest into something else. Where are you spending time or money on software that you don’t need? Money that you could take and then reinvest into something else.
#3: What programs do you need to invest in to help your business succeed?
There are a million programs out there. I think one of the most underutilized resources in business growth is a mastermind. I’m not just saying that because I have my own mastermind inside the Alliance.
The reason the Alliance exists is because I felt like the mastermind was the most powerful resource, and I couldn’t find a true mastermind. So I created it. That’s how the Alliance was born. I feel so strongly about the power of a mastermind and think it’s something that you should always invest in.
So I will never stop speaking about the power of the mastermind. I have seen such massive growth, we’re talking 150% to 350% growth in 3-6 months just from being in a mastermind. That growth is from getting that peer-to-peer knowledge. To me, that is by far one of the best investments.
Think about what programs you need.
Where are you really struggling? What do you need?
Do you need:
- Peer-to-peer help?
- A strategist?
- Somebody to keep you on target?
- To buy an hour of somebody’s time?
- Something to commit to long-term?
- A short-term investment?
You can invest in just about everything. There’s a program, a person, a coach, a mentor, or a mastermind out there for everybody. You have to figure out what you personally need.
Take a second to really think about what type of program you REALLY need.
The other investment is a program where you can actively network with people that are paying to be there. You don’t need to be in a million free groups to do that. If you’re working on your content and building a network on any of these social media platforms, that is your free.
I used to play the game. It was really popular for a while to get into all these Facebook groups. Guess what? The people that are doing the best and seeing the most results are not operating in those free circles. So go find the program that you need, and build onto it.
There is one that I’m thinking about joining right now. Once you buy it, you have lifetime access to it. That to me is an incredible investment. I’m also looking into another program that’s a month-to-month mastermind community that is a different type of mastermind than I run, which means a completely different group of people. Both are incredibly helpful and have a great return on investment. I have to decide which one I need at the moment.
Investing is only as good as your level of commitment to the investments that you’re making.
Don’t over-commit. I was listening to a podcast a few days ago. She was talking about different investments. She feels very strongly about investing in help at home. So she’s talking about a housekeeper, a nanny, and somebody that cooks her meals.
I never would have thought about it, but maybe things at home are not necessarily your strong suit. Maybe you really want to spend more time on your business and not on these other tasks. You might be really good at the admin work, but not at doing all the meal prep. Hiring people to help with those tasks could be something that is more important to you than a VA.
“Free” investments won’t get you to success.
Then programs, she said, “Stop trying to find all these programs you think that you need. Anything that you need, you can buy. Just have to be willing to buy it. Stop trying to find it for free.”
Stop trying to find a free mentor, a free networking program, or a free Facebook group where your people are hanging out. Coaches and other people spend hours creating these communities. If you want to be a part of it, then buy into it. Invest in communities that are going to serve you, but figure out which communities are going to serve you the best then pay for them.
Some are inexpensive. Others are super affordable. I know some programs that are like $7 a month, and they’re beautiful communities. Then you have communities like the Accelerated Business Alliance and another mastermind group that I’m a part of that are more high-level. Those are $500 to $1,000 a month. Both serve an incredible purpose, but you need to invest in them.
Time to take action.
The things you need to invest in are:
Create a list of people, tools, and programs. Then, I want you to lay out what investments you have made.
- Which ones have been the best?
- What ones have not been the best?
- How do you want to move forward in 2023?
- Where do you need to increase your investment in some areas, and decrease in some areas?
Connect with Michelle-
- Accelerated Business Alliance- www.acceleratedbusinessalliance.com
- Website – https://michelledenioconsulting.com
- Facebook Profile – https://www.facebook.com/MichelleDeNioBizStrategist/
- Linkedin Profile – https://www.linkedin.com/in/michelledenio/
- Facebook Group- https://www.facebook.com/groups/fullybookedsolopreneur/
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