You’re in business — congratulations! It’s possible it was nothing or everything you were expecting, right? Ebbs and flows, ups and downs, round and round we can find ourselves in a variety of tailwinds and undertows but we love it anyway! After all, it’s all part of an entrepreneurs journey. And, what we believe should also be part of your journey are 3 types of investments you should be aware of when you’re in business.
These are outside of your product or service offerings, outside of the virtual assistant you just hired and, also outside of what might comes to mind when you hear the word investments.
Do we need to invest money to earn money? Yes of course.
We invest in our businesses in all sorts of ways but we’re curious, what are the first 3 that come to mind for you?
As we head into a new quarter, new season, or new year it’s important to review, reflect and reset in a variety of ways; professionally, personally, spiritually, etc. So, we thought touching on what we believe to be the top 3 investments, that will help you grow through each new season was important topic to touch on;
- Finances (in training, courses, coaching, etc.)
Investing is the act of allocating resources, usually money, with the expectation of generating an income or profit.
3 Types of Investments for your Business
According to Wikipedia… ‘A belief is an attitude that something is the case, or that some proposition about the world is … everything that the world and people around you can teach you.” This means that peoples’ beliefs should evolve as they gain new experiences.’
In many ways, belief is not always the product of fact or fiction but instead what we feel deep down based on our own experiences. We come across many entrepreneurs who lack belief in their own abilities and causes major stunts in their business growth.
So, why isn’t finding belief in ourselves talked about more? You might be wondering why we factor belief into one of the investments we suggest you need in business …
The answer is simple; invest in the personal development and self-discovery that will help you explore and explode your confidence (aka in this case, belief) into yourself.
This will require a commitment that may have been overlooked so far.
Exploring that belief will be uncomfortable, it will raise uncertainty and it can be scary.
However, it’s in you and making the investments into finding this belief inside yourself — is WORTH it!
The second of the investments we believe you need to consider and make non-negotiable is your time. After all, time is one of the priceless commodities many of us wish we had more of, right? So using your time wisely is key. Similar to belief, your time will require a level of commitment you may not have initially considered.
Unfortunately, it may demand some sacrifices along the way however, when you focus on the long term benefits of this commitment it makes things a little less painful. Additionally, you may consider investing monetarily to things that free up your time a little more; a virtual assistant, a cleaning lady, a dog walker or otherwise. They don’t need to be huge financial stressors as long as the time you free up is being used productively.
On the other side of this, investments in your time can also have you become more aware of using your free time with purpose;
- Time with family/friends
- A hobby
… to name a few.
We are all given the same 24 hours in a day, how you spend that time is up to you.
The last of the 3 types of investments we believe everyone needs in their business is investing financially. Similar to the less costly suggestions we made above, the financial investments in your business might look like a scary dollar amount but, please consider the ROI (return on investment).
We have spent thousands upon thousands over our career (and yes, they still freak us out a bit!) but, the return has been much larger than the initial monetary investment.
Think about the first event you attended or course you dove in and took action on, how did your business thank you? Did you experience growth? More sales? Welcomed new business partners or colleagues? We would bet the answer was a huge YES!
Financial investments might include;
- Bootcamps (like the one we offer you can learn more about here)
- New course on monetizing your social media
- A workshop or seminar on a topic related to your niche
- Masterminds or Summits
- Coaching or Mentorship
There are a variety of ways to invest financially into your business (and growth) — and, if you were to ask how successful people got to where they are, most of them will tell you it was learning from others who were where they wanted to be.
Overall, investments in our business are crucial to growth; belief, time and finances. They are not a quick fix or guaranteed ticket to success but they DO increase your odds significantly.
Where are you investing in your business?