As an entrepreneur, it can be hard to decide where to spend your money to improve your business. Should it go towards a team member? Coaching? New equipment? Or… should you spend it on new Nike dunks instead? (We’ve all been there…just bought a new pair of dunks the other day. Worth every penny.)
What we really need to consider is ROI. You’ve probably heard the term before. ROI=return on investment.. Essentially, it answers the question, “Is this worth it?” Understanding and optimizing ROI is key to any business venture. Whether you’re investing time, money, energy, or resources into a project, you want to end up with something greater: leads, engagement, revenue, customers, awareness, impressions, etc.
You say, “That’s great, Deanna. But what exactly should I invest in?” I hear you! If you’re a new or small business, your resources are extremely precious. There’s only so much of you to go around! You can’t waste countless hours OR dollars experimenting with where you’ll get the greatest ROI. But you’re in luck, because I’ve laid it ALL out for you. Check out the top 4 investments for entrepreneurs based on my own experience growing a multiple 7 figure brand!
- Invest to get your time back
Don’t hate me for telling you this, but you really can’t do it all yourself. While you may have gotten to this point independently, if you want to scale, you’re going to have to share some of the responsibilities. As scary as this seems, you’ll have more time, space, and energy to focus on leading your business. Plus, you’ll have more time, space, and energy to dedicate to life outside of your business, too…like family, friends, and free time (YES! You can get that back!). Here are 3 ways to invest to get your time back:
- Utilize management tools to communicate efficiently with your team or clients, plan out goals and campaigns, and set deadlines to keep yourself on track.
- Outsource to experts. You aren’t going to be a master at everything. Hire freelancers and virtual assistants or look to marketing agencies for help setting up your website, managing social media, copywriting, or taking professional photos to show off your brand.
- Delegate micro tasks so you can focus on the macro. Hiring employees or contractors and assigning jobs that were previously under your purview can make you feel uneasy at first. But it’s the only way to build trust with your team and to allocate your time to other important tasks that only the boss can tackle.
- Invest in your team
Even if your business is small, you are not a ‘one man show.’ It takes a village to truly scale a brand—and that involves intentionality, communication, and trust. Hire folks who fit your brand’s vibe and culture, not just who looks good on paper. Manage your team in a way that you would appreciate (Just how mom taught you to ‘Treat others the way you want to be treated,’ you should lead others the way you’d want to be led). Lead with respect, compassion, and professionalism. Make your business environment a fun and fulfilling place to work. The more your staff wants to be there, the more that sense of purpose, collaboration, and drive will be reflected in the final product. If you’re still currently a one man show, hiring your first employee or contractor can seem impossible! My advice: start small. Hire someone part-time a few hours a week. You’ll find the right fit and be amazed at how much time it can free up.
- Invest in yourself
Even as the HBIC, think of yourself as an eternal student. Never stop learning about your craft and your industry. Keep up with the latest news and trends, take an online course to become more versed in ecommerce or leadership, and always listen to your staff, loyal customers, and target audience. Doing all of these things—continuously—will make you an ever-evolving and ever-capable entrepreneur.
- Invest in what will make you more money
Don’t just stick with what you know—that’s no way to scale your business. Allocate some time, energy, and money into actions that will take you and your brand to the next level. A perfect example? Online Entrepreneur Academy. If you’re hoping to start a new business or have a burgeoning baby business of your own, the Online Entrepreneur Academy will teach you how to launch your brand, build out an online offering, grow followers, attract paying customers online, and make a sustainable impact.
It’s never too early—or too late to make—an investment that your future self will thank you for. You’ve worked so hard to get where you are today. I know you want more.. It’s time to maximize your returns through thoughtful investing. Looking for a first step and surefire ROI? Apply to the Online Entrepreneur Academy and get ready to grow your business beyond your wildest dreams.
For entrepreneurs just starting out? Apply to START here.
If you’re established and looking to build beyond 10K months, apply to SCALE here.
Can’t wait to see you inside!