What Investments Are Worth It For Your Small Business
When it comes to investing in your small business, you want to ensure every penny is well spent. In my eight years of entrepreneurship, I have been presented with hundreds of ways to invest in my business in order for it to grow. However, not every investment is truly worth it. And it likely depends on your business model, your current snapshot, and your goals. Follow along as I walk you through the best investments I believe are to be true for your small business. And some of the worst!
Are you currently starting a business? Download my Free Side Hustle Starter Guide here. This will walk you through turning that idea in your head into a thriving and profitable side hustle!
Investing At The Beginning of Your Business
When you are starting a business, it’s important to understand that every penny counts. You don’t want to invest in anything that doesn’t support business growth. Plus, you want to make that your investments are doable with your current budget. Explore my$9 Business Budget Spreadsheet and get an understanding of what you have available to spend.
I understand spending money on your business can be scary. Especially at the beginning while your business is still growing. However, it can be a wonderful way to jumpstart that growth and see your investment return. This is why I feel so strongly about share both the good and bad when it comes to spending money on small businesses.
As your business grows, so will the way you invest. Your marketing budget for instance is something that will grow with time. And as you learn more about your business, the various ways you invest will change. For instance, maybe you go to learn that the majority of your audience is on Facebook. Therefore Facebook Ads work best rather than Google Ads.
I have had multiple businesses in my years of entrepreneurship. And I have made great and poor devious when it comes to spending. Some efforts have resulted in major business growth. And others have been learning opportunities.
Follow along as I share the best and worst investments I have made for my small business.
The Best Investments I’ve Made
The common thread with all positive investments I have made has been business growth. If I am able to measure upwards growth inside my business after an investment, then I know it was money well spent. And I likely can continue.
I also want this business growth directly tied to business revenue. Remember, good investments in your business don’t just grow a social media account to a large following. Instead, we want to ensure it can increase our revenue.
Email Service Provider
One of the best investments I continue to make in my small business is my email service provider. I pay monthly for this service and it is the number one way I drive sales inside my business.
With an email service provider, you can create forms where others can sign up for your email list. You can deliver your lead magnets automatically. Set up automated email sequences. And of course email your entire list on a regular basis, all in one easy platform.
If you currently do not have an email service provider, the time is now! Flodesk is my email service provider of choice. If you want to learn more, I have free training videos and a free demo for you. Click here to explore why I love Flodesk and save 50% off your entire first year.
Another amazing investment I have made inside my small business has been with coaching. Business coaching has been able to grow me as a business owner. However, it’s also been able to ramp up my business even further.
With coaching, I’ve been able to work with experts on strategic marketing, launching, and revenue goals. Without coaching, my business would not be as far along as it is. Having the power of two to help develop my business further has been a game changer.
Want to explore coaching for yourself? Start with my 1:1 Coaching Calls here! These 60-minute calls help you gain clarity, make progress inside your business, and walk away CONFIDENT knowing your next money moves.
Pinterest has been another amazing investment in my business. By hiring a Pinterest Manager, I have been able to hand over all of my regular content and have it Pinned. This process drives traffic to my website. From there, that traffic converts to email subscribers that convert to revenue.
The Worst Investments I’ve Made
Now let’s talk about some of the worst investments inside my business. Keep in mind, these investments have not worked for my business for gaining revenue. However, that may not be the case for your business.
As you continue this blog post, see what applies to your business, what does, and where you can challenge yourself.
One investment that has not given me an ROI, or return on investment, has been brand photography. I have spent a lot of money on brand photos throughout the year and truthfully I have not seen an investment back.
For some very large businesses, brand photos are a great investment. They help build value, credibility, and customer experience. However when you are just starting out, this investment isn’t always needed..
A workaround I use for this is using my husband to take all of my brand photos. This is a free option and produces the results I need every time.
Hiring (Before I was ready)
Another investment that hasn’t given me a return is hiring. Outsourcing projects inside my business that weren’t needle movers has led me to lose money.
Be sure before you hire, the project or efforts you are hiring for, is already earning income. Or through hiring, the hours you receive back directly go into earning income. This is a sure-fire way to ensure you see an ROI with hiring.
Resources You Can Use Today
Don’t be afraid to spend money inside your business my friend. Oftentimes, investing into our business can truly help them grow. And grow faster! Investing can be a wonderful move to make as a business owner.
However, you should carefully consider where you are investing in your business. Use this resource as a guide for understanding what has and has not worked for me and see how it can apply to your business. Or if you have further questions on how to get your business off the ground, download my Free Side Hustle Starter Kit here. This kit can help answer those beginning concerns.
One piece of advice I do want to lend when it comes to investing in your business is to create a budget. Use my $9 Business Budget Spreadsheet and gain a clear understanding of your monthly income. This spreadsheet can help shine a light on what you truly can and cannot invest in each month.