This question may seem as a no brainier, some may say they invest both time and money, so why are you asking such an obvious question.
Allow me to pose the question to you in this way. Are you putting money into your business but have no clear plan of how to make the money work for you?
Are you spending money in your business, but because it’s not directed in the right areas you don’t see the ROI (Return On Investment). I am speaking from a place of experience, as well as being frustrated by not having a marketing plan in place, to ensure that my actions were giving me the insight I needed to make well informed decisions.
Some entrepreneurs approach their business in this way and wonder why they see no results. I know a marketing plan can see overwhelming to the novice entrepreneur, and although I am by no means an expert in marketing, however what I have learned is this.
For every action there must be a well thought out plan of what you desire to achieve, and before you sink any money into any area you must be able to understand that even the data from a failed attempt is a starting place of insight for my next action. Some entrepreneurs are afraid of taking risks because they fear the loss of money as a failure, instead of strategy to what’s not working.
Investing wisely in your business comes with a mindset shift, to discern what you need to do and at what time.
Shifting my mindset was one of the hardest things for me to do in the beginning. because I had a poverty mindset, which kept me stuck in a wrong thought pattern.
Having this type of mindset will have you spinning your wheels, because some entrepreneurs try to either go the free route or at a very low price point. I am not saying that I would pass up on a good deal, however, I had to understand those who are truly crushing it in their business have invested large amounts of time and money to stay on top of their industry and receive their ROI.
Time is a commodity, and how you spend it will make a huge impact in your business. As entrepreneurs you need to take the time to research, read and learn about your business, so when you are ready to launch your business venture, you are making well informed moves.
I know each business venture comes with risks, but the risks become greater when no time is spent on researching the space you choose to occupy, be it online or brick and mortar.
When you invest money into your business it has to align with your business goals and objects. That may be in the form of a business coach, a program or conference.
Ask Yourself These Questions
How am I investing in my business?
Am I wasting time in my business by working on things that are not income generating activities?
Does my business investments lineup with my business goals and objectives in this season of my business?
Being an entrepreneur says’ that you are a risk taker, and that you are going to make decisions based on what you have researched and found to be a viable business idea.
The time investment is the most important part of your business. You have to do the research, you have to know who you serve, what is their problem and how do you determine to solve it. There are many entrepreneurs who try to glaze over this time component because
1. they don’t fully understand who their audience is.
2. They don’t want to spend the time learning about it, because they are anxious to get to the selling part.
But the detriment to this is, you cannot attract what you have not examined.
As an entrepreneur you should not be afraid to invest in your business, If you desire someone to invest in purchasing your products and services at high level price points, then you need to show they you have done they same in your business.
Having the right goals and objects is key to gaining the momentum you need to stay focused on growing your business. I have a free resource blow to equip you to set the right foundation for your business.