Most people who start their own business are doing so on a bootstrapped basis, meaning that they do not have a lot of resources to turn to as it relates to investing in their business.
They might use free trials of programs and refuse to outsource and try to handle everything on their own, simply because there is no other way to do it. This is common for any solopreneur who is making their first venture into a new business, especially if that business is online.
Investments Help You Grow… Once You Have Revenue
It can be challenging to come to the decision that you need to make investments in your business. Ultimately, in an ideal world you will come to learn that achieving certain revenue points in your business can help you feel more comfortable with expanding and making investments. Investments can come in many different forms in your business, including taking online courses, attending conferences, hiring help, up leveling your software programs and more.
All of these can have significant implications for your ability to grow your business to the next level, but there is still a niggling thought at the back of your mind that investing in your business means that you won’t be able to afford it. One thing I recommend for business owners who are curious about making investments in their business whether it’s hiring new staff or buying a new program that may help them accomplish a new skill or goal, is to reflect on your revenue goals.
Set Clear Goals to Tackle Investment Decisions
Having a specific revenue goal, such as so many clients per month or a specific dollar amount that you will have achieved in revenue before you make an investment can help you push you towards that goal more quickly and help you feel excited about making that investment. Remember that as a business owner you cannot exist forever with only relying completely on yourself and bootstrapped versions of every software program or technical piece of equipment to help you get there.
Bonus points for this step because it feels like a reward that you get to invest when you grow your company!
Making investments in your business is something that you should do sometimes even before you have all of the money to do it.
What I mean by this is that you have to determine the right investment for that particular point in time. If you were to choose to give some of your revenue to a virtual assistant who freed up 5 to 10 hours of your week so that you could generate more money during that time, that’s an investment that will have a return coming back at some point in the future.
What is critical for you to determine at each stage of your business is what you need and how it can help your business in your future. Making an investment in a conference, a person, a tool or anything else will require careful analysis of how they will impact your life in the future and help you to accomplish your business goals.
When you feel as though your growth is being limited because you’re trying to do too much or there’s a program out there that could help push you to the next level, it may be time to invest in your company. Be aware that all successful business owners are investing back in themselves and in the company in one form or another.