What to Invest & What Not To Invest In Your Business
Today we’re talking about what to invest in and what NOT to invest in, in your business…
Because this is a topic that I want more of us in business, especially women in business, to be having…
MONEY is a bit of a taboo subject generally and I know talking about money can make people feel uncomfortable, but as business owners we need to be having this conversation.
As the owner and CEO of your business – being mindful of your money and your expenses is so important.
Knowing what’s coming in, knowing what’s going out – making informed and intentional decisions about your expenses…
This is what will support you to build, grow and scale your business in a sustainable way.
So in today’s episode we are talking all about what to invest and not to invest in your business...and I’ll be taking you behind the scenes and sharing what my biggest expense is in my business each month, and why.
So let’s talk firstly about some of the biggest unnecessary investments I see business owners make – particularly when they’re first starting out
This is what NOT to invest in.
Firstly, don’t spend $10,000 on a website...or on your branding either for that matter.
Yes – having an online home is important…
And yes – creating a brand that represents who you are and what you do is important.
But you don’t need to spend $10,000 to make it happen – especially when you’re first starting out.
If you’re somewhat tech savvy you can definitely go down the DIY route to begin with.
One of the best things about being in online business at this time in history is that it has never been easier to create your website, or even your own logo if you’ve got an eye for design.
Platforms like Squarespace or Wix for websites and Canva for graphic design make this sort of thing possible.
But if the thought of creating your own website fills you with absolute dread and creating your own logo is the last thing you feel confident doing....
Then outsourcing is your best friend.
But you don’t have to spend $10,000 on a fancy website build that has a million and one features, that you’re not able to easily update yourself.
Simple is best. And when you’re starting out it’s likely that things in your business will shift as you start to work with more and more clients and get more experience.
As time goes on, you’ll start to refine your offers and your messaging based on the feedback you’re getting. You will want to make changes.
So spending a bucket load of money up front on a website that you will most likely want to change – that is NOT where you want to be investing your money.
Same goes with your branding.
Yes – branding is important. The whole first module inside the Spiritual Business Academy is dedicated to helping you create a brand that will attract your soulmate customers and clients with ease.
But you don’t need to invest heaps of dollars in your branding upfront.
There are more affordable options that will have you looking professional and will allow you to start building brand recognition and trust, without breaking the bank.
Because, quite frankly, there are more important things to be investing your money in.
A website does not a business make.
You can have the most beautiful logo and website in the world – but no clients or customers.
What you want to be spending your money on in your business is things that will actually move the needle forward in terms of generating income.
The other expense you want to be conscious of is your subscriptions.
As I said before, running an online business has never been easier. There is literally an app or a platform that will help you automate almost everything in your business.
And it's important to remember that as online business owners, we have very little overheads. I actually had this conversation with my coach recently where she reminded me that the same way a brick and mortar business pays rent, we pay for our subscriptions.
But anyone who has been in online business for a while will know that these things add up.
I’m talking about subscriptions for things like Zoom or other video conferencing software, online course platforms, website hosting, email marketing, online booking systems, just to name a few.
There are many.
And they can easily accumulate AND sometimes you’ll end up paying subscriptions for things you aren’t even using.
So what I want to say here is...
Firstly, be discerning about what subscriptions you’re paying for. Trial the free version if possible before upgrading to the paid plan. And remember, you might not even need to upgrade to the paid plan at all.
For example, I use the free version of Asana in my business. Asana is the project management tool that I use with my team – and the free version is perfect for us.
So don’t head in and upgrade to the paid plan straight away if you don’t have to.
And for the subscriptions that you do decide to pay for – it’s important that you keep on top of them.
Take a moment and consider the subscriptions you’re currently paying for…
If you know you have some subscriptions you’re paying for that you don’t need to be – your first action after listening to this episode is to go and unsubscribe or downgrade your plan.
And if you’re not sure what you’re paying for – your next step is to go and do an audit of your subscriptions. If there’s anything you’re not using – it’s time to stop paying for it.
And if you’re just starting out and don’t have any subscriptions just yet – remember to be discerning, trial the free version if possible and only upgrade where you have to. Sometimes the free version will be all that you need.
I can’t stress this enough – stop paying for unnecessary things in your business!
Now on the flip side…
What ARE the things you want to be investing in in your business?
I’m going to talk about 2 main things here…
The first being investing in your own learning.
This can be investment in courses that are going to support you directly in your business.
For example, doing a course on how to make instagram reels OR how to take product photos OR how to uplevel your money mindset.
This is all learning that you can take and apply directly in your business to build and grow your business.
This can ALSO be investing in learning that will support you to continue to get better and better at what you do – your craft, your expertise, your modalities.
This is about investing in your learning so that you can better serve your clients and customers through your work.
So if you’re a reiki healer, for example, that might look like investing in the next levels of your training OR adding a new modality, like holistic counselling, to provide an even deeper experience for your clients.
If you’re a life coach, that might look like investing in sacred circle training so that you can create and hold space in a group setting.
There’s so many ways that you can invest in your learning to ensure that you continue to grow as a practitioner, space holder and service provider.
But there is ONE thing that I want to add here – and it's only because I see this happening in the spiritual community quite a bit – and that’s to not allow getting the next qualification to stop you from moving forward in your business.
Yes – do the training, get the qualification! But once you’re qualified in one modality, start offering it. Don’t feel like you have to wait until you’ve got the next thing and then the next thing and then the next thing before you can even start your business.
It's okay to start your business with one offering – one way that people can work with you. You don’t need to have 17 different modalities to start your business.
If this is you – you’ll know exactly what I’m talking about. Stop hiding and start sharing your magic with the world!
And if you haven’t completed your first training yet – that's okay! There are plenty of things you can be doing to get set up and established so that once you have finished, you can start building your business and attracting paying clients straight away.
No matter where you’re at on your business journey – investing in your learning is always going to be money well spent.
The second thing I want to talk about today is actually the BIGGEST investment I make in my business each and every month…
And that is investing in SUPPORT.
Now when I say support – yes, I do mean hiring a coach – no surprises there!
But I also mean hiring a team and outsourcing when the time is right.
So this is SUPPORT at all sides, on all fronts.
Outsourcing those regular tasks in your business that take up your time, that you’re not very good at and that you don’t love doing – will FREE you up to focus on the things that are more important. Things like service delivery, client attraction, teaching, and whatever else is in your zone of genius.
These are the things that actually bring in more money, more clients and allow you to go bigger with your impact. That is what want to be focusing your time and energy on…
And calling in your support team is the way that you do that.
Now obviously it might not be something that you’re going to be investing in straight away – BUT when it comes to “what to invest” and “what not to invest in your business” – outsourcing and hiring support sits squarely in the “what to invest in” column, 100%.
Now - hiring a coach...
I know I’ve shared this before – and I know that it might sound biased as a business coach myself – BUT I wouldn’t be in this business if I didn’t wholeheartedly believe in the work that I do.
And I wouldn’t have worked with my own business coach for the last 2 years if I didn’t believe in the value of having this kind of support in my life and business.
Investing in a business coach is the single most transformative investment I’ve made in my business. And I wish I’d done it from the outset because I have no doubt that it would have allowed me to grow and scale my business much much sooner than I did.
In my opinion, having the support of a coach who’s there for you all the way along in your business journey is an absolute no brainer.
Someone to walk alongside you, to keep you accountable and hold space for you as you move towards your goals.
A great coach will:
Help you recognise when you might be letting fear or your limiting beliefs get in the way of taking action and will support you to move through it.
Support you to make strategic decisions, and to create the plan or strategy in the first place.
Help you determine your next best steps and keep you on task and focused.
Be there to celebrate with you, to debrief with you and to support you through any difficult conversations that you need to have as the CEO of your business – because there will be difficult conversations! But you don’t need to do it alone.
A business coach is there for ALL of it.
And I don’t think I will ever not have a business coach for all of those reasons.
The most important thing for you is to find the right coach for you and your business – whether that’s working 1:1 with a coach or in a group setting, like say…in the Spiritual Business Academy, for example. 😉
I’ve actually got a whole podcast episode dedicated to this exact topic – Episode 5 is all about How to Find the Right Coach or Mastermind for You.
I recommend giving that episode a listen if you want some support there. In that episode, I share 6 questions to ask yourself as you’re doing your research and making your decision.
So when looking at where to focus your spending in your business – I recommend investing in your learning and investing in support.
I can’t stress this enough. As I said, this is the biggest expense in my business each month.
And rightly so – having this support in my business is by far the number ONE thing that helps me grow, scale and move my business forward. So it makes sense that this is also my biggest expense.
The doors to the Spiritual Business Academy are now open
The Spiritual Business Academy is my 8 week foundational program for women who want to build their spiritual business with ease and soul.
There are 4 training modules – all designed to help you build those rock solid foundations of your spiritual business AND you get me as your coach for the 8 weeks.
You’ll get coaching support from me in our fortnightly group calls and inside our Facebook group each and every week.
The women who are already joining me for this next round which kicks off in just a few weeks time – 21 June 2021 is our official start date – they are just amazing!
And I’d love to support you in this way too.