Investing In Your Business: Time, Money, and How Much To Invest

Investing in your business can be a tricky proposition: how do you know when and were to invest to grow your business?

Every day we are faced with business decisions: how to spend our time, energy, and money in our business. There are countless opportunities, programs, and people who can help us to grow our businesses.

Then there are what I consider necessities, like setting up your business foundation, hiring an accountant, and other foundational pieces like your website and your e-mail list.

So the question becomes how can you make decisions that will serve you and your business in the long run?

Investing In Your Business Explained in Under 6 Minutes

The Time & Money Scale

Investing in your business

There are two main investments that you can make to grow your business: time and money.

If you’re starting your business on the side and you still have a full-time job, you might have more money and less time.

On the other hand you might be in the opposite situation where you have a lot of free time, but not a lot of money to get your business started up.

The solution? Use what you have. If you have time but not money, get your hands on as many free resources as you can and take massive action to figure out what works to grow your business.

If you have money, then it makes sense to hire help, pay for educational materials that will fast track your success, and get you started without investing a ton of time.

Beware: Shiny Objects May Be Sharp

I want to address shiny object syndrome. I have a lot of experience with it, and I’m not ashamed of it.

The Internet is full of shiny objects, and depending on where you live you may face shiny objects every time you go out your door too (hello NYC!).

There is absolutely no shortage of information products, software tools, and coaching programs or providers.

It’s really easy to hop from idea to idea, and project to project without ever getting the results that you were looking for.

That’s why we recommend being strategic when it comes to making buying decisions, and planning out your year for your business.

When Should You Start Investing In Your Business?

Should you invest money into your business if it’s not yet making a profit?

This is a tough one because I’ve seen it over and over: when someone puts money into their business, they make it back.

Obviously not all business investments are made equal. If you’re putting money into your business to buy uniforms for your dog to become your mascot… well that might not result in more revenue. Then again, you never know.

The point I’m trying to make though is that when you put your money where your mouth is, you’re making a commitment.

Sometimes the thing that you’re buying isn’t in itself what gets you the results, but the way that it gets you motivated to take more action, might.

That being said, I highly recommend following these recommendations before investing money in your business:

  • When it comes to information products, buy them only when they align with the goals you’ve set out for yourself (don’t get sidetracked by shiny objects)
  • Hire a coach or consultant when you know you need accountability and help to take all the information and know-how you have and turn it into actionable items that you actually do.
  • Check in with yourself before you buy a new piece of software, tool, or plugin… Sometimes we get trigger happy (myself included!) when we see a gadget that could make our lives easier. Make sure it aligns with your goals and business strategy first!

Hiring Help

When you know what your numbers are, you can make better hiring decisions. If you know exactly what you need to make in a given month to keep the doors open, pay rent or buy food, then you’ll also have a better idea of what you can afford to hire out.

One of the first things that make sense to invest in are things that you don’t have the skills or time to do.

That might mean technical stuff you can’t figure out on your own, high end design, accounting, copywriting, or help keeping everything organized.

In the end, if you know what you’re making on an hourly or monthly basis you’ll be able to see the payoff in hiring help to get these aspects of your business handled for you.

What Investments Have You Happily Made?

I’d love for you to leave a comment below and share any good (or bad) investments that you’ve made. We learn from each other, so be generous with your advice!

P.S. Read my Marie Forleo B-school review, registration is coming up and I’m so excited to share the first set of training videos with you. Click here to check it out.

 

13 Responses to Investing In Your Business: Time, Money, and How Much To Invest

  1. Thanks so much for this! I was in this discussion with a friend a few days ago, having the ‘how do you know when it’s beneficial to invest’ discussion. It’s always good to hear another person’s POV. Like many, I’ve bought products and either a) not gotten around to implementing before going on to the next thing or b) bought things that I thought would have more of an impact than they did. I really think I’m at the point that informational products are great, but the next thing I invest in will probably be coaching. Thanks again; great post!

  2. I love this Nathalie! In fact, I’m on a bit of a “hiring stop” right now as I had invested in 3 great programs last year that I didn’t fully take the time to implement.

    So for me, the beginning of 2013 has really about getting realistic with my goals and how these programs fall in line with them – then going through and implementing those action steps that truly match where I am right now (rather than just “completing them for the sake of completing them”).

    That’s not to say that I don’t get distracted by other shiny objects…but I keep coming back to my plan so that I can approach my life and business with more focus (and less overwhelm!).

  3. Hi Nathalie!
    Last year I was devouring information and training, and I got great results, but I'm still (kind of overwhelmed) implementing all the ideas I got. B-School was great, and I might go over it again now that it's starting again soon. And then your products, which I'm also needing to go through more in detail… I wish the day had more than 24h! Sigh…

    • I totally hear you on needing more than 24 hours Marta! I always joked that I should invent an information transfer device (so I didn't have to go to school as a teenager) but now it sounds like a really needed thing. Like in the Matrix. ;)

  4. @Candace – I do think that information products are great for getting a ton of great info and ideas, I still buy them myself. But I have gotten a lot of value from working with a coach on a personal basis!

    @Sabrina – I love that you’re aligning your goals and taking steps to implement! Taking action also reduces overwhelm, and I know you’re well on your way! :)

  5. Thanks so much Nathalie, for your refreshingly straightforward and sound advice- which is often so difficult to find in the internet marketing realm. I loved B-School, and am still referring back to it as well as the information I purchased from you, but having a coach to help strategize your individual situation and unique goals is a key investment that often gets overshadowed by impulse items. Your tips in the video are really a welcome respite from the last 20 hard sell landing pages I have encountered very recently!

  6. Thanks so much Nathalie, for your refreshingly straightforward and sound advice- which is often so difficult to find in the internet marketing realm. I loved B-School, and am still referring back to it as well as the information I purchased from you, but having a coach to help strategize your individual situation and unique goals is a key investment that often gets overshadowed by impulse items. Your tips in the video are really a welcome respite from the last 20 hard sell landing pages I have encountered very recently!

  7. Thanks so much Nathalie, for your refreshingly straightforward and sound advice- which is often so difficult to find in the internet marketing realm. I loved B-School, and am still referring back to it as well as the information I purchased from you, but having a coach to help strategize your individual situation and unique goals is a key investment that often gets overshadowed by impulse items. Your tips in the video are really a welcome respite from the last 20 hard sell landing pages I have encountered very recently!

    • I hear you on the hard sells Laura! I think knowing what you want/need before you approach your investments makes such a huge difference. Happy to offer this respite on the interwebs for you and others like us! :)

  8. Thanks so much for this Nathalie. I am an information junkie from way back, and just starting out in the online business world is proving to be so tempting! I’ve only just found you and agree with Laura about your refreshing and straightforward approach. I will be back!

  9. Definitely RHH B-School! And working with coaches of course. I wouldn't trade my one-on-one time with coaches and meditation teachers for anything in the world.

  10. Definitely RHH B-School! And working with coaches of course. I wouldn't trade my one-on-one time with coaches and meditation teachers for anything in the world.