You’ve probably heard that “It takes money to make money”—and it’s true. But if you’re struggling to turn the profits you want to, then you may be wondering exactly where you should be investing your money to successfully grow your business.
There is a fine balance between spending and saving, and today, I’ll walk you through how to strike that balance effectively.
Here are three keys to striking the right balance between spending and saving, so you can crack the code to growth this year.
1. Invest Wisely.
This isn’t just about spending. It’s about investing wisely. It’s about making smart business decisions so your investments pay off.
As a smart, mission-driven entrepreneur, consider investing in:
- Education and mentorship. Knowledge and the right guidance can put you in the express lane to success, financial stability, and personal freedom. Plus, a learning environment can provide new connections and spark creativity!
- A virtual assistant. Stop doing the tasks that drain you and take time away from the powerful work you get paid for. A virtual assistant can check your phone messages, answer emails, project manage, and so on.
- Household work. If you work from home, it’s so tempting to stop working and take “just a few minutes” to do laundry, dishes, or vacuuming. But you don’t get paid for those things! If you struggle to stick to working during working hours, hire someone to clean for you so you can spend your time and energy on tasks for which you get paid. (Plus, studies show that a clean, clutter-free space actually increases productivity!)
- An accountant. Stop the spreadsheet madness! If you’re not an expert when it comes to taxes, income, and expenses, hire someone who is. Let the expert take care of it, so you can spend that time on revenue-generating activities.
- Teaching. I’m talking about YOU doing the teaching! This is a time investment that will boost your credibility, force you to know what you’re teaching at expert level, and get you to confront and consider new ideas and explain things in different ways. Reach out to community learning programs or colleges in your area and get in the classroom (entrepreneur.com).
- Reading. This is another time investment. Read everything you can get your hands on, from business focused articles to those on health and wellness. Giving your mind a break inspires creative problem solving and invigorates your work when you get back to it (entrepreneur.com).
- Your physical health. Staying healthy is an investment in your business since your ability to work is the most essential thing to your business success. Get enough sleep. Get to the gym. Eat healthy meals. Make good choices. And for heaven’s sake, take vacations (entrepreneur.com)!
- Networking. The personal connections you build through networking can move with you from project to project, business to business. Get to know your network personally (entrepreneur.com).
2. Raise Your “Having” Level.
We’re talking about mindset, here. Your “having” level is how much you allow yourself to have. This manifests in how much money and love you allow yourself to receive, as well as how many clients and opportunities you allow yourself to have before you unconsciously shut off the flow.
When you raise your “having” level, your new, higher level becomes the new normal. Now that you’re clear on “having” level, let’s dig in on how to raise it.
- Claim your space. Certain rituals and practices may help you claim your space; for example, meditation, affirmations, and an active imagination can provide opportunities to shift your mindset and allow yourself to have more.
- Claim your price. Now is the time! Understand and define the value of what you do, and what you’re offering. Set your price.
- Surround yourself with people who are raising their “having” levels. Find a community of like-minded entrepreneurs with whom you can share encouragement, advice, and support. This community may take the form of a mastermind group.
- Get crystal clear on what you’re offering and who you’re offering it to. When you know exactly who your ideal client is, you can focus in on the tasks that relate directly to him or her. This focus allows you to waste fewer resources while serving your ideal client at the highest possible level.
3. Take the Right Risks.
Taking risks creates action. When you take the right risks, then, you create the right action in your life and your business. If you feel like you’ve tried everything to make sales and people just aren’t buying, consider whether you’ve taken action to get the energy flowing.
For example, maybe you’ve been thinking about doing a mastermind or joining a training program. You may have also thought about painting your house.
Until you make a decision and take action, you’re not going to get people to take action and invest with you.
It’s almost like karma – it’s an energy thing!
I’m proof positive when it comes to investing in success. My business exploded in 2009 and I believe that growth resulted from the investments I made in myself.
When you do make an investment in yourself, you begin to look at things differently … and you take bigger risks that pay off.
If something is calling to you—a certain program or training or workshop—then take the risk. You, your business, and your message are worth it.
Now that you understand the importance of investing in yourself, I’d like to tell you more about my Sales Authenticity & Success Mastermind (Sassy). In it, we follow the leveraged progression plan, which focuses on making seven figures in three years.
Jonathan, one of our members, has declared that he’s doing it in TWO years, and you can read more about his story for inspiration for YOUR 2017 – the year you crack the code on growth.
If you’d like to learn more about my Sassy Mastermind, you can do so here.