15: Where to Invest Next in Your Business

Description

Have you ever wondered where to invest in your business? Do you ask yourself who’s trustworthy? What makes a business investment smart? There are countless ways to invest in your business. Which one is right for you?

In this episode, you’ll learn the types of investments available, what to consider before you make a financial investment to grow your business, and what paid options are best for each phase of business growth. If you’ve ever wondered where to invest in your business, this episode is for you.

“I fully believe you should invest in programs and people to grow your business.”

Entrepreneurship can be lonely. As business owners, we’re never satiated. Let’s dig into your available investment options so you can grow your business.

Types of Growth and Development Investments

Free + Small Investments

Webinars
Summits
Templates
Opt-ins
YouTube tutorials
Podcasts
Books

Paid Investments

Courses
Coaches
Group Programs
Masterminds
Specialty Coaches

How to Determine Where to Invest in Your Business

To help you decide the right investments for your business, you can ask yourself the following questions:

What is your current business stage?
- Building phase: You’re unsure what to do but have a passion. You may have lots of offers to see what works.
- Growing phase: This stage is both exhausting and exciting, and it’s where you’ll spend the bulk of your time. You have income coming in, but want to make business easier.
- Scaling phase: In this phase, you’re ready to bring in teammates, resources, and systems. Your revenue is over six figures. You’re ready to step away from your business or multiply yourself through offering programs or certificates.
How many years have you been in business? Or how many years have you sold what you’re currently offering?
What are your available funds?
What problem will this investment solve for you? What gap will this investment fill?

What Paid Options are Best for Business Growth

Courses

For those in Building or Growing phases.
Good decision for those who want to learn or add to their skillset.
Steer clear of courses if you lack the time or follow-through.
Ask yourself if you need this training right now.

Coaches

For those in between the Growing and Scaling phases.
Good decision for those who feel stuck.
Don’t invest in a coach until your idea has been validated.
Can be expensive.
Find someone who complements your gaps, has figured out how to solve your specific problem, and understands your business model.
Make sure your personalities match by interviewing the coach and talking with someone she’s coached before. Confirm your compatibility and her ability to deliver on her promises.

Group Programs

Good for those who don’t have the money to hire a one-on-one coach
Are cost-effective, offer robust support, and allow you to connect with others
Think about joining the A-Team Accelerator waitlist. The A-Team is perfect for those who:
- Have revenue coming in,
- Want operational support,
- Need to streamline what’s working,
- And desire a cost-effective way to get coaching and mentoring.

Mastermind Groups

Are collections of people who support each others’ struggles and celebrate their successes.
Allow you to bring a problem and let others help you solve them.
Perfect for those looking for support, guidance, and accountability.

Specialty Coaches

Best for those in the Scaling phase.
Examples are mindset coaches, money coaches or service providers (like me!).
For those who seek specialized education or innovation, extra hands, or decision-making support.

Remember that investing in your business shouldn’t come from fear. If you’re unsure where to start, make a dream list of investment opportunities. When the time comes to invest, you’ll know when you’ve answered those four earlier questions.