So you’ve been going lean and bootstrapping your business for quite some time. But you know that for your company to thrive, you need to pour more funds into it. So how do you know the right move for your business? Here are five surefire signs it’s time to invest in yourself.
1. Add Value To Your Business
Start from the idea that money is nothing more than a value you produce in the marketplace. Look for opportunities to invest funds in manpower, software or equipment. These things can ultimately help you get more value from your Magical Mix of Products.
Because the growth of your business is such a major part of your Freedom Generator, do all you can to help it grow in value and profits. Perhaps there’s a direct correlation between increasing your spending and how much money your business will generate each month. For instance, adding a new product to your existing line could increase your profits right away. Or there may be an indirect correlation. For instance, spending money on a platform or software could improve business processes reducing expenses and increasing profit in the long run.
2. You’re Stretched Too Thin
Maybe you’ve been wearing a lot of hats and spinning too many plates. Your Army of One is no longer sustainable. Targeted spending can help free up your time. And that gives you more time to focus your talents and skills on offering the most value to the marketplace. If this is the case, then the spending is a worthwhile investment that will ultimately cycle money back into your business.
While focusing on your ROI is very important, there are times you simply need to make your day-to-day easier. I’m talking about improving your quality of life. So while you may not see an immediate boost in profits, hiring an assistant or part-time help can prevent you from burning out.
3. It’s A Great Opportunity
Maybe there’s an exciting new business prospect on the horizon. Or someone has approached you to collaborate on a Partner Product. Before you get on board, do a cost-benefit analysis. Will developing that unique product or service really elevate your business? Or will it just eat into your returns or slow down your systems or processes? But when you do see the right opportunity, don’t hesitate!
4. Pivot From A Profit To A Legacy Model
At this point in your Cash Flow Cure experience, you’ve probably spent a lot of time in the Customize and Monetize stages homing in on where you can bring value to the market. If you didn’t initially start with the end in mind, you may be considering a pivot from a Profit to Legacy Model.
By restructuring so you’re less involved in running your business, you could potentially steer your business from a Profit to a Legacy Business. With a Profit Business, you only have one Path to Freedom and a well-funded Freedom Generator. But with a Legacy Business? You can ostensibly carve out two paths to Freedom. For instance, maybe your business is primarily coaching and consulting—a Profit Business. But by creating a packaged product, an online course or book for instance, you can move toward a Legacy Business.
5. Look Closely At The ROI
If you’re looking into hiring help, or investing in software to automate or streamline your processes, ask yourself how your business will be boosted as a result. Let’s say you’re looking into a program to automate your appointment scheduling. Investigate how this initial investment could help you save in time and costs over time.
Ask yourself: How long will before you earn it back? If putting some money up front will help you grow your returns greatly within a few months’ time, the investment is definitely worthwhile.
The economy doesn’t determines your success. Your own economy, or business, does. By investing money into your own economy for the right thing at the right time, you can make progress building your Freedom Generator and be that much closer to Financial Freedom.
The views and opinions expressed are those of the guest author and do not necessarily reflect the views and opinions of MindShift.money.
Jackie is a personal finance writer and content marketer. She is passionate about telling money stories and spreading financial literacy to a mainstream audience.