I want to talk about something that I find myself sharing on repeat with potential clients that not enough pros address…
INVESTING vs SPENDING in your business.
As you expand and grow your business, there will be moments where you’re going to have to spend in order to get results that will move your business forward. This used to scare me because I would throw money into memberships and subscriptions that my business didn’t need because nothing actually changed as a result. I didn’t book more clients, or learn more. I would spend without a plan. I wish someone would have broken down the investment “must haves” for me so that I wasn’t blindly spending in hopes of seeing some results. So I’d like to share my top 3 FAQs on investing, not spending, so that you can experience the best return:
1. “How much should I expect to invest when launching a business?”
Depending on how many ducks you need in a row to launch, around $20,000. Here are pricing averages of what I recommend you look into to as you launch. Not all will apply to your business, and your business might entail more steps than listed below:
• Branding: logo, colors, fonts, industry/target customer research, why, and voice ($5,000-$10,000)
• Copywriting and brand story/mission ($5,000-8,000, be prepared to let the copywriter or agency know what you need copywriting for, like brochure, website, etc.)
• Website design and programming ($6,000-$8,000)
• Social media template set ($25-$300)
• Package design ($3,000-$10,000)
Some businesses want to sell exclusively on social media to bypass website costs, or skip the logo design and circle back to it later. This will either save you money or hurt your growth, so do the research before taking shortcuts. If these numbers are scaring you, the beauty is that these are ONE TIME investments, and you reap the benefits forever. I tell clients that if you don’t believe you can make that investment back within 3-6 months, you’re not ready to launch. If it feels like spending, and not investing, you might need to adjust your business plan.
• Take action now: Book a free 20-minute consultation to feel out if you’re ready to get started with branding and how to best invest now within your budget.
2. “I have my branding in place, but I want my business grow even more. Now what?”
I highly recommend joining a virtual or live community where you can share ideas with others. I invested in a community membership of 600+ entrepreneurs after meeting with a coach who guided me there. I also invested my time in some free courses to learn new skills as I enhance my skill set. Hiring a business coach is a great way to see your business and potential from a new perspective!
• Take action now: Stay tuned for the next Michellevate: Coaching + Mastermind enrollment date where you can join creative women entrepreneurs weekly in a mastermind group and help each other grow!
3. “How do I know what kind of budget to set aside for production materials or resources for my business?”
This is going to vary by business and earnings. Make investment money back with every sale, plus you want to see a profit. If you know buying new tools and materials will equal more sales, then it’s worth purchasing if you make the money back, PLUS earn in addition to what you spent. You can experiment with just a few items first to gauge interest from your potential customers and collect preorders. THEN invest in production. Keep tabs of your spending and profit so that you’re never bleeding money!
• Take action now: Learn more about ROI by searching for some free educational videos on Youtube, like this one!
Let me know if you found this helpful!