You become a jack of all trades when you commit to starting and running your own business. In the beginning, you do it all:
- You take care of the paperwork to make your company official.
- You build your website.
- You upload videos and social media posts.
- You learn how to use newsletter software.
- You even set up an online shopping cart.
And you’re proud of yourself for everything you’ve accomplished!
But.
In too many cases, that “solopreneur” mindset comes with a price. Often, the owners of small businesses work long hours (longer than they want to), suffer from burnout, and feel frustrated because they aren’t getting the traction they work so hard for.
The reason why? They’re in scarcity mode and don’t make investments that will impact their own experience as a business owner and their bottom line.
Today, I’m sharing three critical investments entrepreneurs can make to save time and frustration and increase their bottom line.
1. Outsourcing
When you start your business, outsourcing might feel out of reach. You may feel like you can’t afford to pay someone else if you’re not making a solid income yet. I’ll be honest; you can’t afford not to outsource.
Outsourcing everyday tasks will free you up to spend your time on profitable activities, including:
- Creating new products or programs, you can sell.
- Developing content marketing that will lead to sales (and profits).
- Recording video and audio content that will make your products and programs sing.
- Connecting with your audience through email and/or blogging (audience connection is vital for profits!).
- Working with clients.
- Take time off from your business to reset and recharge so you’re productive when you come back.
Although it’s easy to look at outsourcing as an expense, it’s an investment (if you don’t see an increase in your bottom line, re-examine what you’ve outsourced and to whom—it should result in better profits overall).
2. Automation
In the beginning stages of a business, most entrepreneurs use low-cost tools with limited features. For example, you may use specific software for product sales and manually add your buyers’ email addresses to your mailing list whenever you receive a payment.
Eventually, as you grow and start making more sales, you won’t have the time or availability to manually add buyers to your mailing list (which is an excellent problem to have!). (Remember that this is just one example of a manual task you could automate; you can also automate your social media posts, emails, and more.)
Trying to piece together your business system can cost you sales, time, and actual dollars because you or your VA will spend extra time getting it all to work rather than setting it up once.
Recognize when it’s time to automate your marketing and business tools, and your income will increase dramatically!
3. Coaching
Of course, you can do this alone. You’re unique and talented, and a hard worker! You’ve proven that. You can see what others have done and use systems similar to theirs. You can follow in the footsteps of those who came before you and even invest in a few training programs.
But your growth will flatline at some point, and you won’t be sure precisely what to do to get off the plateau and onto the next level.
That’s when you invest in a coach. A coach can help you identify patterns and habits, find your blind spots, and work through blocks that hold you back so that you can build the business of your dreams.
In conclusion …
The right investments in your business—outsourcing, automation, and coaching—can dramatically increase the speed at which you build your dream business (and earn your dream profits).
