My audience is always wondering where I put my money in my business. I’m always getting asked business investment questions, marketing questions, and more.
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There are five places where I’ve invested money that have yielded the most returns in the shortest amount of time. Here are the five best business investments I’ve made in the last 10 years.
Coaching
So the first place that I would put money is, and continuously put money, is in coaching. And in coaching, it could look like different things. It could look like private coaching, it could look like group coaching, it could also look like on-demand programs that teach you some sort of skill that you need in order to grow your business.
So for example, in 2017, I invested in a retreat and in a program that would help me create better systems for my business. And it actually helped me create my “Persuade To Profit” program as well. That thing has paid for itself like a million times over already.
In2018 and also 2019 I invested money so I could get better at sales. I was always pretty good at it, but I wanted to get really good at it. I wanted to really, really understand it and that’s what I did. And in 2018, my business doubled in revenue and profits. And that was just from investing in that one skill set.
Outsource
This leads me to my second best investment, which is hiring people. This has always paid off.
This has always been one of the best investments I’ve ever made. Whether it was hiring someone to help me set up Facebook ads or hiring a full-time assistant or hiring a video production and photography team, whatever it is that I needed help with that I knew I couldn’t do it myself, I knew I had no damn business trying to do this myself, that’s always worked out really, really well for me. And it works so well because I do it the way I wanted it when I was an employee.
I understood from when I worked in recruiting, if you want good people, you’ve got to pay good money. So it’s one of those things where I’ve never had any qualms or issues about it. I’ve always paid good money, I will continue to pay good money and that’s why I, for the most part, have attracted really quality people into my company because I understood people don’t cost you money, they make you money.
So, yes, hiring people definitely has always been a really awesome place to invest. It has very rarely ever backfired. In fact, it’s almost never caused any problems or backfired on me at all. And by hiring people, it could be anywhere from my assistant to my accountant to my attorney, basically, anything that I shouldn’t be touching myself, it’s been a good investment.
Conferences and Events
The third place that I’ve always invested money and I continue to invest money is in conferences and events. So for example, I already went to 10X Growth Con this year, and I will be attending FinCon. This will actually be my seventh year attending FinCon.
No, so the episode is how I made $11,000 at FinCon but total from the event I actually ended up making about $17,000. So conferences are always a really great place, and if it’s not for making money, it could be for saving money. So for example, I went to 10X Growth Con, it was 35,000 people, it was insane, but I went with some friends.
And I didn’t make money at that conference per se, at least not directly, because it was just way too many people for the networking to be honest but I did save money, so I got the individual version of Cardone University at a steal. That was something that I had been eyeballing for a freaking year and I was able to get it. And my team and I have started implementing a lot of the strategies in there and it’s already made us money.
So sometimes conferences could have a couple of advantages like the networking, you can find leads, you can find new clients, make new contacts, and you could also save money on the coaching and the programs and all those kinds of things. So yes, conferences have always been a really great place to invest money.
And I’m gonna add something to that — I also think it’s worth it to invest money in the hotel where the conference is being held. I don’t care if it’s more expensive than an Airbnb, I will pay more money for the convenience of being in the same building where the event is taking place. Trust me, it just makes your life easier.
Marketing and Ads
The next place where I’ve invested a lot of money in is marketing. That includes social media marketing and Facebook ads. The thing is that if no one knows who you are, it doesn’t matter, right? If no one knows who you are, you’re not gonna be making any money. So marketing is a great place, once you’re ready and you’ve got some budgets for it, that’s a great place to invest money.
Myself
The fifth best investment I’ve made in my business over time has been investing in myself. This includes investing in my own health, investing in my own personal development, and investing in things that make me happy.
If I’m not healthy then I can’t work. Also, the health of a business has a lot to do with the health of the business owner and that includes your physical health. I would also venture to say it’s your mental and spiritual health as well because mindset is such a huge part of being a business owner that you have to invest in personal development and those types of things in order to reach your fullest potential and go to the next level.
And then finally, it’s important to invest in myself because I need to show myself that I’m worth it. In other words, if I’m not going to invest in myself, who the hell else is going to invest in me?
This includes doing things that make you feel good, like getting your hair done or buying sunglasses. It’s little things, they’re not a big deal. But if you deprive yourself of those things, you’re basically just teaching yourself that you’re not worth it. So invest in things that make you happy and invest in things that bring you joy.
So those are the five best business investments I’ve made in my business since the inception of my business. But I would say in the last two or three years, I’ve really doubled down on these five. And now it’s paying off. It’s paid off big time.