The first year of my business, I spent nearly half my business time and income on training classes (like the Audience Business Masterclass).
The other half went to childcare that made it possible for me to work.
I was able to spend so much on training because I had a partner whose income paid for rent and groceries. Not all entrepreneurs have that luxury. But even if your business provides the only income for your household, it’s impossible to create a sustainable business without eventually investing in ways that will help your business grow. In the early stages, that might mean training and education. Later, it means systems to streamline processes and employees to take over tasks. And beyond that, it might mean investing in expensive marketing campaigns, better systems or highly-paid consultants.
But if you’re struggling to pay the bills each month, investing money in ways that will grow your business might seem impossible.
How do you find a balance between the two? How do you determine what’s essential and where you can cut in order to grow? Have you ever regretted spending money on an investment that you thought would grow your business but didn’t pan out? Have you ever made an investment that gave a great return? Do you currently spend money on training and growth, or is your business struggling just to make ends meet?
Tell us how you invest in the future for you and your business when bills are an issue.