Aspiring entrepreneurs even established entrepreneurs struggle with making smart investments into their business. Most of the time making investments is a struggle because entrepreneurs don’t know how they can invest in their business without spending a ton of money. A smart investment in your business will create a return on investment. A return on investment is simply the percent of profit that you made off of your investment. Return on investment can be calculated by dividing your net profit by your net worth. Below are 3 ways to make smart investments into your business:
Workshops are a great way to invest in your business. There are workshops that are reasonably priced, many around $100 for 8 hours of information. Think about attending a $100 full day workshop that addressed topics that you needed in order to grow your business such as marketing, branding, closing clients, etc. Learning and applying the subject matters from the workshop would provide you with a wealth of knowledge and give you a return on investment. If you are charging a client $200 a month for a service and during the conference you learned and accomplished how to close 4 clients in one month, you’ve already received your return on investment.
- Joining teleconferences and listening to podcast
Teleconferences and podcast are extremely convenient, free, and popular right now. Teleconferences and podcast are similar, most times there are multiple subject matter experts speaking on several topics or the host will interview a subject matter expert. Both teleconferences and podcast have the potential to provide much knowledge. When signing up for teleconferences the key is to ask the moderator if the teleconference will be recorded and if participants will have access to the recording. This is so you can refer back to information and write notes that you may have missed during the original call. Podcast are downloaded to your phone, you will always have access to listen to them over and over.
- Subscribing to business blogs
Subscribing to business blogs online is another free way to invest in your business. Go online and search for business blogs, majority of them will have a subscription box where you can subscribe to their blog and have post come directly to your inbox in real time. The more you know about business and apply it the faster and more secure your business will be. If you do not want to search online for blogs to follow download the bloglovin app to your smart phone. This app will allow you to search for blogs based on what you are interested in. Follow us on bloglovin!
Investing in your business doesn’t have to be expensive and it doesn’t have to be a struggle. Remember an investment doesn’t require a lot of money but it does require a lot of time. Think of some ways that you can invest in your business to make a return on investment, leave your feedback in the comments section below.