When starting your business you are penny pinching and looking for ways to save a dollar.
Soon, you will get to a point where you are making a little money but now you don’t know what to do with the money you got.
The first thing you must do right of the top is save at least 3 months of expenses.
You must prepare for peaks and valleys in your business therefore you want to make sure you have the cash reserve to maintain.
In business Cash is King so make sure you have plenty.
Once, you have stacked some money your next question should be.
Where should I invest my money and time?
Well in EP 10, I interviewed Jay Guzman of House of Ink.
During the interview, he shared how every dollar he earned he would set aside a small amount to reinvest in himself and equipment for his business.
As a entrepreneur, I believe there are two things you must continue to reinvest in to sustain your business.
You must Continue to Invest in your Education
I know you thought after you graduated from high school or college that was it.
Well nope, school is not over!
Every year, I invest at least $1,000 towards my education
I was once told – You Learn to Earn
A lot of people confuse thinking since they know how to do the actual work they automatically will know how to run the business.
Sorry, those are two different skills.
There is so much more all of us can learn to successfully run a business.
Here are a few ways I continue to educate myself
As a podcaster, I enjoy listening to other podcast shows to hear their guest share tips and advise for the specific topics.
Here are a few shows I enjoy listening to:
- The Smart Passive Income
- The James Altucher Show
- The School of Greatness
Also, I like to listen to techniques the podcast host uses for their show to find ways to continue to improve my show.
Listen to Memphis Success – EP 10 House of Ink
Who can you learn from your respective industry?
Read to Achieve
I like to read tons of motivational, marketing and business biography type of books.
My personal goal is to read 1 book a month.
Books can expose you to a different mindset, new ideas and approaches to take your business to another level.
Today, it is so easy to just download a book right to your tablet to read.
Here are a few books I highly recommend that shifted my mindset:
- Think and Grow Rich
- Rich Dad Poor Dad
- The Millionaire Next Door
Remember leaders are readers.
What book are you going to read?
Let me know, if you have any book suggestions for me.
You must Invest in your Infrastructure
As you start your business you have to be scrappy and creative in ways to get the job done.
In the beginning I recall, we used several old laptops and purchased used mix matched office furniture from a retail store on Summer road.
Yet, do not lose sight to reinvest in the infrastructure of your business.
For example, we had VOIP – voice over IP phone system because it was cheap.
Well,it worked fine in the beginning when we did not have a lot of employees and clients.
Nobody was calling so no problem 🙂
As we grew, we started to get complaints that nobody could get through our phone lines.
I quickly learned we needed a true phone system.
I reached out to One Call telecom and they installed a digital phone system.
Now, we do not miss any phone calls and things are running smoother.
You must continue to improve your equipment to operate more efficiently.
Team Work makes the Dream Work
Please realize your team is your biggest asset in your business.
You must continue to reinvest in your team because your company is as strong as the weakest link on your team.
Hence, you must continue to educate, train, motivate, empower and give guidance to your team.
Look for classes, programs and other opportunities to sharpen their skill.
For my team, I provide books, schedule webinars and send them to seminars. I want them to learn, gain new skills and grow professionally.
As you show your team that you value them by investing in their education, in return they will go above and beyond for you.
Look it so easy once you make a little money to blow it on fancy things to impress others but that will not help you sustain your business.
The best investments I have made have been in my continuous education, training of employees and improving our equipment to operate more efficiently.
I believe making those aforementioned investments will help sustain the success of your business for the long-term.
PS: Check out – EP 10 House of Ink
PSS: Please share this post with others who will get value from my business tips.
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