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When I first started my business, I was determined to spend as little as possible launching and growing it. I was not going to spend money on marketing, coaches, courses, or networking. For months, I did not spend anything on my business except for buying a domain name, and a WordPress theme. I was going to be as smart about my business as possible.

Wrong decision.

Remember the adage, “You have to spend money to make money?” Well, it is true. For a while, I was making zero income. Then I started to make a little more. I could not figure out what I was doing wrong. I become frustrated. If it were not for my determination to make my business a success and how right it felt to me, I would have given up on the whole thing and just re-obtain a mentality that having a 9 to 5 job was the best way to have financial security.

Then I started speaking to a successful entrepreneur friend of mine and she said, “Laureen, no one can grow a successful business alone.” I decided my pride and stinginess were going to be the downfall of my business. That’s when I started investing in some important things.

 

1. Coaching.

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For years I thought coaches were only around to rip people off. If people needed help with their lives, they should go to psychologists. If they needed business help, they should sign up for an internship. Why would they hire a coach? A year ago, my thinking changed.

The more research I did, the more I realized that the entrepreneurs I admired had coaches. And they all attributed that to one of the best things that up-leveled their businesses. I decided to take a chance and hired my first coach.

She made me realize that many things I was doing was not working because it did not fit with my personality or my business goals. And she made financial success seem like an obvious next step for me. Because of her guidance, I knew what to do, and I knew how to do it. It felt fantastic. I KNEW I could do it.

 

2. Marketing.

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Although there are ways to market for free (especially when you’re first starting out and you’re not making a profit). But as someone who has a marketing agency, I can tell you without hesitation that you cannot reach certain levels of success without paying to attend a conference, retreat, or placing an ad. Facebook ads work, guys. Leverage it.

 

3. Knowledge.

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I spent $2000 taking the Marie Forleo business school (B-School). It was worth every dime. I was scared to make such a huge financial investment. I discussed it over and over again with my husband. I reviewed testimonials about it for weeks. But if felt like the right move for me and my business. I was shaking when I finally pressed the “purchase” button.

With the results I saw in myself and in business due to taking B-school, I realized how important those kinds of investments were in business. I started taking more and more courses to become an expert in my field. I’ve been able to offer better services to my client because of it. They in turn, love the work I have been doing with them and have continued to hire me.

I always wanted to offer the best services to my clients because that’s why I went into business in the first place. I wanted to help those I believed in succeed. By investing in my company, I was doing just that.

In the end, I realized that although I believed in my business and hungered for success, I did not believe enough in my business to invest in it. I was not hungry enough to spend money to nourish what I was spending so much of my free time doing.
I would love to hear from you. Have you been afraid to make certain investments in your business? What’s holding you back?

My interviews with Mompreneurs who are making a living with their business has been launced! Head on over to the interview section to listen to my first interview: The Secret to getting client referrals.

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