How to Spend Money Wisely to Grow Your Business

You’ve probably heard one or more of the following:

• “You’ve got to spend money to make money.”
• “It’s a business, you must invest in your business.”
• “A real business requires capital expenditure.”

But the problem is, you don’t have much extra money.  You are willing to invest, but you really don’t know how best to use that limited capital.

Of course you want to grow your business, that’s why you are in business.  But what do you spend your money on?  And how much?

In this article I share with you some concrete strategies to show you how to spend money wisely to grow without breaking the bank.

Why Your Business is Identical to Walking in to the Tackle Shop

3 Steps to Determine How to Spend Your Money Wisely

How do you do it?

The good news is there are some concrete steps you can take to help guide you.  You can use these steps to help you determine how to spend your money wisely to grow your business.

1. Survey the Scene

Walk into that tackle shop, take a deep breath, and look around. What are the different things on which you can spend your money?

In the Network Marketing profession, these things fall into the following 3 categories:

• Tools: Product, marketing, advertising, office supplies, software apps, etc
• Training and Education: Your company conventions, courses, books, seminars, events, etc
• Your Team: Incentives, training, events, etc

To be successful, you will need to spend money on all 3 categories.

The first step is for you to simply understand what are the things in your specific business on which you can spend money.

2. Ask Questions

Walk up to the proprietor and ask what’s working today.  Gather the opinions of others in the store.

Start with your upline or others in your company, and ask them how they spend their money.  Reach out to other MLM leaders and ask them.  Talk with your team to see what are their desires, interests, and challenges.

A passive way to “ask questions” is to spend some time on the internet reading MLM leader’s blogs and watching videos.  Subscribe to podcasts such as MLM Nation, Your Virtual Upline, and Home Business Profits.

3. Know Yourself

Know the kind of fishing you want to do.  What resonates with you?  What works for you…or…what DOESN’T work for you?

Have you heard the phrase, “To be successful in network marketing, you just need to copy those that are successful!” I do believe this is true, but I think it can be misleading.  I think it trivializes an important concept, and leaves out an important piece.  To be successful, I actually think you need to combine “others’ successful practices” with “your own voice.”  That’s where the magic happens.

To be successful yourself, you must find the methods, language, and practices that connect with you. It’s also true when deciding upon how to spend money wisely to grow your business.

For example, your upline may be promoting this awesome new Contact Relationship Manager (CRM) software application that she is using. She’s recommending that everyone on her team buys this app.  However, you’re NOT an “app person”.  You are a “notebook person”.  Spending money on this CRM app is likely a waste of money for you. Be confident in your own system, and save the money.

Take another example: You’re at your company convention and have completely resonated with one of the guest speakers.  You learned more in that 20 minute training than you had the entire convention.  At the end of the training, the speaker is promoting a course that goes into depth on that same topic.  You had completely connected with this person’s methods and content.  This may absolutely be something you want to invest in.

Know yourself.

Conclusion

1. Survey the Scene
2. Ask Questions
3. Know yourself

P.S. You will likely “swing and miss”.  You will spend money on something and then regret it in the future.  It’s OK.  We all do.  The key is to take the lesson from that and Fail Forward!