We’ve all heard that it costs money to make money, right?
Do you remember the first big investment you made into your business?
I do… and it was SCARY.
I remember being nervous, excited, and a little nauseous as I wrote the first check to join my first mastermind for $10,000.
At the time, I was coming off a nearly year-long maternity leave with my twins.
We’d made ends meet with Jameson’s teaching salary and a couple of clients I was working with on the side… but reality was hitting us that I needed to dramatically ramp up my business to support my family.
Investing $10,000 into my business seemed like a huge stretch for us.
But as Jameson and I talked about the vision I had for this business – one that would allow me to support our family while working from home – we knew that it was time to commit 100% and go all in.
That decision to commit made all the difference.
It instantly shifted my mindset from “How am I going to afford this mastermind? How can I handle this added expense to my business?” to “How many clients do I need to make back this investment? How can I get a Return on Investment?”
I realized I just needed 2 new consulting clients.
Suddenly it didn’t seem so scary to make that investment.
In this episode, I want to share with you the ROI of thinking like a CEO – how we can make smart decisions about when, where, and how we spend our money to grow our business::
5:30 The big question I always ask myself when it comes to spending money in my business – is this an expense? Or is this an investment?
6:26 The different types of return I’m looking for when I spend money in my business including ROI, ROT, and ROE
11:00 Why I see marketing, branding, and photography as an INVESTMENT into my business because it reflects the quality and value of my offers – and where I’m actually investing in these areas.
14:30 Just to be clear – not everyone needs to invest this much into their brand at the early stages of your business or when your brand isn’t holding you back from getting more clients or growing your business. Be discerning and only invest when you have a clear reason why!
16:03 Entrepreneurs are resourceful and will Google all day to figure things out! But it’s a huge waste of our time. Hiring support is one of the best ways to buy back your time.
19:00 How you can not only get buy back your time – but get a return on investing in a team member – when you use that saved time to serve clients or attract new clients.
23:45 No one really talks about this unless you are surrounded by other high-performing entrepreneurs and business owners – but the best investment is investing in yourself!
24:46 “Your income seldom exceeds personal development.” – Jim Rohn
24:48 These stats SHOCK me – Did you know that 1/3 of high-school grads never read any other book for the rest of their lives. 80% of families haven’t read a book in the last year!
25:35 The level of success we experience in our outer world is simply the mirror reflection of our self-identity and personal development of our inner world. We all have a set-point, an internal thermostat, for the level of development. The only way to increase your internal set-point? Personal development.
28:15 Why high-performers invest 10% of their income back into their personal development and the lesson I learned from Darren Hardy about how he approaches investing into his development with books, courses, conferences, and coaching.
29:50 In the early stages of our business, we invest into mastering our craft and learning the other skills required to run a business.
31:15 As you start to grow, investing into yourself shifts from learning how to DIY all the skills in your business to learning how to lead a team, lead your business, and lead yourself.
If you loved today’s episode – please take a screenshot of today’s episode and share on Instagram – tag me @racheal.cook – and let me know your biggest insight or aha!
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