Home Based Business

Where Should You Spend Money When Starting a Business?

where should you spend your money
Written by NT Izuchi

So, where should you spend money when starting a business?

When you’re starting an business with intentions to grow it online the internet sort of feels like a big candy store.

You end up finding all these cool gizmos and gadgets that help accomplish one thing or the other.

The issue is you don’t need 99.9% of those things and it’s hard to see past them especially after seeing a really effective sales video.

The solution is first is acquiring a basic understanding of how businesses operate online.

…and by basic I mean generate traffic and leads, and convert those leads into.

When you make it that simple, you only need to focus on a few necessary tools or resources to make it happen.

Without understanding the basics, your business which will most likely be unprofitable earlier on, will quickly become very expensive.

Below you will find, what I believe, to be the top tools and strategies to invest your resources in.

Get an autoresponder service – this is non-negotiable!

Your autoresponder will be what you will be using to grow your email list (leads), follow up with and communicate directly on a deeper level with those who show interest in what you have to offer by giving you their information like name, email, and other necessary info.

Now, this is really important to internalize…

They’ve taken an action to join YOUR email list and receive information from you. They’re already in offer mode.

It doesn’t mean they’ll buy from you necessarily because most won’t, but at least you know they’re shopping, so you will get some and there’s plenty.

Whereas social media, people aren’t there to buy Gucci bag. They’re their to be entertained and maybe learn a thing or two.

Now it’s obvious social media holds attention a lot more than email and pretty much everything else in life, most people, probably you including you, still check your email multiple times per day.

It’s still essential and great communication tool – and again, most people who want to do business with you don’t want to be pitched in social media.

The cool thing is, most autoresponder services are free for the first couple thousand subscribers, then start as little as $19 a month and increases as your email list size grows.

Yes, it’ll eventually cost you to use your autoresponder.

But think about your email list as an asset, where if your subscribers view you as a resource, they will buy your products.

Remember, the goal of your business is to cover these types of standard expenses.

So challenge yourself to make more in your business then what it costs to pay for an autoresponder service.

Invest in a premium sales funnel software.

No huge knock on free landing page/sales funnel software, but they are very basic and are extremely limited and functionality.

But hey, you get what you (don’t) pay for…

The difference between the free versus the premium landing page/sales funnel software are like night and day.

With a solid sales funnel software you can quickly create both small and large websites.

Not to mention they are pretty user-friendly, and literally have drag-and-drop functionality to create them.

As I am writing this blog post, I am currently using optimize press as my sales final software.

If it hasn’t changed, it’s $99 one time, and a small yearly fee to cover support.

For what it offers, optimize press is a steal!

There are other sales funnel software with more bells and whistles that will cost you more such as click funnels and lead pages.

I’ve seen them in action and they look really good.

But for most people, especially if you’re getting started, it’s a waste of money early on especially if you don’t know how to use all those bells and whistles effectively.

You’ll be using this software to guide your prospects to the solution that you are offering that solves their problem. So don’t go cheap here!

Some sort of specialized training/coaching

One of the big mistakes people commit is learning and trying things on their own… For too long!

I am totally for taking the initiative to learn something on your own if you can’t afford to learn it from an expert.

You can also join free communities on Facebook where people willingly answer questions that members may have.

But for the sake of your valuable time, expedite the process by learning from an expert who can give individual attention, and actually implement what they teach you.

Of course you want to make sure that the person you’ve chosen to learn from is tested and proven.

But its your job to do that on the front end, then quickly implement what they teach you – not sit on the information that you just learned and complain when you don’t get results.

Having some specialized training, or a coach or mentor will help you avoid making mistakes that can cost you money, but more importantly time that you could be using to head in the right direction to grow your business.

So be humble, understand that “not knowing” will cost you, and invest in a coach or mentor because essentially you are investing in yourself.

Master one paid advertising method

I really want to highlight the word “one” here.

Paid traffic will do wonders for your business if they are implemented correctly, which this takes a lot of repetition and honing of that skill.

However paid traffic can be a nightmare if you try to learn and implement multiple methods at once.

Learning and mastering one method can literally make you $1 million. You don’t need three or four to accomplish this.

It’s the same idea as trying to multitask and accomplish five different things at once as opposed to focusing and giving all of your attention to completing a single task.

Now, you may be asking well what about free traffic?

Well, free traffic certainly works but the results from paid advertising are much faster and guaranteed in terms of reach and placement of your content in front of people.

One of the major benefits of paid traffic is that you can track and analyze how the ad is performing, then tweak and optimize for better results on the next campaign.

For example, if you choose to master running paid traffic too faced for videos you can learn how to optimize your videos for things like views, likes, website conversions, etc.

Perhaps I can go into a much greater detail on this in another blog post, but the ability to do this is extremely powerful.

All in all, learning and mastering one paid advertising method should be one of your top priorities before moving on to learning another.

 

ActionPlan

About the author

NT Izuchi

Hello and welcome to my website, my name is NT Izuchi. I am a professional internet marketing consultant, blogger, SEO strategist, avid Boston sports fan, recovering perfectionist, and teacher by nature. I am passionate about my work and goals here online to help as many as I can build, brand, and manage a successful business online the first time around!

1 Comment

  • Hey Izuchi,

    Indeed an interesting read. Your points are valid and all the places where you have mentioned are worth putting money when starting or running a business, but at the end of the day ti all depends someones skills and ability to know where investment should be done.

    ~ Donna

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