Looking for a great investment? One that has the potential to bring you big returns?
I’m talking returns of 50%, 100%, or more. Perhaps a lot more. Over time, you might earn ten or twenty times your initial investment.
What’s that? You put your money in savings, not investments. You don’t like to “gamble”? Well, you might want to re-think that position in this case because the investment I’m talking about is “you”.
Your practice. Your career. Your future.
I know you make a substantial investment each month run your practice. Money to keep the doors open, money to protect yourself from liability, money to help you serve your clients. And money on marketing, to make sure you continue to bring in new clients.
I’m suggesting you consider spending more.
Add another $1,000 per month to your budget, to invest in your practice. If that’s too much, start with less, but start with something because if you invest wisely, that $1,000 or $5,000 or $100, will result in a handsome profit.
What should you invest in? Well, what do you need? What’s working now that might work better? What can you expand?
What could you invest in to attract more clients? What could you invest in that might help you meet new referral sources? Where might you put some dollars to improve your skills or help you deliver a better client experience?
Here’s a list to help you brainstorm the possibilities:
- Advertising
- New employees, virtual assistants; incentives
- Outside services
- Second office/better location
- Signage
- Furniture and equipment
- Personal and professional development
- Software
- Consultants
- Networking
- Websites/content
- Accounting/financial planning
- Training courses
As you ponder this list, also consider areas where you might spend less. Where could you eliminate waste? What could you do to free up cash to invest in things that bring you a better return?
What’s that? You don’t have any cash to invest in your practice right now? That’s why you need to take this seriously.
Find the money. Borrow it. Get a line of credit. Sell something.
Remember, you’re not increasing your overhead, you’re investing in your business.
Let me guess, you’re thinking, “What if I do this and it doesn’t work?”
My answer: “What if it does work?” What if you invest $1000 and it brings in an additional $1500? You would want to do it again, right? You’d want to increase your investment so you can increase your profit, yes?
Look, don’t throw money at anything that moves. Be judicious. Reasonable. Careful. Smart.
Sure, there’s risk. You might lose money on the path to earning more. But there’s an even greater risk in doing nothing.
Truth.
You really do have to spend money to make money. Go figure out how you can spend more.
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