Entrepreneurship looks real sexy until you get behind the scenes and realize, it's not the part people see that makes an impact and generates income, it's the clarity of your vision, core customer, content development, money mindset, and systems. That's what makes a business.
And I should know because Coaching and Consulting is my second business. I learned to build this business the right way, by laying a solid foundation. My first business…I wasn't so wise. I spent a crap ton of money (I'm talking 10s of thousands) on things that I wasn't ready for, didn't matter in the beginning, oh…and even worse brought in zero dollars and zero cents because I had no clue what I was doing.
Therefore, I must share my experience and offer some advice on what NOT to spend money on in the first year of your business. Okay, let me rephrase that….until your business starts making money! For some that will be a few months, for others's a few years. The timeline doesn't matter. What matters is that you make money first because that is a sign that you have something valuable, offer a solution, and people will invest in it. Hint: if it doesn’t make money, you don't have a business….you have a hobby.
Alright, let's dive into the 5 things you should NOT spend money on at the beginning of your business.
1. Brand Photos:
Brand photos are great, beautiful, and yes they add a level of professionalism. But the truth is you don't NEED them until the business can pay for them. Brand photos add up because most of us think we need new clothes, accessories, hair appointments, mani/pedis, and the list goes on and on…and the bill keeps growing. Also, you would be surprised how your brand changes as you go through the process of building and elevating. And this brings us to number 2.
2. Fancy Website:
Brand photos are usually used for our website. My first website was custom built (I'm talking with codes-not this plug and play stuff) and my designer hated me because I struggled so hard to give him the necessary content, Why? Because I was not clear on my programs, pricing, and wording. And even worse, I had no processes and systems on the back end, so even if someone clicked a button, it led nowhere. In brief, my fancy (hella expensive) website was a hot mess.
3. Multiple Product/Service Development:
I don't know where this idea began, but I can't wait for it to end. You do NOT need to offer 77 items to make money. Focusing on selling ONE product/service is the quickest way to hit your financial goals because you build an audience, become known as an expert, and are not splitting your time.
4. Paid Advertising:
When my new clients ask me, "should I buy ads?" My response is always the same. Sure, if you afford to set $500-$2000 on fire and it does not hurt your budget, then rock out. If not…take the organic route. Paid ads are great when you can afford them, and when you are crystal clear on your core customer, offer, and outcomes. If not, just stick to organic and then level up to pay at the right time.
5. New Tech:
You don't need a new phone, camera, laptop, software, blah to blah to blah to blah…What you need is discipline, dedication, and consistency. You have everything you need already. The question is are you disciplined enough to dedicate the necessary time to stay consistent? Truth, most people are not. So they make needing "new/upgrades" an excuse.
So maybe you are questioning…Is she sure? Does this work? How the hell does she know? Because I made my first $5K without a website, without a brand shoot, with one product, by marketing organically on my old ass laptop and phone (that I just wrote this blog on).
WHO AM I?
I’m Kandis Troutman, The Creative Architect. I'm a mother, teacher, and spiritual seeker focused on purpose walking and serving others. I help women activate their God-given power so they can transform their purpose into a prosperous business.
Thanks for reading my post. I try to publish new posts weekly, but I believe in leaving room for God, which means there are no guarantees. But check in often and let me know what content awakens your spirit and I’ll be more than happy to share my experiences.
If you enjoyed this post, I’d appreciate it if you would like, comment, and/or share it on your social media. A sincere THANKS IN ADVANCE!
Don’t allow your life to become what you should have done or what you wish you could have accomplished. Instead, step into the greatness that is your destiny and start creating, building, and elevating the life of your dreams.
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