How I Think About Investing in my Business (hint: itβs one of the keys to exponential growth) - PART 2!
Jul 11, 2023Welcome back to PART 2 of How I think about Investing in my Business.
If you want to grow, make more money, work less – this 4 part article (and these mindset shifts) are going to be GOLDEN for you.
In the last article, I shared the first golden nugget. The question is: How would the next version of myself view this investment?
If you make decisions from your current state of consciousness, you’ll continue to get the same results. Instead, to make decisions – ask yourself: Would the 2.0 version of myself say yes to something like this?
Ready for Part 2?
The second shift: Determine the % of revenue you want to spend on REVENUE GENERATING support.
Here's the exercise. Look at your next 12mo goal. Based on this goal, how much revenue do you expect you’ll bring into your business when you hit this goal?
Let’s say for example your goal is $300k of production, and let’s say that translates to $200k.
Now, based on this $200k – how much of that revenue are you aligned to spending on revenue generating activities (business coaches, marketing initiatives, etc.)?
Typically, folks will say that you should spend anywhere from 15% - 30% on marketing (aka: things to bring in more revenue).
And so, if you’re planning on making $200k in revenue – that gives you a budget of at LEAST $30k to invest back INTO your business.
(side note: this investment is a tax deduction (woot woot!) >> but ALSO keep in mind that this investment is what will help you GET to the $200k. If you try to wait to hit $200k before making the investment, you’re very likely going to take longer, and have more struggle/stress trying to figure things out on your own.)
If you’re an advisor and want to get to $300k+ -- you’ve got to start looking at your business AS a business (and stop trying to figure out everything yourself -- or by attending dozens of free trainings lol!).
“Hard work” can get you to $100k or even $200k production >> but there reaches a point in your business where you have to do things differently to finally start to work less & make more.
Here’s an example:
If you opened up a clothing store… you’d have to INVEST (both money and time) in the business before you even started! Talk about a leap of faith!
99% of advisors join and invest virtually NO money – they only invest their TIME – and they just expect their business to suddenly be profitable.
Let me be clear: I’m NOT encouraging you to go into debt or do things that are going to put you in a state of acute stress.
However, I AM encouraging you to think about your business differently.
Investing in your business is trading MONEY for TIME.
When advisors join my coaching program, they are essentially buying the “short cut” to a bulletproof prospecting system.
And the most successful people are CONSTANTLY looking for ways to buy back their time.
π₯ Ready to double your revenue, stop stressing about how many “ahead” you are, and MASTER prospecting?
If you’re nodding your head up and down, you might be a fit for my signature online coaching program The Financial Advisor Academy (FAA)
The program is designed for advisors 1+ year in
business who desire to hit $400k+ -- without burning out or using other
"ick" (aka archaic, old white guy) sales tactics. πΈπΈπΈ
π >> Read more about the program here: https://www.scottietaylorjr.com/financial-advisor-academy
π >> Fill out an application here: https://www.scottietaylorjr.com/exploreFAA
Remember: To accomplish something you’ve never accomplished, you will have to do things you’ve never done before.
Scottie
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