You’ve heard the saying that if you want to make money, you have to spend money. It is true. But the real key is not actually that you have to spend money, but that you have to acquire the skills, time, and technology to please your customers and sometimes that means spending money. But in reality, you only need to spend smart to grow big.
It’s easy to quantify this when you have physical inventory. If you sell widgets for 20 dollars profit each, you can easily do the math to determine out how many widgets you need to sell to make the kind of money you need and want to make. This math can also help you determine if you need more products, higher priced products, to build a bigger audience, or something more to build the type of business you want to build based on the monetary goal you just set.
Sometimes when someone has a digital product, they forget that the math is still the same. Profit = Revenue – Expenses. Once you know how to generate sales then you should be willing to do what it takes to generate more sales. That’s not an expense, it’s an investment. For example, if you want to earn a million a year, do you have a million dollars’ worth of product or services to sell? If you don’t, it won’t happen. You have to spend whatever is necessary to be able to offer a million dollars’ worth of products and services.
You must have enough product for someone to buy to make the money you want to make. If you know how to make that happen, then you know where to put the resources and money.
Finally, if you don’t understand how any of this works, a fast track to success is to find a coach that has gone through the path that you want to travel and who helps you implement it all. A good coach can be a shortcut to really doing the right type of spending to grow your business and get an amazing return on investment.
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