In our new “Unlock the Mystery” series, we're opening up the conversation about exactly how people make their money and where they struggle to help you get to the root of your relationship with money and reach your own earning potential.
You've probably heard the saying, “you've got to spend money to make money.”
But you've probably also heard “don't throw good money after bad.”
The bottom line is, if you want to grow and scale your business you need to invest in your business, but not every investment is a smart one. This is especially in the early stages, when every dollar counts and there's little margin for error.
So where are the best places to spend money in your influencer business? What's most likely to give you the best return on your investment?
Since this is a relatively new and quickly evolving industry, with new tools and platforms emerging all the time, there are no hard and fast rules: you're not going to find a comprehensive, up-to-date guidebook on the best investments for influencer marketing businesses in your local library. We've been working in this space for over a decade, though, and we're always excited to share what we've seen work— and what turned out to be a waste of time and money. (Keeping in mind that when you're running a business, your time can be just as valuable as cash!)
In this episode of the Businessese Influencer Marketing Podcast, we advise you on when to skip or spend (in the style of Eat This, Not That) when it comes to investing in your influencer business. Some of the common spends we address:
- virtual assistance
- project management systems
- some popular blogging tools
and more. Tell us what you think and what you've found to be worth investing in over in our private Facebook group, Businessese HQ.
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