| Hopefully, you got a chance to check out my last blog. If you didn’t, check it out here first. Now that you have a good understanding of the different phases and which one(s) you might be in, I want to share some things you may want to consider investing in for each phase of you online business: 1. Ideation and Planning: In this phase it’s crucial to get behind the idea of investing in YOURSELF. You don’t really need to spend a whole lot of money here. You may want to get a logo, but in actuality, this will likely change. Look into getting your business legitimately and legally compliant. Coaching or mentorship can be helpful at this time but it’s definitely not a requirement unless you feel stuck or can’t figure out something on your own or want some mindset support to overcome doubts and fears. 2. Setup and Preparation: In this phase it’s a lot more muscle and hustle! You will want to invest in software to make your business run more efficiently, systems to deliver your content and courses, a simple website or landing page development, plus email marketing and scheduling software to streamline your business. Legal and accounting services are a must! Get your backend tight before you even begin to make a lot of money. You may also want to consider hiring graphic designers and/or branding experts to create compelling visuals, logos, and marketing templates that align with your brand identity, but this can wait or you can do it yourself if you’re artistic or creative. 3. Content Creation: You may want to invest in copywriters, video editors, or graphic designers in this phase… or like above, you CAN do this yourself. You will want to hire a social media or virtual assistant to help with posting, distribution and repurposing of your social media. Invest in social media management tools, SEO services, or paid advertising campaigns (if the budget allows). If needed, invest in training or courses to enhance your content marketing skills and stay updated with the latest social media trends and strategies. You may also want to invest in professional photography at this time, but also not a requirement. You can actually do this yourself. Check out this tiktok video I did on exactly how to create your own photos using your iphone. 4. Launch and Promotion: Here is where you want to put a lot of effort and strategic money into: Things like marketing and advertising campaigns: including social media advertising, Google Ads, or influencer collaborations. You can invest in lead generation tools and services, professional copywriting for your signature program, PR for media outreach and social media management services so you don’t get overworked. 5. Client Acquisition and Onboarding: Invest in sales trainings or courses to improve your sales and negotiation skills. Have some sort of CRM system and professionally created onboarding materials and resources: such as welcome packets, client handbooks, or video tutorials, plus communication tools such as Zoom, slack, etc. Professional branding and marketing collateral is becoming more important in this phase to solidify your brand and your positon in the marketplace. 6. Scaling and Expansion: Team and outsourcing is a must! This may include hiring support coaches, virtual assistants, marketing experts, sales team, advertising experts, and/or customer support professionals. Invest in the build out of your automation and systems, advanced coaching programs or courses, and consider investing in strategic collaborations or partnerships with complementary businesses or influencers to expand your reach and tap into new markets. Advertising in this phase I believe is a must to continue to grow and reach new people. 7. Adaptation and Innovation: Here you will want to invest in continued personal and professional development and training, and technology and software upgrades. In this phase you may also want to set aside a budget for experimentation and innovation, so you to test new coaching methodologies, tools, or approaches that can differentiate your services and attract more clients. 8. Reflection and Continuous Improvement: Continue investing in your own skills and personal growth. Invest in professional services or tools to conduct in-depth analysis of your business performance, including financial metrics, client retention rates, and customer satisfaction levels and professional video production to showcase client testimonials and success stories that validate the effectiveness of your services. Consider investing in sponsorships, networking events, mastermind groups, retreats or coaching communities that provide opportunities to connect with fellow entrepreneurs and exchange insights and experiences. 9. Evolution and Growth: Allocate resources to work with business consultants or strategic planners who can help you map out a long-term growth strategy, identify new markets or niches, and plan for scalability. Consider investing in a brand and website refresh to reflect the growth and evolution of your coaching business. This may include redesigning your logo, updating your website’s design and content, and aligning your branding with your current positioning. Allocate resources to position yourself as a thought leader in your industry through speaking engagements, publishing articles or books, or securing media opportunities with PR. Finally, you may want to invest in strategic partnerships or acquiring complementary businesses to accelerate your business and wealth. When it comes to investing in your business, these suggestions will help you to strategically allocate your resources dependent to the specific phase you’re in. This will help you stay focused, and not distracted by shiny object syndrome. |
Edition #14: What You Should Invest in (Based on Which Phase You’re in)
