4 Early Investments Every Entrepreneur Must Make In 2018
The decisions you make today will determine the results you get tomorrow. Millions of people hope to build a successful business but miss out on the initial key investments they must commit to its growth and success. They instead want to make the plunge like everyone else to hopefully turn out as the next success story, only to end up as another failed lesson for people to learn from.
Success in anything is a systematic process. It goes beyond a financial investment, and can only be attained when its requirements have been met by those who truly wish and are completely willing to achieve it. These investments vary in different ways and require the aspirant to put in the work, commitment, efforts, and investment needed to make it happen.
If you’re wondering what early investments entrepreneurs like yourself must make, here are 4 of them:
1). Invest In Books:
When you read books, you cut off many years of trials and errors and move right into what works while staying away from what doesn’t. Books are like a mentor, they teach you tested and trusted ways to ride through the wave and show you what others did that went the wrong way.
Successful entrepreneurs know the importance of reading and how much it has to do with their success in life and their businesses. As a result, they never give it up for anything and commit a large part of their time to acquiring knowledge that will continue to help them grow in everything they set out to accomplish.
2). Invest In Your Employees:
Most businesses are reluctant to invest in training their employees to get the latest and up-to-date skills that their company needs to remain competitive, because they fear they’d leave them to work for another organisation.
But what if you don’t invest in them and they remain in your organisation? The answer to this is a guaranteed stagnation in your business.
While investing in your employees may cost a lot, you need to understand that nothing is permanent in life, and so, people will always come and go. This means you must always do what matters the most for your business, which is to ensure anyone who joins your team is well equipped to drive growth in the organisation, and that there must be multiple backup plans in the event that the person chooses to leave the organisation.
No matter how much it costs, invest in your employees if you want to experience real growth, but always be prepared to ensure their exit doesn’t halt your operations.
3). Invest In Your Products & Services:
You need to improve your customer service, build better products, and offer better incentives in the professional services your organisation offers. While making improvements cost money, the end results of customers paying for the well-improved products or services will cause them to appreciate your business even more and to tell other people about what you do.
If you do not improve your products and services, you may experience little to no growth.
4). Invest In Technology:
Technology improves productivity by helping entrepreneurs save more time and money. It helps you achieve a lot more in lesser time and enables you to save money you would have spent on hiring several employees.
Examples are online accounting tools, website builders, cloud-based solutions, and much more. These cost much cheaper than going for their offline alternatives.
Naturally, you may need to pay an accountant 80.000 Naira and more monthly, but with online accounting tools, you only pay about 3,000 Naira monthly.
Building a standard website may cost your company over 200,000 Naira, but customising with online web builders can cost you nothing more than 25,000 Naira and sometimes even for free as long as you get the hosting sorted out.
The prospects that technology presents every day shows businesses that they can do more with less, and in the process, make more money for themselves and have more time to focus on every other part of their lives.
What are your thoughts on these 4 early investments that every entrepreneur should make in 2018? Let me know by leaving a comment below.