Every penny counts when you’re starting a business with limited resources, and where you allocate your capital can significantly impact your trajectory. Listening to the investment ideas and experiences of seasoned entrepreneurs who have navigated the challenging terrain of limited funds can help you make smarter decisions about your own spending. Here, 20 Forbes Business Council members share the strategic investments that helped propel their ventures forward.
Dr. Elange Nathan of Elange Education Systems advises focusing on quality over quantity, especially when it comes to hiring talent. Investing in quality team members can make a significant difference in how fast your business can grow. It is crucial to duplicate yourself with quality additions to the team until you identify a leader who can continue this pattern.
For Jaqui Lane of The Book Adviser, investing in a business mentor and joining a business mentoring and development group was crucial. Learning from others who have been in similar situations can provide invaluable insights and support, especially when starting a business with limited funds and passion but not much business experience.
Angie Noll of Reconciled Solutions recommends investing in an assistant, even with limited funds. By outsourcing low-value tasks to an assistant, you can focus your energy on high-paying responsibilities, ultimately helping you scale up and grow faster. This strategic decision can have a significant impact on the efficiency and growth of your business.
Ellie Shefi of Made to Change the World, Inc. highlights the importance of hiring an advisor who can vet your ideas and help you avoid costly mistakes. Additionally, hiring the right team members who excel in areas where you may be weak is crucial for building a strong foundation for your business. Building a team where each member operates in their zone of genius can propel your business forward.
Several early investments that may have seemed frivolous at the time have proven to be the right decisions for Sarah Goodall of Tribal Impact. From hiring an executive coach to investing in a sophisticated CRM system and finance expert, these decisions set the stage for future growth and success. Investing in personal growth and strategic partnerships early on can have a long-lasting impact on the trajectory of your business.
Billy Sticker of ChiroCandy Marketing emphasizes the importance of focusing on customer acquisition when starting a business with limited funds. Investing in strategies to attract new clients and fulfilling deliverables for these clients can be key to generating revenue and sustaining growth. When funds are limited, it is crucial to spend money only on things that will make you more money in return.
