6 BEST BUSINESS INVESTMENTS TO MAKE IN 2020 + 2 TO AVOID
I’d be willing to bet that 2020 has taken a direction that you didn’t plan for. Coronavirus hitting hard worldwide has been a harsh reality check for so many of us – myself included – and I can’t help but thinking:
WHERE DO WE GO FROM HERE?
How can I make my business more profitable and sustainable? How can I make sure I’m earning money through hard times like these? How can I set up a better safety net? How can I support my members to do the same? When we come out of this, what do we need to focus on so that we can make more money and build more security?
As I was thinking about all of this, I knew I had to share it with you. I’m going to outline 6 key investments to focus on in 2020 – and it’s not too early to start now.
When I talk about “investing”, I don’t just mean money. It could also be your time. With anything in life, there are usually two ways to reach the same goal: spend time or spend money. Shooting beautiful photos is time consuming. My members invest with me because they don’t have the time! They recognize it’s a necessity in growing a business, but they don’t want to spend hours on styling, shooting, and editing. It saves them a lot of headache by having photos ready.
On the other hand, lots of members manage their Instagram + Pinterest accounts themselves. They choose to spend time – not money – and save those funds to better spend elsewhere. When I refer to ‘investing’ in this post, it could be either!
1. CREATING PASSIVE STREAMS OF INCOME
Photographers, makeup artists, trainers, coaches, and other service providers who do don’t get paid if they can’t show up – it’s time for a backup plan. With almost everything closed and social distancing in effect, a lot of you may already have had the realization that there’s another way to do things that you should be considering. It may be time to go passive.
For anyone who doesn’t know, passive income is the fancy way of saying you make money without trading time. If you get sick, need to take a day off, or get stuck in quarantine during a coronavirus crisis, your product or service can still earn for you.
Providing coaching sessions is an active gig. You trade your time and physical presence to get paid in exchange. You have to show up in some form or bye-bye paycheque. Selling a pre-recorded coaching program, however, is a more passive income stream. If you’re sick in bed, someone can still buy, download, and experience your coaching program – and you get paid while you’re in your pyjamas.
A big reason people don’t get around to developing passive offerings is the upfront time it takes. It can be a lot of effort to develop that killer coaching program – and you don’t make money for those hours until you’re finished. While the benefits certainly outweigh the costs, it doesn’t always have to be such a big time investment. You can start going passive right now by simply integrating ads or affiliate links on your blog.
Whatever you decide to do, think about creating another stream of income this year, preferably a passive one!
2. ANYTHING THAT HELPS YOU PRODUCE MORE CONTENT + BE SEEN
If you’re a fan of Gary Vee, you’ll already understand this concept well. He is literally everywhere, putting out at least 10 pieces of content a DAY across different platforms. Why? Because producing a lot of content means getting seen by more people. And being seen is the key to community, subscribers, and sales. Your product, your service, your business – IT HAS BUYERS. They’re out there – but they’re not going to come to you. It’s up to you to put your business in front of them.
Think of fishing with a small, kid’s net. That’s the content equivalent of posting once a day on Instagram. It’s a start but it’s not nearly enough. Your reach isn’t wide and you’d be lucky if one fish swam in. Plus, you’re always tapping the same pond – if a fish isn’t interested, they’re not interested. You can only try so hard to reel them in.
Producing lots of content – even if it’s not perfect – is like fishing from a boat and casting an industrial size net. You drop a post on your Instagram feed and promote your new blog post on your Stories. You promote some of your older content on Pinterest with at least 3 pins. You post to your Facebook page and share some helpful content in a FB Group. You’re accessing different pools of people and increasing your chance of being seen by unique buyers with unique needs. I think this will be THE key to success in 2020.
MOST AFFORDABLE WAYS TO PRODUCE MORE CONTENT:
hire a writer so you can be producing more blog content.
find ways to turn one piece of content into multiple, for example – pull the best quotes from your blog post and turn them into Pinterest graphics and posts for your Instagram Stories. Or take a written blog post and turn it into a short TikTok/Instagram/YouTube video.
more photos, templates + graphics = more to post. Sign up for a Girl Boss Stock membership! Affordable and effortless.
use Fiverr to outsource your content creation.
get Tailwind so your Pinterest runs on autopilot.
3. VIDEO CONTENT
I don’t think the written blog is going anywhere anytime soon. There will always be people who prefer reading to watching, or can’t watch a video (if they’re at work or with friends, for example). And along with those written blogs, we need images to catch attention and encourage our viewers to keep reading – so don’t stop your blog + image strategy.
But as far as social media and getting REACH, video is becoming increasingly important. Instagram Stories, IGTV, Facebook Watch, TikTok… The demand for video is growing. The beautiful thing, though, is that it doesn’t have to be hard. TikTok and Stories, which are arguably the most popular video platforms right now, are pretty stripped back. TikTok videos have little filtering and editing. It’s mostly adding a bit of music and writing, if necessary.
To get started, all you need is a phone with a camera. 2020 should be MUST be the year you utilize video.
4. TIME SAVERS + SKILLS
What do you spend a lot of time on in your business?
It’s time to figure out a better way. Whether this is investing in training so that you can do this BETTER and FASTER, or investing in SOMEONE or SOME SERVICE to take the time-consuming work off of your plate, it’s time to tr
5. MOBILE APPS
Just like video,
6. YOUR EMAIL LIST
I had to save this for last, partly because it ties into my first investment to AVOID (we’ll get to that in a second), but mostly because i know you’re sick of hearing it. I know email subscribers and list-building has likely been hit over your head so many times, you’re tired of it. But people keep saying it because it’s really THAT important.
♡ Check the sidebar. They provide lots of different options for picking your new image size.
♡The only option I don’t recommend using is Exact Dimensions. Unless you really know what you’re doing, you could mess up the ratio of your image and some parts of your photo could become squished or stretched. All of the other options protect the image ratio and I’ve had luck with all of them, depending on my purpose.
1. ADS THAT GET YOU INSTAGRAM FOLLOWERS OR FB LIKES
NO NO NO. This includes TikTok followers and YouTube subscribers and any other platform-specific following you could build. It’s just bad business.
If you’re running ads or advertising yourself in any way, you need to stop running ads with the goal of getting people to follow you on Instagram. Any platform-specific
A FEW LAST THINGS…
If you learn anything from this coronavirus craze, it should be that you need a business that can get you through hard times. A diversified income, a safety net of funds, a backup plan, whatever it is…
MAKING THE RIGHT INVESTMENTS TODAY PROTECTS YOU TOMORROW. IF YOU’VE BEEN SCARED TO INVEST IN YOU + YOUR BUSINESS, SEE THIS AS YOUR SIGN. YOUR FUTURE IS WORTH IT.