5 minute read
Last week’s episode of the Knowledge Broker Podcast ended with us discussing the fears of hiring a new employee. Josh mentioned that one of the biggest fears is how to pay them. Money is a universal fear for all business owners, especially when initially building their team. To combat this fear, you need to change your perspective on how you view spending. This week we dive deeper into the age-old saying “you need to spend money to make money”.
We do want to point out that this is advice and tips for small businesses such as ourselves. We do not want to propose you need to spend thousands of dollars to find success. Simply put, do not spend money you do not have. Spending money does not guarantee results.
As always, you can listen here or read on to see some of the highlights from our discussion.
Spending Vs Investing
Right off the bat, we want to change the way you think of spending. Spending to make money is a great terminology that is often misconstrued. Think about spending as investing. It isn’t just about buying new desks, phones or hiring a new employee, it is about investing in your company. Would you be as productive without your own space to work? Would you be able to reach your clientele without functionality? Would you get as much down without someone assisting you?
Once you have created the framework of your company, you need to decide which investments need to be made to take you forward. Remember this when you reach for a thousand-dollar camera. Is that camera the right place to invest your money?
Where to Invest Your Money
Last week, Josh took us through his ABCD method of importance. If you missed it click here. This will help you quickly identify which areas should receive your initial investments. Here are a few places that we discussed are beneficial to put your early money towards.
Every business needs a website. In this digital age, customers want access to the inner workings of your company. A website is the easiest way for them to do so. It is especially important for the website to be adjustable for mobile viewing. The quality of your website speaks highly about your business. This is not the place to cheap out on.
With websites, you get what you pay for. If you decide to choose a free or the cheapest plan, it will result in longer loading speeds, basic designs and little to no help from support. Free and cheap plans are excellent for hobbyists but not for companies looking to grow. To customize a webpage to suit your needs, you will need to either pay for a higher-priced design or work with a web designer. If you choose a web designer, be sure to select one that has worked within your industry before. As we spoke about in our second episode “Creating Your Brand Identity”, it is important to reflect the brand of your company in everything you do. A website is just the first glimpse.
Email and Social Media Marketing
Here at Knowledge Broker, we use two online platforms that help us reach our audience. For email, we use BombBomb. It is a great platform that allows us to create contact lists and send videos to our clients. The software also offers easy-to-create real estate templates for us to use. Their support staff is phenomenal and eager to help with any problem.
For scheduling our social media, we use Hootsuite. As the Marketing Manager, I realized with the amount of work I do weekly, I needed to find a solution to help me post daily. Being consistent with social media is critical when building your company's online presence.
Both platforms are paid for but are significant investments in our company. Bombbomb and Hootsuite allow Knowledge Broker to schedule the content ourselves and reach out to clients quickly and effectively. Consider implementing programs like these into your own business.
One of the most successful ways to boost your company’s notability has always been through advertising. In the internet age, it can be easier and cheaper once you know exactly what you are doing. From my own experience, Facebook ads were tricky to learn but with time, patience and guidance I am learning to understand it.
This is a perfect example though of lowering your expectations when it comes to spending. Do not assume you can put $25 towards an ad and have the calls will pour in. You need to make sure you are advertising quality content. You have all heard the saying before of “content is king”. Speak to your audience versus just showcasing your product. Be sure to intrigue, inspire and educate them. I would suggest before you start investing in ads, you perfect your content. Once you have it put a reasonable amount of money towards your ads.
If you are looking to make a larger investment, consider hiring someone to solely create ads for you across multiple platforms like Facebook, YouTube and even Podcasts.
Josh’s #1 Investment
Most people believe that day one is the day you decide to work on your business. In actuality, your first day is when you make your first investment towards yourself. Josh’s #1 investment has always been the time and money he puts towards himself. When Josh was getting into real estate he started with his undergraduate but then advanced onward with his masters, gaining his broker’s license and hiring a professional coach. He leverages himself above his competition by continually learning. As Josh says “Experience comes with time. You can’t get experience without knowledge.”
Let’s face the facts. If you do not have the time to do what you need to you must find a solution. The truth is that almost all solutions will cost you money. But instead of looking at it as “spending to make money” look at it as “investing in your future”. By changing your perspective, things will start to make sense and you will start to see the value in it. Listen to Josh’s #1 investment tip. Investing more time and money into yourself will allow your business to grow in more ways than one. And don’t forget content is truly king. Perfect your product before making any big moves.
That was it for this week’s podcast. Just as a reminder, our weekly podcast comes out every Tuesday on Podbean, Youtube, Spotify, and Apple Podcast. As always you can email me at firstname.lastname@example.org with your comments and ideas.
Our job at Knowledge Broker is to cultivate an open source of information. Knowledge is power and creates experts and understanding. Do you want the power? Connect with us here on our website or on social media at “@knowledgebrkr”.
“My knowledge becomes your asset and my hard work is your vehicle to success.”
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8