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The Power of $5000 – Smart Ways to Invest
My first thought on reading the brief for this article was that $5000 won’t get you far. In a business context, there aren’t many you can start up with $5000 – most franchises, for example, will set you back between $50,000 and $100,000 (A Macca’s is upwards of $3m!)
My second, which followed hot on the heels of the first, was that marketing is the place to start and that, if you have a business already, you should spend your $5000 on growing your business – on changing up a gear. Marketing to find more customers or to open up a new market or on hiring someone to help in that endeavour. Not a business coach – you should not be investing in a business coach if all you have to spend is $5000.
If you have a business already, the absolute best place to invest your money, light years ahead of any other option is in your business.
The reason for my brave statement is that, only in a business, can you leverage your investment of money by investing your time and your energy and enthusiasm, too.
What if you don’t have a business, you ask? (I heard you)
Well, as I said, $5000 doesn’t go far so let’s discuss the possibilities for a $5000 investment. Remember, the joy of investing in your own small business (and starting one up) is that you can realise a much higher return on your investment than a simple investment in shares or other investment vehicles – because of your ability to leverage non-cash assets like your time and your enthusiasm.
First, let me comment that a business is not just about the money – a business is about what it does, first and foremost and the money is somewhat secondary. I think what this means in our context, is that you first need to be enthusiastic about something before you rush off to spend your $5000.
Some options to set you thinking, then…..you can make and sell something, perhaps at a craft market or a farmers market (I live in Byron Bay – half the town is doing this stuff!). Food is a prime example but so are clothes and so are jewelry and trinkets. Find things and sell them – vintage clothes and antiques are very saleable – you do the work of trawling the op shops and make profits on the beautiful things you get to first.
You can sell these things at markets or on an eBay shop or on sites such as Etsy with little cost.
Services are another opportunity – what are you good at and like doing – sell your time and your skills. Cleaning, massage, consulting, design. Almost anything is possible, provided there is a market and provided you have some of your $5000 left to let your market know what you can do for it.
You can build a website (but $5000 doesn’t build you a very good one, these days, not if you want people to find it and use it) to sell your product or your services.
And you can entertain and inspire people – perhaps by writing and marketing your blog, attracting an audience and then monetizing your internet real estate (that means selling advertising to businesses that want to sell to the audience you’ve built up, in English).
Some options, then and, in terms of a return on your investment, the sky’s the limit but heed my warning……….no enthusiasm and no hard work means no return.
Need help on how to invest your money wisely?
There are four ways you can engage with me:
1. Subscribe to these emails and get them once a week in your inbox so you never miss a video from me.
2. Join the Trades Business Toolshed Facebook Group where you can watch these videos, ask me questions or talk to your peers.
3. Attend my next Tools Down workshop.
4. Book yourself a 10-minute chat with me. We’ll talk about whether coaching is right for you now and if it is, we’ll go further into the process before you have to make your mind up.
See you later.