5 Things Every Entrepreneur Should Invest In
When I first started out as an entrepreneur, I was too cheap and scared to buy anything. The cheap part is understandable since I didn’t have a lot of money to use, but the scared part was just silly.
However, as I continued on my journey as an entrepreneur, I quickly realized there were a few things that would boost my success. The strange thing was that everyone in the world of business was extremely materialistic.
I was taught my whole life that it did not matter what you had as long as you had the necessities, but it was completely different in the business world. My chances of closing deals significantly dropped because I didn’t have certain things.
After all this happened, I decided to go out every few months and buy some of the things that would accelerate my progression as an entrepreneur. Fast-forward two years and I now have the basic things that every entrepreneur must invest in at some point. Here are what the things are:
You have to dress to impress. You can try fooling everyone with that $50 suit from Target, but people know. The fact that people know where your suit is from really impacts what you say to them before you even say it.
Whether your going to meetings, corporate events, or just hanging out in a posh area, you have to look good. Even though name brands make you a walking advertisement, your ‘advertisement’ really benefits you.
Unfortunately, people judge you by the way you look and dress. If you dress like you are the man, others will automatically notice you. You will close deals at a much higher rate and tap into larger audiences at conferences or mixers.
The cost of looking good is pretty pricey. It wasn’t just until last month that I was able to fully swag myself out. At that, it cost me around $1,000 to buy the nice suits that actually fit. It looks like a large investment, but the benefits are far more rewarding.
2. Apple Products
All the Windows fans out there are going to hate me for this. If you’re going out in public with your laptop or tablet, you need an Apple product. Apple products have a sexy feel to them and people know their expensive.
Even if you pay thousands of dollars on your windows laptop, people are still going to think it’s cheaper than an Apple product. Not only does Apple look good, but people associate it as an expensive product.
If you want to close deals, people need to know that you are successful. Are you going to give your business to the broke guy who couldn’t afford a suit or to the guy with a $500 suit and $2,000 laptop? You’re obviously going to pick the rich guy because he just appears successful and more capable of handling your needs.
When I first started out, I used to carry around a $400 windows laptop that looked like a brick. The laptop was interesting because it looked like a piece of shit, performed like a champion, and told everyone I was broke. Instead, I invested in an Apple MacBook Pro and suddenly I was closing deals at much higher prices than before.
If you’re ever going to be out in public where you need your laptop, a tablet, or even your phone, invest in Apple products. They look good, they are expensive, and people are just going to feel more comfortable with you since you fit in.
3. Meeting Area
Unless you can meet your clients at their place, you need to either find a small office or rent conference rooms. If a client needed to meet with me, I would have to ask them to meet at a local Starbucks or ask to meet at their place.
While there’s nothing wrong with a Starbucks, people really became hesitant hiring me if I didn’t even have a professional office. As a young entrepreneur, I didn’t have the money for an office nor did I really need one.
Instead, I actually found out about an amazing system of renting conference rooms. You pay anywhere from $25-$35 an hour and you get access to a nice conference room with a great view. While nobody knew I really rented the conference room, they loved the environment.
If you can ‘WOW’ people with a nice office or comfortable environment, they feel more at home. If you can make them feel at home, it’s much easier to close a sale. Renting out conference rooms allowed me to close customers at a much higher rate and even gave me the ability to raise my prices.
4. Virtual Assistant
As an entrepreneur, you’re going to have too many things to do. Most entrepreneurs cannot afford to pay a real assistant to help them out. When all else fails, you have to outsource.
It’s definitely difficult working with someone in another country. However, if you can show them the ropes and get accustomed to it, you will love it. When I started my first company, I desperately needed help.
I hired a great virtual assistant named Rohit who really helped me with a lot of things. At one point, he was actually the main source for all my leads. It took a few months to show him the ropes and get comfortable, but once we did, things were great.
As entrepreneurs, we need to value our time. We need to do the things that make us money while we pay others to do the technical things. Someone has to keep track of the paperwork, provide customer service, and respond to emails. Who better than an affordable virtual assistant?
Entrepreneurs work their asses off. You need to use the weekends to go out and have fun.The better weekends you have, the more productive you will be during the week. Invest in a good time every weekend.
Go get drinks with friends, party like an animal, or have a nice dinner with your girlfriend. Whatever it is that you choose to do, just make sure you enjoying doing it. Unfortunately, fun costs money.
I wouldn’t recommend going out and splurging money you don’t have, but you really should go have a good time. It’ll cost some money, but it will increase your productivity. The more productive you are, the more money you should be making.
Work hard, play harder. As long as it’s in ration, go have the time of your life when you can. You will blow some money here and there but it’s another one of those investments that pay off in the long run. Never get lost in the ‘work only’ mentality.
For entrepreneurs that are just starting out, I would suggest investing into each of these as you need. Had I invested in these things from the early days, I would have been much more successful today.
Even though a lot of these things are materialistic, sometimes you just have to fit in to improve your chances. We are taught our whole lives to do what we want, but in business you really have to do what others are expecting you to do. If you do these things, you surely better your chances of succeeding.