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102 Key Principles for Success

Principle 76 - Spend Money to Make Money

This could be one reason you're not as successful as you'd like to be.

You have to spend money to make money.

Can you spend $5 at a website like http://fiverr.com to see if you can sell what you buy it for more than $5.00?

Almost all businesses spend money on:
  • product
  • employees
  • rent/office space
  • electricity
  • marketing
  • Tools
  • Google ads
  • Research
  • Outsourcing
If you're an author you can spend money on:
  • Editing your book
  • Marketing
  • Cover
  • Book tour
  • Focus groups
  • Writing tools like Grammarly
  • Getting an agent
It's hard to spend money if you're not making money but this might just be a catch 22.

See if there's a task you hate doing that will make a difference in your business and find a way to outsource it.

Can you pay to automate a manual task you're doing from one of the websites that cater to this?

Do you need feedback and are having trouble getting it?

Do you have an professional looking website or should you be spending some money here?

Don't spend too much like $10,000 for an ad in a magazine, which much cheaper options exist.

Just realize that spending money is part of making it. Look at each dollar you spend as investing money. Should you invest that dollar in your business idea or in a company like Apple, Google or Amazon?

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