Where to Invest {First} In Your Business

Where to Invest {First} In Your Business

To spend or to save, that is the question.

When starting a brand new venture, it can be difficult to discern where we should invest our money. Should we spend on inventory or staff? Is it marketing we need to focus on most?  We turned to a few of our mama entrepreneur members who aren’t afraid to invest, but who know how to do it smart.

When creating our lineup for our second annual MamaCon conference, we turned to a few of our seasoned mama members who have created inspiring and impressive businesses. These women achieved a remarkable success in many different ways, so we asked them if they would be a part of our member panel this year. Each one of them responded with an enthusiastic yes and we are so grateful they did.

We recently asked these women: What was the most important investment you made in the early days of your business.

The responses were all quite illuminating. For example, long-time Mamas & Co. member Julie O, owner of Lux Furniture Rentals had this to say:

“We had to spend the bulk of our start-up money on inventory, but the next thing that I felt I absolutely needed to spend money on was a really great, easy to navigate Wordpress website so potential clients were able to find us online and see what we had to offer right away.  This was the best investment right at the beginning, because it gave me an edge above my competition, legitimized my company, and provided all the information needed to gain clients and get them into my showroom.”

Angela Grant Buechner is a Lactation Consultant and Doula with almost 20 years of experience caring for families as they become parents. She is the owner of Nutmeg Consulting and says:

Service-based businesses are great, because there's not much that you need to spend money on.  Luckily there was a big need for my initial service (doing home visits as a Lactation Consultant) so all I needed to get started was a phone number and amazing equipment, so I bought the best infant scale on the market!”

Jennifer Myers, Creative Director of Hip Mommies knows a lot about building a remarkable brand and echoed the importance of online marketing.

“The best investment in my opinion, is always quality branding. A killer website. Thoughtfully written copy. We have scored clients and suppliers that were really out of our league, all because we came across as being professional and polished. I find this invaluable, it is your first impression.”


For Aviva Allen, founder of Healthy Moms, the most important investment she made in her business was to hire a business coach:

“My coach was instrumental in changing the way I thought about my business and this change was essential to the future growth of my business.”

Danielle Binns, who is a family nutritionist and health coach, agreed wholeheartedly:

“Working with a business coach gave me confidence to walk away from my previous career. They helped me see that I had something important to offer, and helped me to charge what I'm worth and land the foundational pieces required to launch my business.”

Winnie Standish is the Co-Founder and CEO of Oaks ‘n Acorns, a successful children's activity studio with two locations in Toronto. She felt quite strongly that the best investments were systems that would allow her to grow and scale her business:

“The best investment for us was the right software to go along with our business needs. For us, this was a booking system that could accommodate both our online and in-store (backend) needs. 
The second best investment was the hiring of staff! It's important to take a day off, and starting a new business also means learning to delegate, even if it comes with the cost of staff before making your first dollar. It's money well spent and it will help you focus on the important things such as getting clients in the door.”

 

All of these women have achieved an incredible amount of success and we could not be more proud to call them our members. We are so looking forward to them sharing their further insights and advice at this year's SOLD OUT MamaCon! 

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