How I would invest to grow my agency (step-by-step)
Someone asked how I would invest (in my agency or otherwise) if I came into a little extra cash. This is my response: 1. Are you "all-in" on your agency already? Full time 8+ hours a day? If so proceed to step 2, if not, use this money to buy yourself runway to leave any other work and focus 100% on the agency. 2. Keep some of the money in cash and don't touch it. I like having 6-12 months living expenses on hand as it gives me freedom to take on work I want and say no to work I don't want but even 60-90 days is a good start. 3. As for stocks, the S&P 500 (a good old index fund) will yield roughly 10% let's say. It's a good set it and forget it strategy. And my portfolio is made up of 90% index funds (things like VOO, VTI, VUG, etc) Your agency though will yield 10-100X that though so we focus there first and slowly carve off profits to put in other places like index funds later. 4. The best places to invest in your agency are GT: KT (Get them: Keep them) AKA client acquisition and then client fulfilment. Use the extra money to go deep into an outreach strategy like cold email or cold DM, ramp up the loom outreach, hire people to help compile lists. 5. Audit your personal life and find areas that you could outsource to free up even more time (i.e house cleaning, yard work, meal prep, laundry, etc). Then (and this part is important!) use that time to put towards higher leverage RGA (revenue generating activities). 6. I'm clearly biased here, but I would also consider investing in the Agency Accelerator. I would have killed for a program like this when I was first starting my agency as it would have saved me years of struggle and made me richer a whole lot faster: https://join.agencyaccelerator.io/vsl-page