My BEST and WORST Business Investments In 2023
Welcome back to Daring Made! Today, we're diving deep into the investments that shaped my business in 2023—the good, the bad, and the lessons learned.
If you’re running a business or planning to start one, understanding where to put your money and time is crucial. So, I’m here to share my insights on the best and worst investments I made last year, and how these lessons are guiding my approach in 2024.
Whether you're focused on improving your business strategy or just curious about what worked (and what didn't), this blog post is for you. Let's talk about business investment, investing wisely, and the lessons learned in 2023.
Best Investments of 2023
1. Legal Templates: Protecting Your Business - One of the smartest investments I made last year was purchasing legal templates from Chandler, the founder of Lethal Legal.
She offers a bundle called the “Design for You” bundle, and it has been a game-changer. This bundle includes every contract template imaginable, from website privacy policies to service agreements.
These templates have not only protected my business but also allowed me to move quickly without constantly needing to consult a lawyer for every new service or product offering.
If you're serious about safeguarding your business, I highly recommend checking out the Design for You bundle by Chandler at Lethal Legal. This is a perfect example of how investing wisely in the right resources can save you time, money, and potential legal headaches.
2. SEO Overhaul: Boosting Online Visibility - SEO is often overlooked, but it's an essential part of any business strategy. My friend Caitlin from The Creative SEO Coach performed a complete SEO overhaul for Daring Made’s website, and the results have been transformative.
If you’re looking to improve your online visibility, working with an SEO expert like Caitlin can provide you with the tools and knowledge to optimize your website effectively.
SEO is not just about keywords; it’s about ensuring that your content reaches the right audience and stands out in a crowded digital space.
3. ChatGPT: Enhancing Productivity - In 2023, I invested in the paid version of ChatGPT, and it quickly became one of my favorite tools for brainstorming, copywriting, and strategizing.
Learning how to prompt ChatGPT effectively has been key to maximizing its benefits. It’s like having a supportive team member who’s available 24/7.
If you’re looking to enhance productivity and streamline your content creation process, ChatGPT is worth considering.
4. Professional Photoshoot: Elevating Brand Aesthetics - Investing in a professional photoshoot with my photographer, Sammy Hearn, was another highlight of 2023. The visuals we captured have significantly elevated the aesthetic appeal of Daring Made and Daring Haus.
If you’re building a brand, don’t underestimate the power of high-quality visuals. Professional photography can make your brand look polished, credible, and memorable.
5. Consistency with Programs: Streamlining Operations - Consistency is often underrated, but it’s essential for running a successful business. I’ve stayed consistent with programs like HoneyBook, Notion, Planoly, Flowdesk, and Showit, which have been invaluable in streamlining operations.
Rather than jumping from one tool to another, staying consistent with a few key programs has saved me time and allowed me to focus on what really matters—growing the business.
Lessons Learned from the Worst Investments of 2023
1. Evaluating Team Fit: The Importance of Alignment - One of the most challenging lessons I learned last year was the importance of hiring the right team members.
I made the mistake of hiring people who weren’t the right fit for my business, which led to unnecessary stress and setbacks.
This experience taught me to take my time during the hiring process, to ask the right questions, and to ensure that any new hire aligns with the overall vision and culture of the business.
Having the wrong person in a key role can be detrimental, so investing wisely in your team is critical.
2. Paid Programs: The Value of Due Diligence - In 2023, I also invested in a few paid programs that didn’t deliver the value I expected. One notable disappointment was an email marketing program that turned out to offer information I already knew.
This experience was a stark reminder that not all paid programs are worth the hype. Before making any investment, do your research, seek reviews, and ensure that the content or training will genuinely benefit your business.
Don't be swayed by slick marketing; focus on what will truly move the needle for you.
3. Working with Business Coaches: Trust Your Gut - Another area where I learned a tough lesson was in hiring business coaches. While there are many skilled and knowledgeable coaches out there, not all of them are the right fit for every entrepreneur.
Blindly following advice from a coach without considering whether it aligns with your values and goals can lead to poor decisions.
It’s essential to trust your intuition and not just take someone’s word as gospel. You know your business better than anyone else.
4. Trust Yourself: The Biggest Lesson of 2023 - Perhaps the most important lesson I learned in 2023 was to trust myself. As entrepreneurs, we often seek external validation or overthink decisions, but this can paralyze progress.
Taking action, even if it leads to failure, provides valuable data and insights that you can’t get from sitting on the sidelines. The worst that can happen is that something doesn’t work out, but at least you’ll have learned what does and doesn’t work.
Trusting yourself and taking calculated risks is key to growth.
Investing Wisely in 2024 and Beyond
As we move into 2024, the lessons from last year are guiding how I approach business investments. The key takeaway is to invest wisely, not just in terms of money but also in terms of time and energy.
Being strategic about where you allocate your resources is essential for sustainable growth. Whether it’s investing in tools, team members, or training, always consider the potential return on investment and how it aligns with your long-term goals.
1. Prioritize Value Over Cost When making any investment, prioritize value over cost. It’s better to spend more on something that will genuinely benefit your business than to go for the cheaper option that might not deliver the same results.
2. Focus on Long-Term Gains While short-term wins are exciting, focus on investments that will yield long-term benefits. This includes building a strong brand, investing in SEO, and creating systems that will support your business for years to come.
3. Continuous Learning and Adaptation The business landscape is constantly evolving, so it’s important to stay adaptable and open to learning. This might mean investing in new tools or training to keep up with industry trends and changes.
4. Build a Supportive Network Surround yourself with a network of like-minded entrepreneurs, mentors, and advisors who can offer guidance and support. Investing in relationships is just as important as investing in tools and resources.
Conclusion: Reflecting on Business Investments
Reflecting on the business investments I made in 2023 has provided me with invaluable insights that are shaping my approach in 2024.
The best investments—like legal templates, SEO, ChatGPT, professional photography, and consistency with programs—have all contributed to the growth and success of my business.
On the other hand, the mistakes I made, whether in hiring or in choosing certain paid programs, have taught me important lessons about due diligence, trusting my instincts, and the importance of alignment.
The biggest takeaway from 2023 is to trust yourself. Take action, learn from your mistakes, and don’t let fear or doubt hold you back.
Investing wisely is about making informed decisions that align with your goals and values, and understanding that every investment—whether successful or not—is an opportunity to learn and grow.
As you move forward in your own entrepreneurial journey, remember to invest in what truly matters, trust your intuition, and always be open to learning and adapting.
Here’s to making 2024 a year of wise investments and continued growth.
If you found these insights helpful, or if you have any questions about business investments or other entrepreneurial topics, feel free to reach out on Instagram @sashafedunchak or leave a comment below.
I’m here to support you on your journey, and I’d love to hear about your experiences as well. Until next time, keep daring, keep growing, and keep investing in your success!
My BEST and WORST Business Investments In 2023