In the last few years, I’ve been changing the way I look at money.
See, you’re always going to spend money. C’est la vie. Nothing’s free in this world.
But owning a business made me realize that money is a tool. One that, when used correctly, creates leverage—creates more money. As such, it’s not something you want to waste.
My business spending decisions are a constant weighing of investment versus payoff…
… Spending $X on a business coach is worthwhile if it helps me land one new client worth $X
… Spending $X on a course is worthwhile if I learn a skill I can use to win one project worth $X
And as a coworking space operator and a savvy businessperson, I know you go through the same process daily.
Overheads are sky-high. Churn is a constant challenge. Capacity is a priority. So, when you invest in a service, it should have a pay-off.
This is a conversation I frequently have with coworking operators debating whether they need my services. It’s also one that I, as a small business owner, completely understand.
And my answer is always this: how much is a new member worth to you? What’s their lifetime value? And what would you be willing to spend to sign them up?
… a private office membership is worth X REVENUE per year
… they stay for 2 years on average
… their Lifetime Value = X REVENUE times two years
… you hire a content strategist for X COST per year
… they help you secure 3 private office memberships per year
If X COST is lower than Lifetime Value times 3, then your investment has paid off big time.
To see an example of successful content marketing in real life, check out this client case study I wrote.
Believe me when I say that, like you, I scrutinize every dollar I invest in anything. As business owners, we need to.
But as they say, if it makes dollars, it makes sense. And in my experience, the investments I’ve made in my business have paid off many times over.
If you’d like to learn more about content marketing and whether it’s the right choice for your coworking space, just get in touch with me today. I’m here to help out.