Reinvesting in your business is so vital. It’s not like you can’t think of your business as I’m gonna make like. You can’t just take it out, go spend it on a fancy car or whatever. You have to keep reinvesting in your business because that’s gonna make it where it goes a lot faster.
Reinvest, especially in the first year of business
You have to think. These multi-million dollar companies are investing millions of dollars per month and if you’re not investing any in your side business, essentially you’re not gonna go very far. So, it’s important to always reinvest your profits and everything else, especially in that first year.
Go for lifetime value
Yes, it’s okay to not make money on that first year because your area might be so competitive, that you’re just going for lifetime value like a lot, especially the supplement category, which is astronomically competitive. They’re literally just banking and basically, they’re just going for lifetime value. They’re just like they want you to keep rebuying that product so they may spend fifty dollars to acquire you as a customer but if you’re constantly reordering the product and you buy two hundred dollars worth of product, then their return their lifetime value of that customer is very high. It’s worth paying that 50.
Reinvest, grow and become a powerful brand
When you’re at that first year, you’re not gonna have very many customers, but as they become lifetime value customers, your brand starts becoming more powerful and everything starts growing after that. Then it becomes exponential once people start knowing your brand.
To learn more, watch this video: