Ep. 04 The Best And Worst Investments I’ve Made In My Online Business

Have you ever heard the saying, "It costs money to make money"? It’s true—but not all investments in business are created equal. Over the years, I’ve invested a total of $274,000 into my business. Some of these investments have been absolute game-changers, while others were hard lessons learned.

Today, I want to pull back the curtain on where my money went, what was worth every penny, and what I wouldn’t do again. Hopefully, this insight helps you make smarter decisions in your own business!

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My Worst Business Investments

I want to start with the less-than-stellar investments so we can end on a high note. These are the things that didn’t bring me the ROI I hoped for.

1. Paid Leads

At one point, I thought, "Why not?" when I was pitched a paid lead generation service. It wasn’t a huge investment—just a few hundred dollars—but it was completely useless. The leads I received weren’t vetted properly, and I didn’t book a single client from it.

Lesson learned: For a service-based business, relationships and organic marketing tend to work far better than paying for cold leads.

2. Paid Networking Groups

This one is a little tricky because I’ve met great people in both free and paid groups. However, time and time again, I’ve found that free networking groups tend to yield better results. In paid groups, people often come in with an agenda—feeling entitled to leads because they paid to be there—whereas free groups cultivate more genuine connections.

Lesson learned: You don’t have to pay to network effectively. Free groups have been just as, if not more, valuable for my business.

3. Shiny Object Syndrome Courses

If you’ve been in the online business world for any amount of time, you know what I mean. Those $27–$97 courses that promise a quick fix? I’ve bought plenty. More often than not, I never finished them, or they were just a small band-aid for a much bigger issue.

Lesson learned: Instead of spending money on small, one-off courses, it’s better to invest in a high-touch program or hire an expert who can guide you directly.

4. Buying Things from Friends Just to Be Supportive

I love supporting my friends, but I’ve learned that buying their offers isn’t always the best way to do that. Instead of spending money on things I don’t actually need, I now focus on sharing their work, referring clients, or promoting their offers to my audience—ways that provide even greater support than a single purchase.

Lesson learned: There are many ways to support your friends' businesses without spending money on things that don’t serve you.

My Best Business Investments

Now, let’s talk about the investments that were 100% worth it!

1. Business Coaching

This is, by far, my biggest investment to date—and I’d do it all over again. There’s no way I would have taken my business full-time without coaching. It has given me clarity, accountability, and the ability to think bigger.

That said, not all coaches are created equal. Before hiring a coach, I always ask:

• Have they done what I want to do?

• Do they have a track record of success beyond just coaching other coaches?

• Do they align with my values and vision for business?

Lesson learned: Coaching can be transformative, and it’s essential to do your research and choose the right mentor.

2. Team Support

In 2019, I hit a breaking point with burnout, and hiring my first virtual assistant (VA) changed everything. Now, I have an amazing VA, a graphic designer, and I’ve worked with various contractors for copywriting, photography, and SEO. Having a team allows me to focus on my strengths and serve my clients better.

Lesson learned: Hiring help—even before you feel “ready”—can be one of the best ways to grow your business without burning out.

3. Software That Saves Time

At the start of my business, I tried to DIY everything to save money. But as I grew, I realized that investing in the right software made things easier, more efficient, and ultimately more profitable.

Some of my non-negotiable software investments include:

• Squarespace & Kajabi – For website hosting and my membership platform

• Adobe Creative Suite – Essential for design work

• HoneyBook & QuickBooks – For client management and finances

• Canva & Pinterest tools – For content creation and marketing

Lesson learned: Good software investments save time and increase efficiency, making them worth every penny.

Final Thoughts

Every entrepreneur makes some financial missteps—myself included. But with each mistake comes a lesson. Looking back, I don’t regret investing in my business because even the "bad" investments helped me make better decisions in the future.

If you’re wondering where to put your money, my advice is this: prioritize coaching, team support, and tools that make your life easier. And maybe think twice before buying that $47 course you’ll never finish. 😉

Weekly Shoutout

This week, I want to shout out my friend and OG business coach Eryn Morgan. I talked about her earlier in this post, but she was the first business coach I hired and really helped me shift my business and mindset from freelancer to legit online business owner, and I’m forever grateful. If you’re a creative entrepreneur looking for a coach, I highly encourage you to connect with Eryn on LinkedIn!

🔗 Links & Resources Mentioned In The Episode:

➡️ Follow me on Instagram @spechtand.co
➡️ Book A Discovery Call With Morgan
➡️ Learn more about The Six Figure Brand Society
➡️ This week's shoutout: Business Coach Eryn Morgan

🎧 Listen to episode 4 of The Six Figure Brand Podcast on Spotify, Apple Podcasts, Amazon Music, and YouTube