How to invest when you do not know what business to invest in

"I have N100,000 and I am looking for a business to invest into and never go broke again." My advice? Don't try it.

If you have money and don't know what to do with it, you most likely will blow it through trial and error, even if someone teaches you. What to do? 

Invest in yourself. Invest in your education. Take a fraction of that money, pay for a program or buy books specifically aimed at the business or skill you want to develop. Spend a few weeks thoroughly working on your mind and building up that skill. 

With that skill and elevated mindset, go out and make money fixing problems for people. Keep working on yourself and keep learning. Your price will increase.

You'll be able to charge more, and make more. Now when you have the skill and the income coming in, you can now decide to put money into a business. As money comes in from your skill, you have income for sustenance and you can have money solely to build your business.

The mistake we make is that we start a business and take out money for daily upkeep from that business. We take out money we send to dad, mum, friends, money for hanging out etc from that business and the business doesn't grow. Business money should be business money.

Your skills can help you with money to fund every other thing. This is why billionaires and multi millionaires become speakers. Their business makes a lot of money, but they still make money from consulting, speaking, coaching... From selling their skills.

I believe this should clarify those of you who don't understand how this works. A few days ago, I spent time on Leke Alder website . I love this man to a fault. He has pioneered a much of the branding ideas and strategies you see today. But peep the images to see how much he charges to coach people.

My point is:Develop skills. Your skills will feed you as you bootstrap to get your business on the way.Develop several ways that can allow for income to come in as you face your business squarely.

Business requires money. A lot of it. Business is that girlfriend you can't say 'no' to.If she asks you for money, you best be ready to give it to her.

I hope this gives you light.

Author

Read also : 5 steps on Investing Money.