Hot Tip: Invest 10% of Revenue Into Yourself
We know investing in ourselves is important - but why and how much should we invest?
I invest 10% of my revenue into my skills. My skills are going to be the main reason my business grows successfully - or the main reason that my business fails. It’s to my benefit that I regularly and repeatedly invest in developing my skills.
However, this can be scary - 10% doesn’t sound like much, but when there are a ton of things competing for the revenue in your business (labor, tech, taxes, etc) - 10% is no small amount. However, I’ve found that this amount is the sweet spot - it’s high enough that it feels like something I have to work to prioritize, but it’s still low enough that as long as I keep my other spending in check, I can sustainably spend this amount.
Common barriers that come up in investing in ourselves:
1) We don’t budget appropriately for it.
When we have to choose between paying payroll and investing in ourselves, payroll is going to have to win (as it should). So part of investing in your skill set is budgeting appropriately for it, so that when the opportunity drops, you have the chance to say “yes.”
Earlier this year, I said yes to a workshop that I knew be the right opportunity for me to get into the room. However - it was a substantial amount. This was only possible because I set aside money in order to be able to say yes to these things.
If you need help on the money management side, check out Profit First by Mike Michalowicz - this is a resource that is going to be able to help you figure out how to set aside specific percentages in your business, so that you can say “yes” when the right opportunities arise.
2) We don’t know what to invest in.
I recommend identifying a specific skill that you are lacking in, and starting there. Turn any problem in your business into a “I don’t know how to” statement, and this will start to show you the pathway forward.
I go between seasons where I am looking to learn specific skills (Facebook ads is something I’m currently working with a coach to learn about) or more general skills in leadership, business, and operations.
Sometimes you’ll be investing in a coach, sometimes a program, sometimes in a specific resource. It’ll change depending on the skills you need to learn.
The more clear you are about your deficits in skill, the better you’ll be able to pick the right investment for you.
3) We don’t trust we will use the investment well
I was talking with another business owner who was considering making a sizable investment into another business to help them grow and expand. He felt that they had an opportunity in the market to grow and succeed if they just had access to more capital.
While he wasn’t wrong, I came back to him and asked why he wasn’t willing to invest that $100,000 into his own business or his own skillset.
He said he didn’t know - it hadn’t occurred to him. In talking about it further, it came out that he wasn’t sure he would use that investment well.
I told him, if I’m making that kind of bet, I want it to be on myself.
Be willing to bet on yourself. You are worth it.
Michelle Kline is the founder of DogCo Launch, and the host of the DogCo Secrets Podcast. Michelle spends her time helping pet care companies in the industry grow and scale their teams, increase their revenue, and increase personal profits - all while protecting their time. Learn more about Michelle here.
Do you want to scale your pet care business? Consider joining us at the DogCo Business Summit - the first pet care conference focused exclusively on business scaling in this industry - September 26 - 28, 2025.