You have $ 1 million. How do you spend them on your business?
Business Marketing with Nika
30 replies
I do not know at what stage your startup or established business is,
but what would be your expenses?
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I would predominantly invest in:
– the top team,
– visibility/distribution (marketing).
What product/service do you have and what would be your spend?
Replies
André J@sentry_co
Incentive. Charlie Munger once said "show me the incentive and I'll show you the outcome" because incentives are one of the most powerful predictors of human behavior.
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@sentry_co I am not so sure what the author wanted to say me regarding to splitting the investment :D
@busmark_w_nika You spend it on incentivising your employees. So they do the best work of their life.
Planyway
Launching soon!
If I had $1 million to invest in Planyway, here's how I'd approach it:
Product Development & Innovation (40%) – I'd invest heavily in enhancing our product. This would include developing new features, optimizing performance, and refining the user experience, especially in areas where users need more flexibility or integrations.
User Feedback & Research (10%) – Getting direct feedback from users is priceless. I'd set up more frequent user interviews, usability studies, and invest in external usability testing platforms to ensure we're addressing pain points accurately and creating a product that truly solves real-world challenges.
Marketing & Brand Awareness (25%) – With Planyway growing, getting the word out is key. This means expanding our marketing reach, creating helpful content, running targeted ads, and collaborating with influencers or thought leaders in project management.
Team Expansion & Support (15%) – Hiring additional talent to strengthen our development, customer support, and marketing teams would be a priority.
Community Building & Customer Success (10%) – Last but not least, I’d focus on building a strong community around Planyway. Hosting webinars, creating resources, and offering more hands-on support would help our users get the most out of Planyway and drive retention.
Raregenie
if I had $1 million to invest, I'd split it mainly between hiring great people and ramping up our marketing. About 40% would go into building a strong team—getting skilled folks who can really drive growth and deliver value. Around 35% would go straight into marketing, so we can get the word out and bring in more customers. I’d set aside 15% for product updates to keep things fresh, and the last 10% as a buffer for unexpected expenses. This setup gives us a solid foundation to grow without losing focus on what matters.
With $1 million, I'd split it like this:
Team (~40%): Building a solid, skilled team is everything. I'd prioritize hiring a mix of creative and technical talent to make sure the product keeps evolving.
Marketing & Visibility (~40%): Focus on strategic campaigns, SEO, paid ads, and community-building efforts to create long-term engagement, not just quick wins.
Product Development (~15%): Keep refining and expanding the product based on user feedback.
Buffer (~5%): Always good to keep a little extra for unexpected challenges or opportunities.
What about you—how would you spend it?
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Hey Alex, I shared my splits in the post. But TBH, also was considering "critical fund" for unexpected situations. @alex_prompt
@busmark_w_nika Yes, I think "critical fund" for unexpected situations is MORE than warranted , as these so-called unexpected situations happen almost on a monthly basis :)
Especially when paying for Facebook Ads, when it randomly charges big amount that far exceeds the calculated estimate (sometimes).
Elon Jump
buy Ferrari first :D
Lancepilot
i will be focusing on making it 10X . 🤯😎
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@istiakahmad I like your way of thinking. But "How" is very crucial when it comes making more from you currently have.
10% to build my MVP(in about two month), then lunch and earn some free traffic.
pay about 2% to Hire a people post in every big social media.
Then pay about 10% into product R&D.
Then post again.
Now there will have people want to pay.
Then i will cost about 1% to research my paid user.
Draw a picture of my paid user and then pay about 10% into what they want of the product.
After that, observe the pay rate, If the rate is high,I will pay more about 1% into publicity.
Now，for this product, there is a high probability that it can be self-sufficient now.
If its not, I will give it up.
Launching soon!
In this sequence (or may be not) -
1. Continuous R&D so that we keep evolving the product for the right customers
2. Continuous improvement of experience for the customers so that they want to keep engaging
3. A great team that includes subject matter experts as well as generalists - all departments
4. Active marketing efforts to drive awareness, engagement and to support the sales team
5. Best-fitting technology stack to make sure what we envision is actually being implemented
1 First of all I'll buy a cake for my family and friends - because hey, we should never forget to celebrate!
2 Hire a designer as this is an area of improvement at my project kosmodrom.work
3 Give the rest to my wife because she's a babe! Actually because she's a marketing ninja and marketing is always a priority.
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@busmark_w_nika I was partially kidding about family - it was a way of saying I would spend it on marketing. Probably would use some to hire an accountant as well lol
And yes, it is a task management tool that gamifies work. Even if you love your work some tasks are still boring. kosmodrom.work turns them into space rockets. Try it, it's free and it's fun. Would love to hear your opinion!
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