As a small business owner you will probably be following a number of influential entrepreneurs, signing up to newsletters and joining communities such as facebook groups for other business owners. When you start to immerse yourself in this online world it becomes so easy to feel that you need that one more thing whether it is a course, product, or a service which will finally be the answer to your problems.
I struggle with this so much myself and often end up spending a lot of money on lot’s of small purchases that at the time are an easy buy such as ebooks and low-cost courses. When really over time this might add up to the amount I was trying to avoid spending, for example a service that might really help me or even a bigger course.
One thing we all understand though is that it is important to invest in your business. Here’s the thing, it needs to be the right investments.
Will it help move you forward?
Tomorrow I have my first session with a business coach, it is of course too early to tell what the impact will be. However I came to the decision that it was valuable and worth it to me, to help me gain the clarity I know I need. Choose to evaluate your options and place value on what will help you move closer to your goals.
Can you afford it? Can you afford not too?
Back to my own example of choosing to invest in coaching it wasn’t an easy decision about the money, it’s not like I have tons of spare cash at the moment. Yet I believe that in the long run it is likely to help me earn more money aka return on investment. In some weird ways it’s already helped me with one of my own “money issues” about what people are willing to spend if they value something.
What should you invest in and when?I would also add to her suggestions that in my opinion the second thing should be the tools you need to do your job properly (once you are clear on your business) – and yep, this is before website design! Because if you are struggling to type out important documents on an ipad or working from an impossibly slow computer then you will not be working at your best.
How would investing in X make you feel?
Although this sounds a bit superficial I think this is important and relates back to the opportunity cost. An example would be in trying to DIY your own website or graphic design, you might be proud that you managed to create it but also have the niggling doubt that maybe it doesn’t look as professional as you hoped. If you have those thoughts will you be promoting yourself as much as you would if you were confident that your branding, your website and your materials reflected you and your business exactly? If your business doesn’t have the right appearance it will be having an affect on your site visitors and potential customers.
I also have my own example with this, luckily for me I can keep tweaking my site and improving, however something I wasn’t so confident on – my copywriting. Now Robyn Petrik helped me with my copywriting aka writing it using snippets of my own words, I feel that bit more professional and confident about telling people about my site.
So will you be investing to up-level your business?
Let me know in the comments what’s been your best business investment!