How do you know when to invest in your business?
Oct 04, 2020When should you invest in your business? Doing so at the wrong time and not doing so at all can be equally debilitating for your business. I’ve noticed this in the business journeys of quite a few of my clients they spent money on a course or a coach and didn’t get the results the wanted AND feel frustrated about the entire process.
The first time….After I signed the contract and paid huge amounts of money, there was no system, there were no tools, and there was no guidance. Every interaction with her after the sales was unprofessional and left me feeling uncomfortable. What’s worse is that I felt tricked and duped.
This could have turned me away forever, but instead, it drove me to make sure that this never happened again. Both for me and my future clients.
Here are a few steps and questions to answer on whether or not it is the right time to invest in your business.
Track your expenditures. As in right down what is happening. Far too many solopreneurs will set up a spreadsheet to track their expenses, but then once they get involved in the daily grind, they end up never using it.
- How many clients do you have each month?
- Do you have to invest in products or services for your clients? How much income is coming in?
Think about where you are struggling.
Do you have what it takes to get to the next level?
- Social media strategy
- Setting up email funnels and lead magnets
- Getting your name out on other podcasts, marketing platforms, etc.
Then ask yourself if you have the time and focus to learn what it takes to get there (i.e. do you have the tools available).
How do you feel about your success?
This is the most important question to ask yourself. Your business can only grow as much as you do. Do you have hesitations on being more visible or charging higher prices? Do you need guidance to help with discipline while working with inner resistance? Do you feel like a leader or an imposter?Do you have a support system that is going to help you grow the way you want to? A mentor, a coach, a teacher?
Do you have a timeline?
Sure you can get there yourself but typically a coach, a course or a mastermind/group coaching helps get you there faster with a community of support. Is this important to you? Do you have a timeline? Go back to your goals and make sure they are aligned.
Questions to ask when you are considering investing.
- How does the process work?
- Is there accountability (i.e. I will NEVER invest in anything without this)
- What outcome is desired?
- Look at their past clients/credibility
- Remember “bigger” as in more famous. Is not always better. In my experience, you want someone 1-2 steps ahead of you so they can relate to what you are going through but guide or teach you on the next steps. (Recent IG superstar/teacher example)
Consider the benefits
- You learn from an unbiased viewpoint (i.e. a audit of your business) / Hear constructive criticism
- You will break routines
- New network opportunities
- Your personal and business goals will align
- You will be held accountable - Coaches challenge their clients to step out of their comfort zone and take the appropriate risks in their business.
Despite my early coaching experience, I personally hired a business coach in December of last year, and in the last 6 months have grown a 5 figure business in the middle of a pandemic. I didn’t even have the idea yet when we started!
p.s. for more info on this topic, take a listen to Episode 052!