Every business owner reaches a point in their business when they have to decide whether they want to invest in the business or not. It can feel very scary making that decision to invest money especially if you are not bringing in a large income. However, investing in your business can often be the one thing that you do that can take your business from surviving to thriving.
There are many different things that you can invest in for your business. You might consider outsourcing some work, such as social media content, podcast editing or copywriting. You might feel that some training in a particular skill that you are lacking in could help in your business. Alternatively, it might be a good idea to invest in a mentor or coach, who can help drive you forwards or you might want to join a community that has a membership which includes training and a strong community spirit where people support each other. It can often feel that you are constantly being offered opportunities to spend your money and it is important that you choose wisely. You want to ensure that you have a return on your investment and that the money isn’t wasted.
So, how do you decide when the time is right to invest in your business? It’s tricky. You don’t want to spend more that you can afford, that’s for sure. The best plan is to have a good look at your business and your skills and see what you need to get you to where you want. You want to create an investment strategy and stick to it. This strategy can be reassessed as your business grows, but by having a plan you’re much more likely to make the right decision.
It can be very easy to get caught up in the hype that some trainers and coaches make about their expensive programme. You see the excitement that they are generating, the shiny sales page and the fact that other people are signing up and it’s easy to get swept up in all the excitement and sign up before really understanding what effect it will have on your business. This is even more likely to happen if they have shiny bonuses waiting for you if you’re one of the first 10 people to sign up or if you sign in the next few hours.
However, you need to take a step back and question whether you really need the course or program that is being offered. If it doesn’t fit in with your strategy, then walk away. It’s not what you need. You also need to make sure that the course will deliver what it promises and that there are positive testimonials about the results.
My Investment Strategy
Part of my strategy for my skincare business (www.craftybynature.biz) is to franchise the party and workshop side of the business as that will help me expand the business in a way that works well with my health. I know that in order to do this, I will need to invest some money, as I don’t know anything about franchising
And so I have invested in a course on how to franchise. I will also have to invest in getting a solicitor to write up a franchise agreement contract for me. This feels very scary as it’s very big investment for my business without any guarantee that it is going to bring me in money. However, I know that this is the strategy I want for my business. I could try and find out all the information myself on the internet without paying for a training course. However, that will take a long time, time which I do not have and there is no guarantee that that I would be able to find everything that I need to know. Part of the issue is that we don’t know what we don’t know. So having it all laid out in a course means that I won’t miss anything. I will find out all the information that I need to know and that will make it much more likely to be a success. Also, by investing in getting a qualified solicitor to do the work and create the contracts, I will ensure that my business is adequately protected and this will minimise any issues going forward.
The other thing that I have taken into account is that because I’m putting money into this decision and because I’m also investing time into doing the training, I know that I am very motivated to make it work. If I had just written on my to-do list that I wanted to franchise my business without signing up for the course and for the solicitor, it is possible that it would still be on my to-do list at the end of the year. When you don’t invest in your business in this way you’re less likely to do the work. By investing, you want to make sure that you create a return on your investment. That it’s money well spent, and that you will get results. This Investments means that I’m much more likely to succeed. In the course I am given weekly homework and because I’m spending money I would definitely make sure that I get it done. If I hadn’t invested in the course, won’t be tempted not to do the work because I’ve got so much else that feels more pressing. But with the money spent I want to make sure that I get every penny’s worth out of the course and that means investing my time as well.
For Excel against the Odds, I have also invested in marketing. In fact I use somebody from the entrepreneurs against the odds Facebook group to help me with my marketing, her name is Rebecca Thorne and she has really helped make a difference. Marketing is an area that I don’t know very well and it definitely felt as though it was worth investing some time and money into getting the right advice so that I could move my business forward in a way that worked for me. I will also be able to take this advice with me throughout all my business and ensure that my marketing is intentional and gets results. Rebecca will be a guest on this podcast very soon.
A Business Mentor
Having a mentor has really help me move my business forward, as it has given me the space and guidance to understand my strategy and work out exactly how I want to drive my business in a way that works for me. I could try and work it out by myself but having somebody who has done what I’ve done before and who understands the challenges that I’m facing has really helped me to work out what will work and what won’t work. Having a mentor has also been great for my mindset and given me the confidence and courage to really push my business forward. It’s definitely one of the best investments I have made in my business and it’s something that I would recommend you consider as well. A mentor can really help you fast-track your business. Of course you can try and spend hours looking for solutions on the internet, reading blogs, looking at other people’s work, but this all takes time and when you’re starting a business especially when you have a chronic illness, time is something that you don’t have much of. A mentor has already trodden a similar path and will know what works and what doesn’t and be ready to help you on your journey. Running a business can be very lonely but knowing that there is somebody who is on your side and you can help you take those difficult decisions and work out the direction of your business can really help take your business up to the next level.
When looking for a mentor, it is important to find someone that you can talk to and feel confident confiding in. You want to have an open and honest relationship so that you can get to the root of any issues and you need to feel comfortable with your mentor in order to do that. To feel comfortable, it really helps if you and your mentor share the same values. If you don’t you might end up taking a path that doesn’t sit right with your values which can stop you finding success. It is also important that your mentor understands the challenges that you are facing. When you have a chronic illness, it will definitely affect how you run your business and having someone that understands that and who has been in that situation can really help you to understand the best way to run your business.
I offer mentoring as part of my services and have seen the impact that the sessions can have on my clients, moving them forward into clarity and helping them to develop a path for their business that works well with their health. I help them understand the direction and strategy of their business. Ensure that they are working on the tasks that will get them closer to their goals and help them tune into to their energy and work within their health requirements. I am confident that my clients get a great return on their investment while also gaining in confidence and self-belief
Outsourcing
Outsourcing work or having a virtual assistant can help you to focus on the selling and delivering of your products or services. It’s so easy to fall into the trap of spending all day producing graphics for your Instagram posts or scheduling your social media that you don’t make any progress in moving your business forward. You will find that something that takes you hours to complete might take an expert a fraction of the time, freeing you up to do revenue generating work. It is worth considering whether the money spent on getting someone to help with a task will free you up to make more income. If that is the case then it is money well spent.
Membership
Joining a membership can also help your business especially if the membership is in an area that you need support. The provision of training and a supportive community can help you feel less alone while also providing you with valuable information that can help you drive your business forwards. In the Excel against the Odds Success Academy, I provide monthly training which will help you move your business forward and also teach you how to get more done in less time, allowing you to have time for yourself and to look after your health. I also run quarterly planning calls and monthly peer support calls. Having chronic illnesses means that I have built the membership in a way that will enable you to get the most from it without taking up too much of your time.
If you would like any help with working out an investment strategy then please get in contact. If you would like any information about how I can help you as a mentor or about the Success Academy then please let me know. I’m always happy to jump on a free call to look at how I can help you, so feel free to send a message to sarah@excelagainsttheodds.co.uk.