I get it. You have been burned before. Your funds are running low, and no new money is coming in consistently. It is a scary place to be. You have heavily invested in your business, and you have little to show for it.
You feel scared to make another mistake that won’t result in a return.
I see it time and again. Entrepreneurs throwing money at a training program or business coach or web designer. BIG money. $5,000, $10,000, $50,000. And they don’t get the result they had hoped, so they scale back. “No more spending” they declare. OR….TIME. They spend hours listening to free trainings only to put a moratorium on training.
But this is missing the point.
Strategically, you want to ask yourself: what do I need NEXT to create my goal? What resource will help ME create it?
Will a coach help me stay focused on what matters most? Get clear on what to prioritize so I don’t get distracted by overwhelm? Or help me discipline my mind to attract a new result? Will a website help me build relationships with my prospects? Will getting speaking coaching help me get more speaking gigs and be more effective in closing during my talks?
Is this really the RIGHT next step, or is this a procrastination tool? Am I wishing and HOPING this tool will be a panacea? Am I taking responsibility to create the result with this tool?
Maybe you need help figuring out your goal. Invest in that. Maybe you need help figuring out what tool will help you create that goal. Invest in THAT. (Hint: that is what great coaches do).
Don’t buy a $5000 website before you have website traffic and feel confident you can convert a new prospect into a $5000+ offering. But if you just spent $5000 on a website and you realize that you have no traffic and no clear offering, putting a moratorium on spending is not going to help you reach your goals either. Maybe you need to hire a coach to help you convert the website traffic you ARE getting, or maybe you need to spend some money on some facebook ads to drive people to your website, or maybe you need to brush up on your signature talk to get more qualified leads in the door.
A huge part of my job is helping my clients save money by making more calculated spending decisions. I help them EVALUATE the tools in the context of their goals. They still make the decision, but I help them evaluate the risks, and the possible short term and long term ROI possible. I am trained to know what factors increase the probability those tools will result in profitability.
So if you are considering an investment, ask yourself these questions:
1. What is my BIG goal?
Make $100k this year, get 10 more 1-1 clients who really value my expertise, automate my business so it is ready to scale, etc
2. What do I need NEXT to achieve it?
Make $10k this month, get 1 new client, get my Facebook ads converting at $2/lead, etc
3. Will this tool help me do what I need to do next MORE effectively?
Will it streamline my marketing? Make my sales conversion % go up? Make my attendance to talks higher? Save me time so I can better use it to make money?
4. What RETURN am I planning to create with this tool?
Look at both the return and the timeline. What is the BEST case scenario, what is the WORST case scenario?10x in 6 mo? 5x in 12 mo? 2x in 30 days? And vs thinking about “losing” money, think: if I 10x my money in 6 mo, I would have more to invest in the NEXT tool. Vs feeling like you need to hoard your money for some magical tool down the road.
5. Do I have the infrastructure in place to achieve my result with this tool?
#5 is critical. I see so.many.people miss this step. Because they are *hoping* that one tool will solve all of their business problems. Meaning…. If I am thinking of hiring a facebook ads consultant, and I want to make $100k, what infrastructure HAS to be in place? #1 I need to know I can convert NEW leads into clients: I need to know that 20 clients at $5k each = $100k. I need to know WHAT I am going to offer those 20 clients at $5k each. I need to have CONFIDENCE that it is worth $5k to them. I need to have skills for SALES to convert leads INTO clients.
If that infrastructure is in place, go for it! If it isn’t, FIRST invest in the piece that ISN’T working for you. Maybe you need help structuring a juicy offer, or the messaging, or the sales call, or the confidence on the sales call. Hire the person who can help you with that FIRST.
BOTTOM LINE: Be thoughtful, but don’t get stuck in analysis paralysis. Waiting, indecision, procrastinating IS a decision.
TOOLS don’t create your business, YOU create your business.
But if you refuse to USE the tools available to you, you will also slow your growth. If you can confidently convert 50 leads into $100k, if you don’t test $5k in facebook ads to create 50 leads — that is a $95k opportunity cost on your resources.
ONE MORE TIP :Don’t get two of the same thing. Make FULL use of your resources before you add more. Don’t get a second coach if you aren’t using your current one fully. IF you are using one coach to the fullest and there is a very clear gap in what you need (one does mindset, and the other is an expert in webinars and you see the opportunity to get a return from both), get another coach, but don’t use ANY tool or investment and expect it to be a panacea.
This is the difference between a business owner and a hobbyist. The difference between the person that goes fast and the person that goes slowly. You have to take risks, you have to make decisions. Indecision IS a decision. Waiting to get help, IS a decision. And there is an opportunity cost of doing nothing.
So…what is YOUR next resource/tool you are going to invest in?