NOW LIVE: Planning for Profit Episode 037: How to Work Less but Make More with Avani Miriyala

Why You CAN Afford to Invest In Your Business

business strategy Aug 21, 2018

The topic today is a good, but tough one because it involves MONEY. Everyone wants to make money in his or her business, because being profitable is what makes your business a business. But what if you’re not quite as successful as you want to be yet? What if you keep trying and hustling to get to that next level but you just can’t seem to get there? So you know you need help and you know that with some guidance you can probably grow your business. Yet, you are still refusing to invest in you business because you tell yourself “that’s more than I can spend right now’’ or “once my business starts making money, then I can afford to invest more into it.”

If nothing has changed in your business in a few years, it’s probably because YOU are not ready to get outside your comfort zone. Not investing in your business is often never about the money. It’s about all the other fears and insecurities you have in yourself and often people bundle all those up into one very easy and convenient excuse, “I can’t afford it.” 

If you know that a certain investment is worthwhile and you also know that if you make that investment and do the work, you’re most likely going to see a giant return on that investment, so why would you not take the leap and do it? Answer, because you’re scared. You’re scared of the “what if’s?” What if I don’t make the money back or make a mistake? What if I’m not ready to do the hard work? Or even worse, what if I do the work, and still nothing changes?

This is something I had to learn the hard way myself because for a LONG time I was hesitant to invest in my business for basically every single fear and insecurity I just mentioned. However once I got over myself and started getting serious and putting money into my business, it’s AMAZING what I got out of it. I have invested in 1-on-1 coaching, conferences, workshops, masterminds and courses. Every time I did, my business jumped forward. I either learned something I did not know before, developed the accountability I needed, or stepped out of my comfort zone.

So if you’re struggling to make the leap and invest in your business, and I’m talking REALLY invest, not going to buy a $25 Pinterest course, I’m here to tell you that you can, because it’s not about what it costs, it’s about what it is costing YOU to not do it. Here are 3 lessons I want to cover with you that I’ve learned in my now 11 years in business on why you NEED to invest in your business.

Lesson Number 1:
You cannot grow a wildly successful business from free stuff on the internet.

Why? Because if you could, you would have done it already! There is obviously no shortage of free advice on the internet. You can learn how to do just about anything on YouTube. So if that’s the case, why are you not at the level you want to be yet? I see so many business owners trying to hack together random strategies that they find from free opt-ins and mini-courses or from podcasts they listen to like this one and it doesn’t work! Sure those opt-in freebies might have some useful info that will help you, but it’s not going to be enough. Why? Because of this phrase, the transformation is in the transaction. The idea is that when you pay for something, you put skin the game. You automatically value something more when you’ve invested in it.

Lesson Number 2:
Stop focusing so much on how much something costs.

Why? Because what matters is not how much you’re spending when you invest in your business, what really matters is how much you’re losing by NOT investing in your business. This became really clear for me the first time I actually invested in my brand and website. I was SO hesitant to spend money on a true brand and instead built my brand and website on my own. For the first few years I had my event planning business I kept thinking, “it’s not amazing, but it’s fine, and I’m getting business so why spend thousands to change it?” Except when I did finally spend thousands to change it, I suddenly started attracting higher paying clients and more of my ideal clients. When I look back, I think “why didn’t I invest in my brand and change my site sooner?” I was missing out on these better higher paying clients for years! Don’t focus on what it costs to invest, focus on the money you’re missing out on and what it’s costing you by NOT investing, because that’s way more important.

Lesson Number 3:
If you keep acting from your current circumstances, you’re going to remain in your current circumstances.

As James Wedmore (an amazing coach) says, “what got you here won’t get you there.” Now THAT is a tough thing to hear, but it is so important. If you keep making decisions on whether to invest based on where you are NOW, you’re going to have a heck of a time getting to that next level, whatever that might be.

This is why the phrase “I can’t invest in my business yet because I’m not making any money” drives me nuts. If you don’t invest in your business, you’re not going to make any money! And if you don’t believe me, refer back to lesson #1 that we just talked about. Technically all the information you need is out there somewhere for free, but I have yet to see someone build a wildly successful business without investing in it ever, by doing everything themselves and only using free resources. 

As a final thought, here are some action steps to take if you are now realizing it’s time to take the leap and put some skin in the game.

First, do some mental digging. What are you truly scared of? What’s the worst outcome that can happen if you finally take that course you’ve been eyeing, or sign up to work with that coach 1-on-1? When you identify them, it’s a lot easier to see that they aren’t as big of a deal as you’re making them out to be. Are you using “cost” as an excuse for something else? Is it less about the cost and more about having to step outside your comfort zone and really doing the work?

 When you’re ready to take the leap, ask yourself, what am I struggling most with? Often the thought of investing in your business is really overwhelming because there are so many options out there! Do you need coaching or a course? Do you need accountability? Do you need strategy help in a specific area? Look at what you’re struggling most with and just make a brain dump list of everything you need help with. Then prioritize the list based on what you need MOST, and start there.

As I said earlier, I have invested in tons of different ways in my business, but I’m also STILL investing because I don’t know all the things, and I recognize now that I cannot do everything on my own and I cannot get to where I want to go alone.

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