When it comes to running a business it takes a few things to build and grow.
Obviously being clear on what you want to build, knowing who you're serving and also charging well for what you do so that you can stay in business.
But we don't always talk about the investment that we make.
When you start out you have the confidence enough to actually start your business and like many of us we usually invest at the beginning. We might invest in our website, branding and tech tools but as we grow our business there are other bigger investments that we can consider.
Now before I even talk about those, money management in your business is going to play a big part in what you can invest and when.
One thing I teach in BBA is how to manage your money, how to pay yourself and then also look at how you're investing back into the business. So if you're saying – but Suz where I even get the money from – just like paying yourself, paying tax etc, paying yourself super/pension – you have to plan and manage it.
I have an operations expenses account that I try and invest a bit more into when I can so that it's not only paying my monthly expenses but there is fat in there for when I want to invest.
Some of the investments that you might make could be in courses, coaching, and special marketing efforts.
Recently I decided to invest in bringing on a marketing company.
It is a stretch investment. What does that mean? It means I have some of the money now but am banking on myself bringing in more money to keep it going.
1: What we assess when making a big investment
When making a big investment there are a few things that we assess:
One of the biggest things I hear when someone people are considering joining BBA is – I've joined so many programs, how is this different. When I hear that question, what I'm hearing is, “I've trying to commit to something before and it hasn't happened so I'm not sure I trust myself to do this.”
When you are looking to invest in yourself you have to grow the belief in yourself. You have to grow the belief that you can do this and that you will do and that you'll make the most of it.
2. Understanding how this investment is going to support me to achieve my outcome and what success would look like
When I'm about to make a big investment I have a super clear idea of what I'm investing it, why I'm investing in it and what the problem that I need to solve is.
So with the marketing company that I've hired, they specialise in working with course creators and online business. This is important because when you're doing ads, it's very different to a product-based business. With courses there is a funnel. There are different funnels. There's copy that needs to be nailed, there are conversions that need to be assessed and so they do all of that.
For me, you know when you look at something for too long and you can't see the wood from the trees? That's how I feel with some of my stuff at the moment. I don't want to do, I find it hard to do it – it's like editing my book. Once I write it, it can be hard to edit, so I need to work on that but then I get a book editor to go over it. That's the investment. Someone doing something that I'm not the best at.
So if you're worried about the investment but then you're still sitting with the problem you have to decide if it's worth it. You letting something hang there for another few months or even years because you don't want to invest.
The big question then becomes – what is THAT costing you?
3. To beg, borrow or steal.
Obviously, I don't mean that literally but there is a big debate out there about whether you should have the money or if you should borrow it or use credit etc.
When I invested my first big investment I had some of the money and then I took $10k out of our mortgage. 1) because by paying upfront I would say $4k and also because I knew come hell or high water I was going to pay us back and making a success out of the investment.
This is where you're self-belief and your unwavering determination to make it happen comes in.
Now you need to look at your specific circumstances but when I did my masters I did on HECs which is a government loan, when I bought my house I got a mortgage but so often people say when it comes to your business you have to have the money.
I don't always agree with that. If you are willing to back yourself. If you are clear on the problem this would solve. If you have done your homework and you know that this thing is going to support you to achieve your goals then why wouldn't you invest?
There is good debt and bad debt. Bad debt is something that gives you zero outcome and result, good debt is something that allows you to achieve what you want and create the business and life you desire.
You need to understand your tolerance for risk and you have to commit to achieving the results.
I trust the marketing team that I've hired. I believe in them and I believe in me so even though it's a stretch, I'm willing to take the chance to get the results and fix the problem that I have.
4. The behaviour change
When you make the investment you now have to look at – what do I need to do to make this successful?
How do I get the most out of it and squeeze ever ounce of juice to get the results?
Do I need to change the way I work?
Do I need to change the way I think?
Do I need to show up differently?
Do I need to ask the questions even when I think they could be dumb questions?
When do I book in time to make this happen?
I'm doing my life coaching certification at the moment and I've booked in time to work through the content, do the tests, show up for my calls. I can only miss two calls so I've planned that out and blocked my diary – so that I can make sure I'm successful at achieving the goal.
When you're making an investment you have to commit to the outcome. Evaluate what you need, decide in your own mind that you're going to make this happen and then squeeze every ounce of juice out of it.
Suzanne Chadwick 0:00
But today, I wanted to talk to you about the mindset when making big investments and taking big risks in your business. Yeah, because I've just done something that I'm going to share with you. That feels super scary, little bit but clenching. You know, you know what I'm talking about. And it's been so interesting, because I really feel like the energy that we embody the energy that we want to have, and that we create for ourselves, will determine the things that we're willing to do. And so that's what we're going to be talking about today. But listen, before we dive in, there's a couple of things that that I want to remind you of number one is that magnetic mastery, if you are in Australia, and if you're overseas you can come to is happening on the 23rd of November, I would love to see you there. It's going to be amazing. We've got incredible speakers today all about you and how you step into the big energy to be magnetic that I am talking about today as well. Yeah, the self belief, the embodiment of what you're trying to create in your business and for your clients and for yourself and your life. So magnetic mastery is all about how you master that magnetic energy. Yes, yes. So let's go. So if you want to come along to that, you can check out all the details, you go to Suzanne chadwick.com, forward slash m m, for magnetic mastery. When you go to that page, you can then get tickets for the day event. You can also grab tickets for the bold business Christmas party in the evening. It's so fun, DJ booked dancing, food, champagne, all the rest of it. So very excited about that. Also, make sure that if you haven't subscribed to my email community that you do that because I am going to be running some free coaching, trainings, all the rest of it. That's just going out to my subscriber list. So head to Suzanne chadwick.com forward slash subscribe, if you want to get on that list, be notified about events, get the free training and zoom calls, etc. Because I want to like I don't know, like hug, like give my community more hugs. Yeah, I want to connect more with you. And the survey was so amazing that that everybody filled in, you can still go and fill it in if you want. Listen to me with all the links, CS chadwick.com, forward slash survey, because I've had so many insights about what people are struggling with where they're at. And so I'm going to be doing a call in September, I can't remember the date, but in September, where I'm going to be talking through it and giving some thoughts, things you can do having a discussion about it as well. So that's what's happening. There's so much happening. Can you feel the energy? Feel the energy through my mic? Yeah. Anyway, listen, this is going to be such a juicy episode. So let's dive into this week's
Okay, so there are four key things that I'm going to take you through today that I think are relevant when you are making a big investment in your business. So when it comes to running a business, it obviously takes different things to build and grow your business. Yeah, obviously, being clear on what you want to build, knowing who you're serving and also charging well for that, so that you can stay in business. It's really important. But what we don't always talk about are the investments that we need to make because you start your business and we start out confidently, you know, we start out confidently enough to actually start the business. You will invest at the beginning where we might build our website, we'll get our brand done, maybe we'll get some tech tools like zero financials, things like that. But as we grow our business, there are other bigger investments that I think are worth considering. Now, as a coach, I have a couple of coaches, actually, I think that it's amazing. I'm obviously a big advocate of it, I've got a health coach to help me reach my goals. I'm going to talk about why we make these investments and hire people to help us. But I've got a health coach, I've got a life coach, and I've got a business coach. Yeah. Because I understand that, especially working at home by myself and me supporting my clients, I need my team around me to support me to reach my goals, and do the things that I want to do. And so the investments that I make in myself, I know will have a big impact on how far I can go, what I do how I show up. Now, before I even talk about the investments, I just want to say that money management in your business is obviously going to play a really big part in what you can invest in and when. So one thing that I teach in BBA is how to manage your money, how to pay yourself, and then look also at how you're investing back in your business. So if you're saying, but Suze, where am I even gonna get the money.
It's just like paying yourself paying tax paying super or pension, you have to plan and manage it. So if you're not doing any of that, then obviously come and join VBA. So that you can learn how to manage your money and understand how all of those different elements work. And so when it comes to managing money, you know, I have my operating expenses, I have an account for that, that I try and invest a little bit more in, so that when I want to invest in my business, I can. So obviously, I've got my monthly expenses, so things like my VA, my tech, etc. But then I try and have a lot more in there. So that when I want to invest, it's there for me. So that's one way and one thing to start thinking about when you are in business is not just paying yourself, but how am I creating revenue, that I can invest back in my business to be able to grow it as well. And so some of the investments that you might make could be courses coaching, special marketing efforts, it could be, you know, building the website, it could be getting the branding done, it could be copywriting, there's lots of different things that you could be investing in, when it comes to your base business. So the reason that I'm actually doing this episode is that I recently decided to invest in bringing on a marketing company. And I'm just going to be honest with you, it's a stretch investment. What does that mean? It means I have some of the money now, but in banking on myself bringing in more money to keep it going. So sometimes you don't have to have the whole investment. And I think sometimes that's something that holds a lot of people back, they look at the number and they think oh my gosh, like how am I going to afford that? But it's also taking a look at what is the problem that I'm solving? What is it that I want to do? And can I back myself to invest in this. So looking at monthly payments, payment plans, whatever it might be. So when making a big investment, the first thing I want to say is what we assess when we make a big investment. So these are the questions that you might be asking yourself, and I did a question sticker on Instagram. And I asked this question, and I feel like the answers were fairly similar. The first thing that you've got to assess when you're making a big investment or that you do assess is is this coach company, cause person process going to help me get the results that I want? So this is what most of us are thinking we find somebody online, we listen to them, we consume their content, we watch them. And then we think is this person if this is the problem I have is this person going to help me and I also want to say that these are not always financial results. So if you're looking for a life coach, a health coach, like I was just talking about that I have that obviously the results are very different with my health coach, I have wanted to get back in shape and feel really healthy and good in my skin for the last few years. And I've tried it myself and I have not been able to maintain it I've not been able to succeed. So I invested and I got a coach to help me to do that. And it's going amazingly well I'm really happy with it. Then also, you know my life coach, like I said sometimes I just need to tune up so I'm hold retreat, the week that I'm recording this, I'm holding a retreat. And so I wanted to kind of have time with her to clear out anything that I needed to so that I can hold space for my clients. So the investment that you make is not always going to be financial. And I think it's really important to look at what support that you need when it comes to your business. So with me doing my life coaching certification, and being a business coach, and working with my clients on mindset as well, I know that sometimes just helping them to realize their own potential to realize what is possible for them, is more valuable than the money that they're going to make working with me. And so you've got to really see your investments for what they are, and don't always just focus on money. I know that when we're investing money, sometimes we want that money back, or a lot of times you want that money back, but I just want to offer you another thought that it's possible for you to invest and have a big shift in yourself that can then have dividends moving forward, even though you may not see that dividend immediately at that point in time. So the first question, as I just said, is is this coach company cause person process going to help me get the results, whatever they are monetary, non monetary, that I want? The second question that we normally go through is Do I believe in myself to be able to get the results if I invest? And this is a massive one. So you might think that the coach or the person can get you the results you need. But then the question is, do you have the self belief that you'll show up and make it happen? One of the biggest things I hear when some people are considering joining VBA? Is I've joined so many programs, how is this different? When I hear that question, what I'm actually hearing is, I've tried to commit to something before and it hasn't happened. So I'm not sure I trust myself to do this. That's what I hear. When people say I bought a lot of courses before, and I haven't gotten the result. That's that's what I'm actually hearing, I've done this before, and I haven't committed to it, I haven't gotten the result, because I'm not sure that I am capable of doing it. And so when you are looking to invest in yourself, you have to grow the belief in yourself, you have to grow the belief that you can do this, and that you will do it, and you will make the most of it. So one of the things that I've definitely stepped into in the last few years, when making the decision to make big investments is I will show up for the calls, I will get the most out of this, I 100% back myself that I will make this investment back if it's a monetary focused one, and that I will get the results that I need to get. And so then I really have to take a look at what am I going to do, which we're going to talk about in a bit. But I just want you to really think about what is your level of self belief in you really making it work when you make the investment because that will be a big element of whether you decide big investments are something you can do or not. The second thing is understanding how this investment is going to support me to achieve my outcome, and what success would look like. So when I'm about to make a big investment, I have a super clear idea of what I'm investing in why I'm investing in it, and what the problem that I need to solve is. So with the marketing company that I've hired, they specialize in working with course creators and online businesses. This is really important, because when you're doing ads, it's very different to a product based business. So a lot of times when I say results are from AD specialists on Instagram, and that where they're saying, you know, the investment was $2,000. And they got $68,000. A lot of times they're product based businesses, and so they just work quite differently. With courses, there's a funnel, there are different funnels, there's copy that needs to be nailed. There are conversions that need to be assessed. And so the marketing company that I've hired, they do all of that for you they test your funnel, they review it, they write copy for you, they do the creative for you, they do the the weekly conversion analysis. And so for me when I am looking to get help with this and when I have been looking at my funnels if I'm 100% honest, sometimes I feel like I can't say the word from the trees. Yeah, because it's like when I write my book, once I've written that it's really hard to edit, because I've kind of done it. I've looked at it a million times. And now I just Miss things. And so getting somebody to help me to not miss things, to critique what I'm doing to make sure that they understand my marketplace what I'm trying to do, and help me to do that, then that's so important for me. Otherwise, it's kind of like just investing money in a leaky bucket, where you can run ads, but if the whole process and the whole funnel is not working the way you need it to, then whilst you're getting leads, and you're getting people coming into your, you know, your stratosphere, they're not actually moving through to where you want them to, which is to become clients. And so really understanding what is the problem that you need to solve? And then what would success look like? So defining that for yourself can also help you to understand what that is. And I think that when you work with anybody, them asking you the question, and I feel like my health coach asked me this, and the marketing agency has asked me a billion questions around what my desires are, what is it that I want to do? What would success look like to me, and so when you get really clear on what success looks like to you, I think that the investment becomes something that you feel more comfortable in, because it's not just this random, undefined thing. Yeah. So really knowing for me, with my health coach, it was about how I felt it was about my weight, it was about my eating, it was like an emotional thing as well, with the marketing company, it's about revenue per month, it's about, you know, the types of clients I want to be working with. It's about building my brand and the reach that I have. And so I understand what success would look like to me. And so that's something that you've got to kind of sit with, and say, I will know that I've been successful when this happens. And I think one of the great things that you can do as well is really lean into that, you know, if you're finding it hard to think, is it possible, I want you to lean into it when I am successful? How will it look? How will it sound? How will it feel? What will I say what will be happening, and when we can really lean into that it can really help us to build that belief in the success that's possible. Obviously, you've got to do your due diligence on who you're working with, and make sure that you feel like they can absolutely help you to get the result if you show up and do the work. And so the big question that you need to ask yourself when it comes to understanding how this investment is going to support you to achieve your outcome is what is this costing you not to invest? So let's say, and I've had this before, I've had a client come to me and they're like, I can't afford to invest right now. Or I just don't think that now's the right time. And then six to 12 months later, they come back to me. And they're like, Okay, I've been through so much pain, and nothing has like, I've not been able to do this myself, I'm really struck, and I'm super frustrated. I'm ready to go. And then we start working together. Now that's a process that some people have to go through. But I know that the conversation that I have with them a lot of the time, you know at the beginning of that kind of journey is what is it costing you not to make the investment, what is it costing you not to get the support. And I think you've got to look at that as well. So for me with the marketing team, I could just continue to do what I'm doing, even though it's not getting me the results that I want. And so the cost could be a lot of money without the results. So I could either stretch myself a bit and sit in the belief that this is going to work. And I'm going to do everything in my power to make sure that I show up and make it work. Otherwise, I could say no, the stretch is too much. It's too risky. And so I'm going to sit in the pain of the problem continuing to be a problem for the next six months. Otherwise, I could also say what are my options? Yeah, I could hire a funnel person, a copywriter and ads ads team or this or that? And I could try and put it together and hobble it together myself. And maybe that'll work. But what is the option that is going to get me the result? What is the option that I feel is the right option. And even though it's a stretch, what am I willing to commit to as well. So really understanding how this investment is going to support you to achieve your outcome and get you out of the problem that you're in is super important. The third thing when it comes to the mindset when making big investments and taking big risks, is I'm going to call it to beg borrow or steal. Now obviously I don't mean that literally. But there's a big debate out there about whether you should have the money or if you should borrow it or use credit, or it's juicy one. And you know, people who I love and respect have a different opinion to me on this. So when I invested my first big investment, I had some of the money. And then I took out 10k Out of our mortgage. So we overpay our mortgage. So we had some money there. Because by paying up front, I saved $4,000. And also, because I knew come hell or high water, I was going to pay us back and make it a success with the investment that I was making. So I was backing myself 100% I'm like, yep, let me take that out. Let me save the 4k. And then I know that over the next couple of months, I'll just pay us off as far as paying me back. So it's like a personal loan to myself. Yeah, from my personal account to my business account. So this is where your self belief and your unwavering determination to make it happen comes in. Now you need to take a look at your specific circumstances. But when I did my master's, I did on hex, which is a higher education contribution, which the duck which is basically a government loan, when I bought my house, I got a mortgage. But so often, people say when it comes to your business, you have to have the money, like, wait until you've got the money, don't go into debt for things. But I think that this is probably where I don't particularly agree, if you are willing to back yourself if you have a clear problem that you want to solve. And if you have done your homework and you know that this thing is going to support you to achieve your goals, then why wouldn't you invest? If I'm willing to take out a loan to do my masters and I'm willing to take out a loan to have a house. Yeah, then there is good debt. And there's bad debt. Bad debt is something that gives you zero outcome and results. Good debt is something that allows you to achieve what you want and create the business and life you desire. That is what I believe you might have a different belief. But I have proven that to myself over and over again, where I have made an investment through either a credit card or through giving myself a loan, and having some of the money already saved as well. But I'm just like, come hell or high water, I'm doing this, like I'm gonna make this as a success. And so every single time I have, so you need to understand your tolerance for risk, and you have to commit to achieving the result. So I trust the marketing team I've hired, I wouldn't have done it if I didn't trust them. I believe in them, I believe in me. So even though it's a stretch, I'm willing to take the chance to get the results and fix the problem that I have.
And I know that when we fix the problem, my business will grow more in the way that I want it to. So the fourth thing is the behavior change. So when you make the investment, you now have to look at what do I need to do to make this successful? How do I get the most out of it and squeeze every ounce of juice to get the result? Do I need to change the way that I work? Do I need to change the way that I think do I need to show up differently? Do I need to ask the questions even when I think that they could be dumb questions, when do I book in time to make this happen? And so my mastermind which is in the US that I'm in a lot of the calls are not in the Australian timezone. So I make sure that on a Friday morning, I grab a coffee and I watch that week's coaching call, I submit questions I go in and I make sure that any of the lessons that I haven't watched, I go and watch. And I do that over time, like I've got a year to be able to do that. But I don't just wait until the time has run out and I have not got it any more. And make sure that I'm consistently showing up and doing the work to get the most out of that investment. As I mentioned, I'm currently doing my life coaching certification. And so I've booked in time to work through that content, I do the tests, I show up for the calls, I can only miss two calls. Otherwise, they put me in like a self study part. And it's part of me passing for my certification. So I have planned that out and I have blocked my diary so that I can make sure I'm successful at achieving the goal. I knew why I wanted to do it. I committed to it. And so now I show up for it. And we spend so much time faffing on things that that make no difference. Yeah, we spend money on things that make no difference. And so I just really want you to think about the time and the money that you spend on things that are not helping you grow or not helping you achieve what you want. What if you took that time, that energy that money and you invested it in really committing to a clear outcome that you want to have to fixing a clear problem that you have when you're making an investment you have to commit to the outcome, evaluate what you need, decide in your own mind that you're going to make this happen. And then squeeze every ounce of juice out of it. Yeah, don't miss calls, don't miss opportunities to get support.
And also come without always knowing what you need help with. I think this is something that I talk to clients about as well as it's on. And they're like, Suze, I don't know what question to ask. And I'm like, That's okay. I know what question to ask, come show up. Let's talk about what's happening. And then I will ask the questions that will help us to move forward and uncover what it is that you need to be working on and what you need help with right now. Don't always think that you have to have all the answers when you're getting support. If you're like, I know, I want to grow. I know I'm not doing the thing. I'm really struggling with it. But I don't know what the problem is, or I don't know what question to ask. That's okay. When you hire a good coach, they will help you through it. When you hire somebody who understands that they will help you through it. Yeah. So there are things within marketing that I'm sure I don't know, and that I don't understand that I'm not doing well. But I don't need to have all the answers in order to hire a great team that I know is going to ask me the right questions, and help me move through what I need to move through. And so I want you just to really think about, if you need help right now, what is stopping you from investing? What is stopping you from backing yourself and what is stopping you from moving forward with this? Because I can tell you now that it's only when you take the step and you take the action, that you will start to shift out of stuckness and allow your problem to become something that's not a problem anymore. And so those are the four things that I've been thinking about that I wanted to share with you when it comes to having the mindset when making big investments and taking big risks. The first thing is what we assess when we're making the big investment. So what is it that you need to know and believe number two is understanding how this investment is going to support you to achieve your outcome. And knowing what success looks like. Number three, is becoming risk tolerant and debt tolerant when it comes to building your business. Know that you are going to make it happen and believe in yourself that you will make it happen. And number four, what is the behavior that needs to change in order for you to get everything that you want squeeze that last ounce of juice out of what it is that you're doing. If you've got any questions, let me know. But I just really want to encourage you to start thinking differently about how you commit to solving the problems investing in yourself and getting the outcome that you want. Well, that's it for another week. It has been amazing to have you here as always, and remember to follow me on all socials at CES Chadwick. But thanks so much for listening. Until next time, have an awesome week and make sure you keep playing big and branding bold.
Transcribed by https://otter.ai