⚡️sign up now to watch my new workshop - 
"from burnt out creative to thriving group program creator"
and get access today! ⚡️

watch now

MENU

podcast

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:

  1. Is this coach, company, course, person, process going to help me get the results that I want? I also want to say that these are not always financial results. If you're looking for a life coach then you're looking for someone to help you through things. I love my life coach and she is someone I'm always happy and willing to invest in because she helps me manage my mind which impacts everything in my life.
  2. Do I believe in myself to be able to get the results if I invest? This is another big one. You might think that the coach or person can get you the results you need but do you have the self-belief that you'll show up and make this happen?

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.

EPS 231 – The mindset when making big investments and taking big risks

2022-09-07

BECOME A PAID SPEAKER & GET MORE SPEAKING GIGS

Freebie for you!

DOWNLOAD NOW!

SITE DESIGN BY THE WHO PHOTOGRAPHY & DESIGN

COPYRIGHT 2021 SUZANNE CHADWICK. ALL RIGHTS RESERVED.