Is it just me or does it seem like there are countless opportunities when it comes to investing in your business? It’s something that we can avoid (like I did for the first two years in business), it’s something that can become addicting, and it’s also something that we can find ourselves trapped in when we invest without seeing any ROI. Throughout my years in business and different investments, there is one foundational thing that I have found to be true:
Investing is key to experiencing growth and success.
I mentioned that it took me two years to invest in my business and it’s because I was afraid. My mindset and belief was that I would invest in my business when I made enough and had the money to. The problem was that I didn’t know how to make the money.
I often like to use the example of investing in your education. You don’t wait until you have a career in order to invest in your college education, right? So why would you wait until you have a business to invest in learning how to build one?
If you’re struggling with building your business, it’s probably because there is something missing that you don’t know and when you are willing to make the investment it will not only save you time and money but it will also accelerate your growth. This is where the question comes in, how do you know what to invest in and when? My goal here is to help you identify exactly what you need to invest in and when by taking you through a series of steps that will help you find the answer.
Step 1: Identify the next level
The first thing I want you to do is to ask yourself what that next level is that you’re trying to get to. Maybe it’s starting your business, scaling to consistent four-figures, growing your social media presence, etc. Identify where you want to get to next, and when I say that I mean the next step, not the long-term vision, because taking the right next step will get you to that long term vision.
Step 2: Identify the problem
Once you’ve identified where you want to get to next, we want to identify the problem. In other words, what’s stopping you from getting there? What’s holding you back? What obstacle is in your way? Is it a lack of knowing what to do? How to do it? For example, if you need more clients, is the problem that you don’t know how to get them? Maybe you want to make more money in your business but you don’t know how.
Identify what the problem is as specifically as possible, because then you’ll know exactly how to fix it.
Step 3: Identify the solution
Once you know what the problem is, you’ll be able to identify the solution. For example, if you have been connecting with a lot of potential clients but none of them are buying from you, you might identify that your problem is converting, and therefore, sales. This will let you know that perhaps you need to get some sales training to help you work on converting calls. Think about the problem you identified and then figure out what the solution to that problem looks like.
Step 4: Identify the method
The last but also very important piece I want to cover here is the method. Identifying the problem and solution is one thing, but knowing the best method to solve it is another. Going back to the sales example, if you know you need help with sales let’s talk about how to best do that. You might be inclined to say that you’ll look for the cheapest way possible to get that training and maybe want to invest in a really affordable course. I’m not saying that’s wrong, but let’s really think about that.
If you know that you work best with 1:1 attention or a group setting, or that you have a history of not finishing courses, is investing in a course really going to be the best method for you? If you pay money for it, never go through it, or it doesn’t teach you the skills you need to know, you miss out on more sales – is that really the best ROI? What if you invested in a coach, got the sales, and grew your business? It all comes down to what you know works best for you, your personality, and your business. In the end, remember, if you make wise investments you’ll grow a successful business.