4 Questions to Answer Before Making ANY Investment in Your Biz

4 Questions to Answer Before Making ANY Investment in Your Biz

Knowing when to invest and where to invest as a business owner can feel really overwhelming. There are so many people and things that can seriously help you uplevel!
Here’s where we need to be strategic:
What will get you where you want to go?
Throwing down some cash money to invest in support, tools, and resources that will help you grow can feel both amazing and terrifying, but when done wisely can yield real results.
There’s no right or wrong way to invest, but here are 4 questions to ask yourself before making ANY investment in your biz to make sure it’s worthwhile and that it yields you good results!

1. Am I making this business investment because of the price or the value?

When you make a decision about a business investment do you think about the price or the value?
Sometimes an investment feels totally out of reach and the dollar amount does play a big role in our decision making process. But for those times where the investment is doable but it just feels a little scary, don’t let your brain trick you into focusing on the price instead of the value.
Be intentional and make a list of all the ways this investment provides value to you and your business. You could even attribute a dollar amount to the LIFETIME value this new knowledge, service, or support will provide your business!

2. Am I prepared to make the time to be consistent?

When you make business investments do you ever find yourself investing in one thing, not seeing results, and then hopping onto the next?
With any good business strategy, consistency matters. Moving from coach to coach, program to program, investment to investment, might not yield great results because you aren’t giving yourself time to integrate and execute.
Maybe you don’t trust yourself, maybe you don’t trust the investment, but THAT’S the thing we need to work on — do you agree?

3. Am I ready to take this risk?

A lot of good things in life come with a little risk, but that doesn’t mean we should avoid them all together. It just means we need a little information and a lot of faith in our ability to make educated decisions that we think are best for us (AND that we’re ready to show up for).
When I made major investments in my business – like hiring a business mentor and growing my team – it. was. uncomfortable.
It didn’t feel super perfect, easy, and warm & fuzzy.
Rather, it felt scary as hell.
BUT (and this is a big but) – if I had chosen to not do those things, to not step into the unknown and uncomfortable, then I would not have grown nearly as quickly as I have.
Because the truth is, even though it felt scary, it felt RIGHT {like, in my bones}.
The willingness to take risks and get uncomfortable is what allows big growth, and big shifts, to happen.


4. Will I follow through on my investment?

One way to really mess up your mind when it comes to investments is not taking action on what you’ve paid for.
If you sign up for a strategy intensive and then never do what was advised, it won’t help. If you sign up for a course and never do the work, you won’t grow. If you sign up with a coach and never act on what you discussed in the sessions, what’s the point?
Take ACTION and execute on what you’ve learned. If you’re avoiding taking action, journal on that and see what comes up (because there’s always something there if we’re not willing to move forward). Then create some action steps and make time in your calendar so you can execute.
Remember before you make an investment, figure out how it fits into your bigger plan and if it gets you closer to what you want. From there, you can prioritize your desired investments based on immediate needs and then some long-game investments.
Make sure that you’re investing in the right places for where YOU’RE currently at. Investing in coaches when YOU’RE ready to do so – not because so and so said you should.
Make sure that you’re investing in programs because they light YOU up, and are deeply aligned with your values, not because they promise to take away all your problems forever and ever or “fix” your business.

What’s the best investment YOU’VE ever made in your business and why?

 

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Lacey Sites

Business mentor and success coach for women entrepreneurs. I run two successful online businesses and have my M.S. in mental health counseling and my M.B.A. I’m also a dog mom, travel junkie, and wannabe rock climber. And most importantly? I am living a lit up life.
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