Things to Consider Before Making an Investment in Your Business
I’m a huge advocate for making smart investments in your business in order to grow it in return. When done correctly, investing is a powerful tool that will help take your growth to the next level. Whether it’s spending on Facebook ads, an online course, or a business coach, this episode will help you determine what you need to consider before you invest your hard-earned money back into your business.
Overcoming the Fear of Making Investments
Spending money on your business can be intimidating. I’ve experienced the same fear when I made investments in my Facebook Ads team and my business coach, Sabrina Philipp. I’m not going to lie, these decisions made me feel uncomfortable and nervous in the beginning. But because of due diligence, every single one of these investments has had a huge return.
Why Spending Money Ultimately Makes You More Money
There are people who have the means to make investments who are relying solely on free resources, simply to avoid spending money. While there is an undeniable value in “free” advice, chasing free guides and downloads isn’t a smart business move. For starters, free resources are just a snippet of the creator’s knowledge. Additionally, your money ensures that you have enough skin in the game. When you spend a certain amount, you are going to be more dedicated to taking action and getting the most bang for your buck.
It’s About the Smart Investments in Your Business
This isn’t a matter of paying to play. It’s about investing in the right course or coach that will bring your business the most value and growth. There’s a new online course on the market every day, and you can’t throw a rock without hitting a business coach. Making the right investment for your business can be similar to finding a needle in a haystack.
5 Things to Consider Before Investing in an Online Course
Say you’re ready to make an investment in an online course. Here are 5 things to consider in order to ensure that the course is the right investment for your business:
- Look at testimonials and case studies: Make sure that the success and results of the students in the course align with the success and results you want.
- Validate those results: See a testimonial that reflects the kinds of results you want? Validate that by reaching out to that student, either via DM or email. Not sure what to ask? I give an example of a script you can use in this episode of Her Life By Design. This is an important step since sometimes, testimonials may not reflect the student’s entire experience.
- Consume plenty of the course creator’s free content: If there’s a course you’re interested in, you’ll want to consume as much of that course creator’s free content as possible. Consuming this free content (i.e webinar, blog posts, podcast, or Instagram captions) will help you gather information about their teaching style.
- Analyze the course creator’s achievements: Would you take a course about making 6-figures as an influencer from someone who has never achieved that? Probably not. Unfortunately, there are course creators out there selling secrets to successes they have yet to achieve themselves. Before investing in a course, you want to be sure that the course creator knows the roadmap that’ll get you from where you are to where you want to be.
- Look at the format of the course: Online courses can be delivered in many styles from videos, text, and slideshows. Make sure that the course you’re about to invest in is formatted to suit and compliment your learning style.
Bonus Tip
Another important thing to consider is whether or not a course has some level of accountability. Do they have a Facebook group or coaching calls? A lot of students are more motivated when there’s an accountability aspect to a course.
Making the Big-Ticket Investment in a Business Coach
The same 5 considerations I mentioned apply when it comes to making big-ticket investments, such as hiring a business coach. However, a bigger investment increases the level of due diligence significantly. Before investing in a business coach, you need to figure out if their coaching style is suitable for your business. For instance, some coaches focus on overcoming entrepreneurial mind blocks, while others may focus on strategy. In this episode, I go into detail about the different qualities you should look for when investing in a coach. Gaining clarity will ensure that you’re making the investment that will ultimately help skyrocket your business’ growth.
The Growing Pains in Your Business
Remember, these investments can seem terrifying and uncomfortable, I felt that way too. But having been on both ends of the spectrum, I can confidently say that making smart investments are a crucial part of business growth. To hear about the best investments I’ve made in my own business, check out the episode Her Life By Design where I share how I built a half a million dollar biz as a social media influencer.
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