Why investing in your business is worth the money
Posted on November 10, 2016 by Samantha Gomez
One of the hardest things to get your head around when you start a new business, or want to expand your existing one, is spending money to make money.
I don’t mean spending money on things like a printer or a mobile phone. I mean investing in less tangible things, things like mentoring, networking , business development or perhaps even administration staff so you can have more time to build your core business.
Often expensive, this kind of investment can feel very hard to justify because you are spending the money BEFORE you see the return.
In my personal experience this kind of investment, although it can be unnerving, is incredibly worthwhile and can take your business to places you never imagined.
There are a variety of reasons that people hesitate to invest in their own business. Often they feel that they already have the knowledge they need, or perhaps that they will be able to work it out through trial and error.
Perhaps that’s true. But wouldn’t you rather get it right the first time? Wouldn’t you rather have a clear path as you move towards your goals? And wouldn’t you rather focus your energy on ‘doing’ your business?
That is what investing in your business can offer you – the motivation and knowledge to move towards you Big Hairy Audacious Goal as quickly and smoothly as possible.
What you choose to invest in is a very personal decision and really depends what you and your business need, but here are a few tips for finding the option that is right for you:
- Do your research – look for testimonials from past customers and make sure that you have a clear understanding of what your money will get you before you hand it over.
- If you are looking for a mentor, ensure you find one that has the same core values as you and can really help you take your business to the next level
- Work out what increase in your business you will need to see in order to recover the cost
- Set some very clear goals for yourself regarding what you want to achieve from your investment
- Make sure you understand how the information will be presented to you and that it matches with the way you learn. For example; is it important to you to deal directly with a person? Having one on one contact is more expensive that receiving generic information but the rewards can be much greater. Make sure the fit is right for you.
Have you invested in your business in this way? What was your experience like?