I know how difficult it is to make any decision regarding money, especially when you are doing it for your business. When starting any business, or when you are ready to give it a boost and help it grow, investing smartly and with a cold head is the only way to go.
No one likes thinking about losing money or regretting buying something and then finding other better options.
Having lived both situations, suitable investments and not so good ones, I will share with you today some questions I use whenever I want to invest in something: online courses, services or even local events.
1. Is this shiny object syndrome?
We all have heard about SOS, and there is a possibility you might have it when you are passionate about your business. But if you let yourself be guided by it, there is a big chance you will regret your investment.
You could notice you are suffering from this when you just bought an emailing system, and less than a couple of months later you are changing it for a new one. Or you finally got your brand design, but see something else, and you dislike yours. There are a million other ways, and I bet you know the feeling.
So, before just changing everything, consider if you have shiny object syndrome. Ask yourself why do you want to change it? Do you have enough data to make a serious comparison and see if it’s better?
2. Will your economy survive?
The word might sound a little dramatic, but a wrong decision in small business could be catastrophic and get you on a path you don’t want to be.
This second question is very related to SOS. When you are constantly changing and not focusing yourself on making something work, you may notice way more cash going out than coming in.
Even though there is a chance you could think you are making good money and you will be able to afford the investment, it is ideal for you to keep this clear: your investment must get you profits or material results. So, if you are looking for a course or a service with dreamy eyes, will any of those will get you results that you want?
3. Have you checked the background?
In smaller words, do your homework and check the reviews. There are thousands of useful services, bad courses, and similar businesses on the internet. Before giving your money to anyone, it is better to read all the good reviews, the bad reviews or to contact people who had made the same investment.
Remember that a service working for some businesses might not be ideal for you. Search for information related to your business. I understand asking a stranger for reviews about something could be awkward at first. However, if the service or course was excellent, people will be honest.
Entrepreneurs usually know the importance of suitable investments, and I bet you will find the answers you need.
4. Does it have a good community?
It doesn’t matter if it’s an online course, an event in your city or service you are interested in, there’s always a community behind it. It is crucial, in neon letters, to find a community that will fit your needs as much as the service itself.
Why? Because many of your doubts or questions might get an answer by someone else in the community. The main idea is that you will have the chance of helping people and receiving advice also. This will save you time in the future, trust me.It doesn’t matter if it’s an online course, an event or service you are interested in, there’s always a community behind it. It is crucial to find a community that will fit your needs as much as the service itself. #Youpreneur Click To Tweet
5. Is it worth the investment as a network?
This will apply mainly to events and also very related to the community. While the community might help you with basic questions, having good networking might get you new business clients, business partners, and also possibilities of collaborations.
I am not talking about having new friends everywhere, although that would be ideal. When you are in the business world, your best marketing, and the best investment you can focus on is a couple of people talking about you and how you can help them.
Before just paying the ticket, do you know someone important in your area that will also assist? Is there any other person you would like to get in touch with?
6. Why do I want this service?
It could be either when you are looking for someone to be your coach, to redesign your brand or just hiring an assistant. Knowing exactly your why will help you maintain your tranquility while you are in the process.
For example, if you hire an assistant and you forget why you did it; you might end up trying to manage all your business by yourself and waste your time. If you forget your why with your coach, you might find excuses for not trusting the process and never get the results you were offered. You get the point.
7. Do I need this?
It will be ideal for you to ask this question at last. While all the information before you might have many pros and cons about anything, you are planning on investing. When your panorama is clear, think about what you want for your business and the path you are starting. Will your investment help you to get there? Will the investment be smart?
Remember the investment is something that must give you profit, any kind of benefit. If you get it, then you will not feel you just wasted your money.