We would all love to grow our businesses whilst retaining all of our profits. Have things grow organically but successfully. Be able to do everything ourselves. You get the idea. Your product or service will be so good that you’ll be able to rely on word of mouth for all your marketing. You can learn SEO from Google or YouTube, and that will be all you need. And so on. But actually, there will be a natural ceiling to what can be accomplished this way. Our weaknesses will always be our weaknesses, no matter how much training we undertake. Word of mouth will only get us so far. No matter how good our intentions, and no matter how loyal and supportive your customers, it’s investing in your business that will take you to the next level.
This investment can take many forms, and be of any scale. It can be short term, or long term. But, by putting money into our businesses, we want to see a return. For example – choosing to outsource something you’re not so good at will not only result in that task being completed to a higher standard, it will also reduce your stress, and free up your time to focus on the things you want to be doing. Purchasing an upgraded piece of kit will, in turn, upgrade your products. Choosing to work with a business coach will elevate your thinking, your approach and your potential!
What’s holding you back from investing in your business?
So if investing in your business makes logical sense? What’s stopping you from getting on with it? Here are three of the most common things that are holding you (and your business!) back:
1) I have no cash!
This is a common one, especially when it’s early days for your business – and one that’s completely understandable. Indeed, a significant percentage of new businesses are funded, initially at least, from personal finances. However, the question then becomes about return on investment. If you did have the funds to invest in something now, what would be the return? And just as importantly, when can you expect it? To put this into context – if you invest in your business now how much more quickly would you reach your financial goals? And if the investment would make a significant different, is there anything you can do to access the money? There may be grants available, for example. Or Start Up Loans are a great option if your business is less than two years old.
2) It’s so expensive
There are a couple of scenarios here. Firstly, something can seem expensive because it actually is expensive for what it is. In which case, shop around and look at different options for achieving the same, or a similar thing. Secondly, some things just cost more! The question then becomes whether the investment is worth it, how much return you can expect, and when you can expect to see it! So if something is expensive, it’s time to do your maths and start working out the answers to these questions. If something is expensive, but it will generate a significant, and fairly rapid return – paying a higher price may well still be worth it!
3) Risk and reward
If you’re naturally risk-averse, investing in your business can be a big step. What happens if it doesn’t pay off? What happens if the return isn’t what you expected? How about if you choose to invest in the wrong thing? The key here is research. Look into the different options that are available that could help you to achieve your goal. Speak to the coach or sub-contractor and make sure that you’re on the same page and that you ‘click’. Seek feedback from others. Make sure you understand what’s being offered to you and exactly how it can benefit your business. By doing your research and basing your investment decisions on data, you’re putting yourself in the strongest position possible to see a good return.
Are you ready to invest?
Having read the above, has it changed your perspective on investing in your business? We’re not asking if you’re ready to dive in and part with your cash right now – more whether you’re open to considering the idea when the time, and the investment, is right? We hope so!
As for us, we would love to hear from you if you’re a driven, ambitious woman who is ready to commit to and invest in business coaching! If this sounds like you, and you’re ready to create a thriving and successful business that you love, let’s talk about how we might be able to work together. Our highly personalised coaching programme could be exactly the catalyst that you’re looking for!