You know that you need to invest in your business if you want it to grow. But there's a fear lurking inside that's preventing you from pushing the button.
Why investing in your business is scary
If you have a fear of investing in your business, or can't seem to push the button on an investment, you're not alone. Many business owners, even those with significant experience, still harbour fears when it comes to making business investments.
There are many reasons why investing in your business feels scary, and some of them are deep-seated. But it boils down to a fear of uncertainty:
- "What if it's a waste of money?"
- "What if the person can't help me?"
- "What happens if it all goes wrong?"
- "Will I get my return on investment?"
And the return on investment (ROI) isn't necessarily money-related.
For example, if you need to hire a virtual assistant because you're extremely busy, the investment, while worthy, is going to be hard to make because you'll need to invest more time (which you don't have) training your VA into your way of working. So you may decide that it's not worth your time and effort.
The problem compounds if you make a bad hiring decision - which is entirely possible - and you end up feeling like you've wasted both time and money. Often it can feel like you've taken a step back!
We all want to see a return on our investments. The irony is that sound investments will bring in business growth and additional profits, and the fear of investing is usually what holds you back. So it's essential to overcome a fear of investing in your business in order to grow and thrive.
Why it's important to invest in your business
Business investments are necessary - especially if you plan to grow. Not all business investments are financial. Sometimes the investment might be in spending time to create some business assets, develop your skills or prepare yourself to hire that VA or accountant.
Without these investments, you'll be spinning plates and will stay in the same place you are in now, forever - or at least until you decide to make that investment.
Investments help you grow personally and professionally. They free you up to focus on doing what you do best. They encourage you to evolve, revamp, refine, and thrive. They help you feel more confident and establish a sense of authority. In turn, your customers will have more confidence in you.
So how do you get over the fear of investing in your business?
(1) Accept that business investments are inevitable
Investments are necessary in order for your business to grow, so don't fear them. Learn to accept that any form of investment will require your time, effort and most likely money too.
Your business needs to look and operate in a professional manner, which means investing in branding, marketing, software, business tools and technology, etc. Think about this... if you're not prepared to invest in yourself and your business, how can you expect your potential customers to invest in themselves by paying to work with you?
(2) Set up financial and time budgets
Time and money are your most limited resources. And you have to set a budget in both when you make business investments.
Look at your finances carefully. After all the bills are paid and the children are fed, how much money can you realistically set aside to invest in your business? You may have to go without new clothes or delay buying that car for a couple of months. As long as your living expenses are covered and no-one goes hungry, you can use that money to invest in your business. Good business investments could mean you can buy a much better car later on!
Similarly, you'll want to budget some time to work on capitalising on your investments. For example, simply hiring a VA is not going to change your business. You'll need to spend time documenting your processes, training her into your way of working and building a solid long-term relationship.
The same goes for when you're considering hiring a coach or signing up on a course. It's not just the financial investment you need to make to join the programme, it's also the time investment you'll need to complete the course, or to attend and implement what you've learned from your coaching sessions.
Having a clear idea of how much time and money you can afford to invest in your business will bring some clarity and ease your fear.
(3) Make an informed decision about each investment
Whenever you want to make a business investment, ask yourself these questions:
- "How will the successful completion of this investment benefit me and my business?"
- "What will happen if I don't make this investment?"
- "Can I realistically afford the time and money for this investment?"
- "Will this investment give me the most significant ROI for my current business goals?"
- "Am I prepared and ready to do the work necessary to implement this investment?"
- "Considering the answers to all the above, am I willing to take the risk and make this investment?"
Fear of uncertainty is part and parcel of being a business owner. Ultimately, overcoming the fear of investing in your business is a matter of changing your mindset. Do you believe in your business strong enough to make it a success? Do you believe you deserve the support you need for it to be a success? If so, let's make it happen!