What goes through your mind as you spend money on your business?
The judgements you make, as you “spend” money on your business, provides insights in to your “money mindset”
For example, you need to purchase a website URL, Theme, and Hosting company.
Are you excited? Happy? Do you see this purchase as an investment in your business and a commitment to it’s growth?
Or do you see it as a necessary step you “must” take in order to get customers (or clients)? Do you resent having to “give up” that money?
A successful business owner makes investments, not purchases.
Ask the highly successful business person how they view the money they spend on their business, and I’ll bet, as every one of them has told me, you’ll find that they see it as an investment in their future.
Of course, this does not mean that they don’t weigh their purchases carefully. They won’t run out and buy a huge color printer that collates and staples their documents simply because it’s an “investment”.
When a successful entrepreneur makes a purchase, you can be sure it’s been thoroughly investigated. They’ve determined both the need for something AND it’s R.O.I. (return on investment).
A universal approach
Whether they are looking at a new website, re-doing business cards, buying a computer, or hiring a virtual assistant, successful entrepreneurs consider each purchase carefully.
They ask, will it add to my bottom line?
Will it reduce my stress level – allowing me to be more effective?
Will a V.A. at $15 an hour free me up for client work where I make far more than that per hour?
Will this seminar/training/certification provide me with more resources, tools, and strategies that will help me to generate more income?
Am I buying this because I want it? or because it will serve me?
Some decisions are harder than others.
If you’re like me, you fall prey to that “shiny object syndrome”, where everything looks amazing and like something you “can’t live without”. Sometimes, it’s true, you are far better off adding that certification (for example my Coaching and Emotional Releasing certifications) sometimes it’s just another piece of paper that you really don’t need.
You don’t have to have the top of the line laptop in order to Skype with clients, or maintain your website.
You don’t need photoshop and video editing tools, unless you are going to use them. Often. Sometimes it’s cheaper – and easier – to hire out the quick tasks (Fiverr is a great resource for inexpensive, and well done, graphics and word processing tasks)
Think about it, say you want Photoshop so you can create a logo or a book cover. After spending hundreds of dollars you now have a program that you need to learn to use, before you can even start!How much time and energy will that take away from the time you spend getting and caring for clients? or developing a new product?
Sometimes hiring someone to create your cover costs a lot less – and saves so much time!
So, when you are faced with a purchasing decision, take a deep breath, and weigh your options. Make investments – not impulse purchases.