Starting or growing your business can sometimes require hefty financial investments—for those of us in the online space, sometimes these upfront investments can be a lot less than running a brick and mortar. The question then becomes what kind of investments would make the most impact on your business—and the answer might surprise you…invest in yourself.
Either way, it’s pretty much expected that some kind of money will be spent on establishing and eventually expanding your business. The question then becomes what kind of investments would make the most impact on your business. And, the answer might surprise you. The more obvious and expected expenditures focus on trainings or certifications in the relevant field, equipment costs, event hosting, and virtual tools that help you keep things running smoothly.
The less apparent investments actually focus on your own personal wellbeing and development. Hiring a coach or mentor, taking an online course that appeals to you, paying for a yoga or gym membership each month, even therapy, can all be viewed as investments in your business. And here’s why: Your personal world and business world are connected. Actually, all areas of your life overlap and have the ability to affect one another.
That’s why if you’ve been overwhelmed or feeling stressed out, it can (and most likely does) have an impact on how you show up for your business. You may not be as excited, creative, or confident as you were if you felt more relaxed and balanced. Think about how different it feels when you sit down to work on your course or clients when you’re in a walking-on-sunshine mood. Now, compare that to how it feels when you’re tired or in an anxious state. When you feel better, you can do better. And, when it comes to business, you’ll see the result of this reflected in increased cash flow and professional growth.
Self-care means you
This is especially the case for entrepreneurs, who are disproportionately affected by mental health issues. About 72% of entrepreneurs encounter struggles with mental health, compared to 48% of non-entrepreneurs. Let those numbers alone justify you spending money and energy investing in yourself. Spend the money and know that by doing so, you’re setting yourself up for success by inviting a more steady and balanced version of yourself to run your business.
Hiring a mentor or coach
Another way you can invest in yourself to see the positive effects in your business is by hiring a mentor or coach. This can be in a personal or professional context. The important part is finding the right person and making the financial leap. This can oftentimes feel quite scary, especially because professional coaches can sometimes be a big expenditure.
Here is where you get to reframe your mindset to look at the return on investment instead of turning away in fright at the price tag. There’s the old saying “you get what you pay for.” While this isn’t a hard and fast rule, it’s true more often than not. The same can be said for money you pour into your own personal development.
Reflect and grow
Sure, you can consume all the free content and take bits of advice as you get them. You can also seek a mentor to guide you for free. But, taking these routes can limit you. The reason is simple: By not spending money, you have no skin in the game. Spending the money in many ways is what keeps you accountable and propels you to do deep work with a mentor. (Think of your own course or coaching service!) If you made a serious investment to work with that person, then chances are you’re going to show up.
Searching for your next idea? We’ll help you through it with our free “course idea worksheet.”
Why hire a mindset coach?
There can also be resistance around making an investment to work with a mindset coach, for example, when the return on investment for your business might not be apparently clear. Doing the inner work is just as important as doing the external, more hands-on work of your business. Nothing could be more important than your well-being, both internally and externally. Hiring a coach means you can shift your mindset and habits in a powerful way, so you’ll be better prepared to navigate being an entrepreneur. At the core of your online course or business is you. You can survive without your business. Your business cannot survive without you. It can only thrive in relation to how much you’re thriving. So taking the time to invest in yourself is critical.
And with all this dedication, you will grow personally in tandem with growing your business and vice versa. According to a study, 92% of small business owners concur that working with a mentor or coach had a direct positive impact on the survival and growth of their business. Whether you’re just starting out or are a seasoned veteran, working one-on-one with someone who has expertise to share can be a critical factor in developing and expanding your biz. Remember, sometimes it’s OK to be the student too.
Trust your gut if you feel pulled to work with a certain person, to take a course, or to make any kind of investment in your own personal growth, development, and well-being. While the initial investment price tag can be less than appealing, remember that you’re playing the long-game. Sometimes, that means taking a step even when you can’t see where the staircase ends. This is where you get to be brave and invest the money in yourself knowing that your personal growth will result in your business growth over time.