The scariest thing about starting your own business and taking the leap to become an entrepreneur might be having to take risks. It’s necessary to invest in your business if you want it to grow, but how do you get the confidence to start betting on yourself?
Getting The Confidence To Invest In Your Business
With these tips, we hope to help you get the confidence to start investing in yourself and your business, because you’re worth the risk!
Create a plan
Create a business plan with projections. Set goals and figure out what you need (to do) to get there. If you have an idea of how much you will be able to make in the next year if you make certain investments, it might seem less scary. The fact is that sometimes you need to spend money to make money. Determine which investments you might need to make to achieve your business goals or to reach them quicker.
Pros vs. Cons
Make a pros and cons list for every investment you might want to do. The pros should obviously far outweigh the cons (like the price). This will also help you determine which investments are more of a priority than others. The ones that you will benefit from the most are things you should invest in first.
Do the math
Is the service going to save you a lot time? But is is also on the expensive side? Then predict how much time it will save you and multiply that time by your hourly rate. Is it more expensive to invest in the service or to do it yourself if you were to pay yourself your hourly rate? If the service is way less expensive than it would be if you had to sacrifice billable hours for it, it is probably worth getting.
Set some money aside especially to invest in your business and yourself
Save a certain amount of money per month just for the purpose of re-investing it in yourself or your business. Use this money for courses, ebooks, software, tools and other business needs. If the money already has this purpose in your mind, it might be a lot easier to invest with it. It will feel like taking less of a risk.
Work on your overall confidence
If you’re hesitant to invest in your business or yourself, you might not feel entirely sure about yourself of your business idea. Take a long hard look at yourself and your business and decide where the problem lies. Do you fully believe in your business idea? Are you scared that you might mess it up and lose money?
If you’re insecure about your business plan, find out how you can improve it. Maybe with the help of a business coach. If the problem is your lack of faith in yourself, you might benefit from working with a life/mindset coach.
Just do it!
Investing in yourself and your business might feel a little scary in the beginning, but the more you do it and notice the difference your investments make for your business, you’ll get used to it and be really glad you did that.
You are inevitably going to make bad investments that don’t give you the results you hoped for, but that doesn’t mean it was a mistake to invest in yourself! You should bet on yourself if you want others to put their trust and money in your business.
Know what you’re worth, because your business is worth taking the risk!
What business investment are you going to make next?
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