Business Strategy Question #10: What are willing to invest?

Business Strategy Question #10: What Will You Invest?Question #10/10

Your business strategy…your big picture view of how YOUR business works…is an essential step in creating a business that supports the lifestyle YOU want to create and the lives you want to transform.

This is Question # 10 in a 10 question series of what to ask, and answer, before you choose your business model, decide what programs and products you want to create and how you launch yourself in the world.

And here is a list of the entire 10-question series (in case you want the big picture view)!

If you haven’t answered questions #1-9, I definitely recommend answering those first,  then popping back here to answer this one. Answering the questions in this order helps you get more clarity.

Yup, you’re gonna be doing some investin’ Lucy!

Whether you’re investing your time, your money, your heart, your ego and, potentially those of other people, getting clear on where you draw the line on the investment is an essential part of knowing when to hold ’em and when to fold ’em.

Why?

Because it is ever so easy to say

  • oh, this is only $7 (will you use it? If not, it isn’t worth the $7)…
  • well, I’d better invest in this class on 23rd century tactics because I might need it (I promise you, there will be another tactic in the next 5 minutes)…
  • hum, I’ll spend just a little more time learning how to create a WordPress site then I’ll spend time with my honey (will honey still be there?)…
  • well, I’ll skip my kid’s recital, there will be another one and I absolutely HAVE to get this sales page done today (promise, no sales page is worth missing those special moments)…
  • well, I’ll stick with it another 6 months, then decide whether to get a job (even tho’ the credit cards can be heard groanin’ from a mile away and the payments are due tomorrow)
  • …and on it goes

So what ARE willing to invest?

  • How much time are you willing to spend learning that “sumfin” you heard you had to do?
  • Is it really cheaper for you to do “it” yourself when there may be a set of willing hands at the local high school or college?
  • Have you created a budget you can live with that doesn’t take everything you love away from you?
  • Have you calculated the cost to you? Your family? Your partner? Are they “all in” or do they feel you’re neglecting them?
  • How many training classes are you going to invest in? 
  • What about the hardware and software you need to run your business?
  • Have you calculated the costs of insurance? Legal fees? Accounting whizzes?
  • What else are you giving up to run a business?

Yup, there are many kinds of expenses

One of the biggest shocks many new business owners face is the sheer number of out-of-pocket expenses involved in running a business, even one you’re bootstrapping by doing a lot of things yourself or finding “free” tools (believe me, some of them aren’t worth what you pay for them!). And then there are the costs we didn’t expect…like it taking 3-4 times as long to do something as we estimated or missing special events that we didn’t think were “that” special.

And the more of that you think through at the beginning, the less this stuff bites you in the butt and takes a big chunk of your self esteem and your buckeroonies.

Years ago I served as a mentor to students in the Technical Communications program at a local university.

One day a lovely young woman called me up, positively sure she wanted to be her own boss and call the shots.

Excellent, I said. Let’s talk some of the real life situations you need to know about and some things to noodle on before you make the decision.

I shared with her some of the challenges (like having no clients and having bills due because being your own boss means you also find the work you do). I was pretty detailed about the things that can happen.

About 30 minutes in, she was really pissed off at me, swearing I was trying to keep her from being my competition. That I was purposefully making things sound “hard” and “nasty” to keep her out of the business.

My response?

“Honey, if you still want to go forward with owning your own business after hearing the raw, unfiltered truth, not some gummy-bear sweet version, I welcome you with open arms and will share anything I know to help you succeed.”

And that’s what I say to you too.

I tell it like it is (or at least how I’ve experienced this 25 years of business ownership stuff). I share all the mistakes and all the successes and all the lessons learned.

And I do it truthfully and directly, often with Tuff Luv, so you can make a truly informed choice about what you want to do.

And you can succeed. By YOUR definition. 

And with a clear-headed approach to living the lifestyle you want. 

Please share what you’ve learned

You made it through all 10 questions! Yeah!!!!!!!!!!!!!!! I’m so proud you I’d better pin these dancing feet to the floor and finish this post.

With these questions answered, the next thing is to get clear on the business model you want use…and remember, there is NO one-size-fits all solution. There is the solution that is right for you!

Please don’t let technology and business stuff hold you back…that’s “just stuff” that can be handed off to someone else (me, pick me!), learned in a class or dropped by the wayside in favor of something more do-able, for you.

may your day be igKnighted with passionately powerful possibilities!

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P.S. Need a hand getting clear on this? Oh, I would love to help you succeed by asking you a bunch of questions that helps you move forward. How about we get you started by scheduling your complimentary Tame TheBeasties: Get Kick-Ass Clarity rendezvous. Yes, it does cost you 24 minutes of your day and I respect that, and you.

  • Courtney
    Twitter:
    says:

    Thank you for sharing your knowledge with me!

  • Deanna
    Twitter:
    says:

    This is truly the magic question, isn’t it. I have heard so many people answer this question with “can I get a grant?” People don’t seem to realize that regardless of industry, they must have some “skin in the game.” I’ve really enjoyed the series. Have a great day!

    • MamaRed says:

      Hi Deanna…glad you’ve enjoyed the series and yes, it really is the magic question. There are different types of “skin” and some of each, even if in different proportions for each of us, is part of being in business. You have a great day too!
      MamaRed recently posted…Business Strategy Question #04: Who is your WHO?My Profile

  • Tony
    Twitter:
    says:

    MamaRed I had to be here for this 10rh and final question. I thought I might have something to add but you have covered it all so well. The investing part of the equation is where you really have to make a serious evaluation of your present circumstances to know whether it’s even possible for you to make the sacrifices necessary to be your own boss. Your circumstances will dictate what it is you can invest. Great article series that asks all the right questions.

    • MamaRed says:

      Hi Tony…wow, I’m honored that you stuck it out with me and this series. As you can probably tell, I’m rather passionate about this one. I’ve learned a lot in my years as a business owner and would much prefer others answer these questions BEFORE they make the same mistakes I did. Definitely expensive on multiple levels. If you think of something else to add, please do pop back in. In the meantime, Laugh Lots, Love More!
      MamaRed recently posted…Business Strategy Question #04: Who is your WHO?My Profile

  • Jeff Mere
    Twitter:
    says:

    Great info! I haven’t caught all of your series but can already tell for someone working on their own business, this could be very beneficial! GREAT job! :)

    • MamaRed says:

      Hi Jeff and thanks for stopping by. Much appreciate you joining me on this adventure. What’s really kewl is that many of the questions (tho not all, of course) are great for getting clarity on what you want to do and what drives you. Have a great weekend!
      MamaRed recently posted…Business Strategy Question #04: Who is your WHO?My Profile

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