Different phases of business call for different types of investments. What you need now, today, is different from what you needed yesterday or what you’ll need tomorrow.
Luckily we’re in a space that has so many different options available to us–more than ever before. Unfortunately, because there are so many different options it’s easy to get confused.
Do you need a mastermind or a group coaching experience? Is a 1:1 coach for you, or are you better off taking a course for now?
I firmly believe that you need to invest in yourself, financially, if you want to grow. I also know that it’s not always possible to invest in the way you want or need at every stage of business. So again, we have lots of choices!
Starting a Business
When you’re just starting out, it’s hard to spend the money you need in order to invest. Money is tight and you’re often not totally sure what it is you’re going to offer–and how and for how much. You might start by following influencers in your industry to gain an understanding of what they’re doing.
The downside to following someone from afar is that you don’t really get to know them and all that they did to get to where they are. Too many people spotlight the highlight reel and don’t focus on all the work. It’s a recipe for discouragement.When you follow “influencers” from afar, you don’t get to know the real story of their business growth.Click To Tweet
Courses are a good way to get some of the nuts-and-bolts knowledge and how-to for getting on the right path. Many are cost-effective and will give you lifetime access to the information you need now and in the future. So you can use what’s helpful now and save for later what doesn’t serve you now.
Individual coaching is also a good option, however it can get expensive. Some coaches specialize in working with newer business owners and walking them through the beginning stages of business–setting up programs, figuring out pricing, determining your audience, learning how to market, etc. I recommend finding one that has expertise in exactly where you’re feeling the biggest need.
Growing a Business
Once you have a firm handle on who you serve and what you offer and you start bringing in some money, you have different needs in your business. You know the basics now, but you want to grow your revenue.
Group coaching allows you to get to know other business owners, learn from them and get feedback from others–all under the guidance and support (and expertise) of a coach who has been there, done that.
At the same time, this is a good stage to invest some time in a peer-led (free) mastermind group. This is usually a group of business besties who share some commonality–industry, time in business or other commonality.
The focus here is on business growth–establishing your expertise, growing your audience, raising your prices and honing in on your offerings.Before you scale: establish expertise, grow your audience and raise your prices. Then seek out that team.Click To Tweet
Scaling a Business
You have a steady, dependable income. You have a small team in place. And you’re ready for something bigger. It’s time to scale your business. Scaling isn’t about raising your prices or offering more services. It’s about growing your team strategically.
Once you’re on a profitable path, you need more accountability and decision support than ideas and deep help. You need higher-level thinking and a motivated community that will not only help you get things done but also help you network with the leaders in your niche. What you need is a paid mastermind.
That mastermind isn’t going to take any work off your plate though. And if you want to scale, you need to be able to outsource some of what you’re currently doing. You’ll also need some deep, expert-level input from team members. That’s why hiring a strategist and/or specialist in sales, mindset, marketing, etc. is so critical.
Of course, none of this investment is possible without a deep belief in yourself and a passion for what you do. That’s where you really hit gold and start the momentum forward.
Are you struggling with the next best step for you in your business?
Sign up for my Free Workshop to help you determine what you need next in your business. It’s taking place on May 22nd at Noon Central, and there will be a replay for those who can’t make it live!