You've seen it all the time. You've done it too.
You want the diamonds. Solitaire, princess cut, platinum setting. Could be a ring, earrings or necklace. Whatever the design, diamonds have staying power, lasting appeal, and go with everything. You wear it every day, You'll pass it down for generations.
But we get distracted by the costume jewelry. The quick fix to complete an outfit for an upcoming event. It will work for the event, and maybe the jewelry will work with other items in your closet. But then again, maybe not. So it collects dust on your dresser.
As entrepreneurs, we are constantly inundated with offers to buy. Everything sounds so great! But when to invest, when to keep your pocketbook closed? Return on investment is key to your profitablity.
Diamonds cost more but get results, costume jewelry is a quick fix for an short term problem. And the dust collectors? Leave them at the store!
Both have a place in your business. You just need to know which is better for you in the moment. And when to say to no.
Your Plan for Profits
First of all, consider the financial results of this potential investment. Will it generate lots of leads, sales, or other amazing things for your business? When do you expect to see the results (assuming you've done the work)? Do you want to get into video, or kindle book creation, or learn how to rock online marketing? While the preview call you heard may have been filled with amazing content, maybe you heard enough to realize that this particular strategy or tool isn't right for you, or this isn't the right time. If you feel it is the right time to invest, consider what else in your profit plan needs to change so you have the implementation time to get the desired result.
If you can't make the investment fit into your plan right now, it's better to save up to invest in diamonds at a later date.
Time versus Money
Invest the money without any implementation on your part, and you don't get the results you want. Don't turn diamonds into dust collectors.
Often we think: "This course is only $197, I can't afford to say no!" I have fallen for this myself, and it's not pretty. Without making time to implement, the money is truly wasted. Better to save up a few of those $197 investments and use them for a single larger investment with real results (think VIP day or breakthrough session). It's the difference between a lot of costume jewelry or a pair of diamond earrings. Higher impact, long term value.
Don't forget to consider how long it will take to implement what you've learned. If you're not sure, consider it like college. For every 1 hour of class, you have 2 hours of homework. So, for a 4 week course, you would consider 4 hours of class plus 8 hours of implementation time plus about 2 hours or more of getting ready for and winding down from the calls. That's a 14 hour commitment in one month, or almost 10% of a normal 40 hour week. Do you really have the time? Will you truly implement this in the next 3-6 months? The course will likely be available in a few months time, when you have the bandwidth. Don't pay for a diamond, but end up with costume jewelry that just sits on your dresser. Make the time to make it shine!
I don't know that v I already know that v. I'm already doing that
This is geared toward programs and packages to help you learn or implement new tools, techniques or strategies in your business.
I don't know that
This is best for tools, techniques, shortcuts that you need to learn in order to grow your biz on your timeframe in the next 3 months or so. How to XYZ. To get the biggest bang for your buck (for both time and money), intense trainings are best. VIP days (1/2 day or full day), breakthrough sessions, and short courses. Be sure you schedule time to implement in the next 3 months. Otherwise you're not getting the results that you paid for. If you need big strategy, invest in a diamond. If you need a quick fix, invest in costume jewelry.
I already know that
If you already know something, then chances are you don't need to invest in another course that will teach you what you already know. Exceptions to this would be intensives or retreats about topics you're pretty familiar with where you can network and get an advanced level understanding of the content which you can easily and quickly implement into your biz in the next 3 months. No need to invest in a different version of what you've already learned, unless it's been a year since you last learned about the topic. Consider the costume jewelry investment for a brush-up.
I'm already doing that
Is your goal to learn new content or gain visibility? Consider investing in large group programs when your biggest goal is visibility (which will ultimately lead to more clients), not necessarily the content. Make sure to block off time to participate in calls or FB group to get the visibility you want. If you invest the money but not the time, you won't see the results.
If you're in the "I know that but I'm NOT doing it" camp, then it makes sense to invest for support to implement. Only invest if it fits with your profit plan. Nobody likes to start (and spend money on) a project that turns out to be a dud. Imagine that your VA, graphic or web designer is your personal stylist, helping you put together a great looking business.
Investing in Coaching
This is a little different, because coaching is generally 1x1 or 1x1 with content (and possibly retreats or masterminds). When looking at your time and money, consider these:
- What results do I need, and is it their specialty?
- Does the coach's personality fit with mine, my learning style, etc (ie - do I really like them!)
- What kind of access will I have to the coach and what kind of support will they give me (mindset, marketing, specific types of marketing like facebook or video, etc)?
- What will it take for me to get the results promised? Do I need to rearrange my schedule?
- Can I afford the investment (or monthly installments) for the length of the program?
- If retreats are scheduled, how much travel time and costs should I budget for? What about rearranging the family schedule so I can leave the nest for a few days?
- How will the events impact my family (calls in the evening, nubmer of mandatory retreats, etc)
Something's Gotta Give
What has to give in order to get the results? To get the extra 14 hours for a 4 week course, you could:
- Dump all or some time-wasters (like too much TV, facebook, etc)
- Sleep less/less time with family
- Take on fewer clients
- Focus your time on profitable (not time-wasting) activities
If you're hot to invest in a diamond, you'll find a way to make it work. Just be sure to look at all the costs (upfront and down the road) and all the time needed to get the desired results. Costume jewelry is great too. Just make sure you can wear them both regularly (ie - implement!) to get your money's worth.