Have you ever made a bad business investment?
I know I have. I’ve invested hundreds, even thousands (yikes!) of dollars in things without seeing a return.
I have also made really, really good business investments where the return has been double and even 10x my investment!
What’s the difference and how do we get past the bad ones?
Let’s talk about that today, because chances are that if you’ve made bad business investments you might be feeling scared to invest again, and ultimately that could be holding you back from growth. So let’s talk about it, move past it and get you on your way back to success!
1) Learn from the bad investments
Perhaps you made an investment into something expecting X result to happen and found yourself not seeing that result. I want you to take a moment to look past the bitterness and to ask yourself “what can I learn from this investment?” Perhaps it’s not the lesson you were wanting to learn, but there is a lesson to be learned from every investment.
Did you learn anything about your customers? About yourself? About business?
The best thing you can do here is figure out what you learned about yourself. Did you not get the result because you didn’t listen to your intuition about this investment? Is it because you didn’t apply yourself? Was your mindset not in the right place? Or did the item simply not follow through? I know these are hard questions to ask but I truly want to help you move past this because I believe it will be key to your success.
I have spoken to so many women who feel like they were sold to really well and found themselves being disappointed in the program they invested in. If this is the case, then you learned that you are willing to believe in yourself, invest in yourself and show up to do the work. If that’s the case, then you should be proud of yourself and you should know that if you continue to do that, you will succeed.
Find the good in the bad and move forward.
2) Invest again
Here’s the hard part. I want you to invest again. Just because one investment didn’t work it doesn’t mean that none of them will. Just because one coach wasn’t the right fit for you that doesn’t mean that none are. Just because one idea wasn’t a great idea that doesn’t mean that no others will be. You learn from your mistakes and you move forward. That’s what entrepreneurship is all about.
I could have made the decision to never invest again after the bad investments I made. But if I would have done that I would have never joined the sales mastermind that help me hit my first 5-figure month. If I hadn’t invested in a VA I wouldn’t have doubled my revenue in one month.
I have a list of bad investments and I have a list of good ones. Without any investments the good ones would not exist and they have been so worth it.
3) Invest smarter, not harder
I believe there is a such thing as investing too much or investing badly. I want you to invest wisely. Here are a few tips that will help you do that:
Start by identifying what you really need right now in order to move forward (in other words, what is keeping you stuck?)
Once you’ve identified what that is, determine what you need to move past it (it could mean an investment, or not)
If you determine it does require an investment, do your homework. Invest in something that has evidence that it works
Lastly, when you make the investment show up expecting it to work and give it 100%
I’m always surprised by women who make investments and then don’t follow through. The results are in the follow through, not in the investment! You have to show up and do the work if you want to see it work.
The main thing I want you to walk away with is the fact that you should continue to invest wisely in your business if you want to continue to grow. Don’t let past experiences hinder your success. You and your dream are worth every penny.