In the beginning of my coaching career I didn’t have any reserves to fall back on. It took every dime I made to keep my business up and running and I’ll be honest, some months I needed to borrow from our family budget just to make ends meet.
I think that’s pretty common when you start a business so that’s why it’s nice to have a little cash reserve backing you up as soon as possible.
The good news is that coaches coming out of school these days have lots of free options for email management software, graphics design, and even coaching platforms.
But, those free platforms will only let you get so far in your business and then it’s time to take the plunge into more robust options that have a fee attached to them.
I know you want to run your coaching business as smoothly as possible while also limiting expenses, so on this episode of The Wellness Business Podcast we’re going to share some ideas about how to decide when it’s time to start investing in paid resources.
3 QUESTIONS TO ASK YOURSELF BEFORE INVESTING IN A PAID BUSINESS TOOL OR SERVICE
Here’s how I like to make decisions when it comes to expenses. First of all, it often comes down to a mindset shift about what investing in something will mean for me, my business and my clients. The same is true for you when you make an investment decision.
Here are 3 questions to ask yourself, (that have served me well over the years):
- Will it save me time and make my life easier and/or less stressful?
- Will it help me do something quicker and more efficiently?
- Will it help me generate more revenue?
The answer doesn’t have to be yes to all 3 necessarily. In the case of Canva, it was a yes to the first 2 questions – it will save me time and make my life easier, and it was a yes to helping me do something quicker. But it wasn’t a decision based on whether or not it could generate more revenue, so for me, that was okay. I would have probably stayed with the free version if my business wasn’t profitable since I don’t consider the pro version of Canva a ‘must’ expense.
HOW TO KNOW WHEN IT IS TIME TO INVEST IN PAID RESOURCES FOR YOUR HEALTH COACHING BUSINESS
Every type of business incurs some expenses but that doesn’t mean you can’t run a lean business with low overhead. It just means there is going to come a time when the limitations of free resources are no longer going to meet your needs, and you’ll have to decide which paid tools are worth it for you.
In episode 283 of The Wellness Business Podcast we’re covering:
- The 3 questions we ask ourselves before investing in a paid business tool or service
- Examples of free vs paid options for your business and how each benefits you at different seasons as a coach
- A mistake some coaches make that actually keeps them stuck in a loop of working too hard and not making enough money
As a fellow business owner, I understand that spending money on your business can feel a little scary sometimes, but at some point, it’s going to be a necessity if you’re serious about building your business.
The good news is that you get to decide what makes the most sense and which paid tools will get you the most bang for your buck.
Tune in for helpful tips on episode 283 of The Wellness Business Podcast, including ideas to help you decide what’s right for you.
Links/Resources mentioned on the show:
Links to resources: