Ever wondered how much you really should be investing in coaching, courses, and professional development for your business? Today, I’m addressing the elephant in the room: how to strategically invest in your business without wondering whether you’re being swayed by the ‘always be investing’ messaging of the coaching industry.
The truth is that I do believe sometimes you need to invest in your business, and that sometimes you need to invest far more than the standard narrative of 10% – and that there are going to be times when, if you don’t, your business may shrivel up.
But…. I also believe that sometimes you don’t need to invest much, or even at all – and as someone who has more than 20 years’ experience in business – it’s about being strategic, understanding return on investment (and the cost of investing, as well as the cost of waiting or not addressing skills gaps) and planning like a CEO in your business.
In this episode, I share the times when I’ve invested and the thought process I’ve used to do that, give you a glimpse into how I budget (and what that might look like for you as you enter 2025) and some big red flags on when not to invest.
Listen to the full episode
Here’s What You’ll Learn in This Episode:
- [00:02] Why the business coaching industry exploded post-2020 and how to navigate it
- [00:36] The myth of investing 10% of your revenue—and why it’s often not the best strategy
- [02:58] How to budget wisely for professional development (including specific budget categories)
- [05:16] Why implementation often matters more than continual investment
- [09:50] Case study: What to consider when your business is stuck, using an example scenario
- [12:11] How to identify and solve the right problems in your business to stop spinning your wheels
- [16:05] Personal stories of investments I made—and the return on those investments
- [20:39] The mindset traps that make investments unhelpful (and how to avoid them)
- [28:05] Why a sweet $300K business is a perfectly valid goal and how to run it sustainably
[36:29] Understanding whether you need a coach, a mastermind, or none of the above
