Are you investing in your business? For a solid decade, I basically didn’t. The idea of parting with my hard-earned dollars was scary. I also thought it was irresponsible to spend on things I could do myself.
It took more than a decade for me to realize that doing everything myself wasn’t saving money—it was actually costing me money.
In this video, I share why not investing in your business is a sign of scarcity thinking (and a money mindset problem).
[Another good read: 10 Books to help improve your relationship with money]
In the past, I easily spent an hour each month (and likely far more than that) emailing back and forth with clients just to find workable meeting times. Now, I use Acuity Scheduling to automate that process.
I don’t charge hourly, but I value my hours at about $250 each. Acuity costs $15 a month. By avoiding an hour of emailing, I save $235 each month or $2820 a year. No, I don’t put that much cash into the bank, but I free up the potential to earn that much during that same time.
Another way to look at it? I was paying myself $250 to do what Acuity could do for $15.
When I reframed each of my expenses this way, I couldn’t believe I had waited so long to invest in my business.
Today, I spend $247.99 per month on tools for my business (there’s a link in the description if you want to see which ones I use). It includes programs for appointment scheduling, client management, bookkeeping, email management, course hosting, and social media scheduling.
Does $248 a month sound huge to you? If so, I felt the same way few years ago. But now I realize that’s less than hour hour of my hourly value, and there is absolutely no way I can manually do everything those tools do in an hour (or even in many hours).
The lesson? Our thoughts around money are just that—thoughts. When we actually examine our money mindset, everything can change.
I once thought spending money was bad. It filled me with worry and fear. Now I realize those thoughts were rooted in scarcity and lack. With a simple shift in thinking, I could see the same expenditures as good, helpful, worthwhile. The only change was making choices from a place of abundance and wealth.