When I began my entrepreneurial journey, I was hungry to learn! As a result, I've spent nearly $100,000 on programs, courses and tools that I felt would give me a slight edge. Had I known then what I know now, I would have stopped and asked myself these three questions first:
Do I need this?
At first, I wanted everything, and I bought everything. Fear of missing out syndrome is alive and well in the entrepreneurial world. But over the years, I've stopped to evaluate my purchase with this very important question — Do I need this or do I merely want this? There is nothing wrong with wanting, Lord knows that I've purchased many wants that have placed a smile on my face and a warm and fuzzy feeling of accomplishment in my gut. But, when it comes to business, it's important to identify what is needed to move your business forward and take action to fulfill those needs.
Will buying this make me money?
That sounds selfish, I get it. But, the fact of the matter is that you're not in business to lose money, so don't waste it. If this purchase will make you money, then it's definitely worthy of consideration.
Do I have the time to use/implement it now?
Time is a funny thing. We know that we don't have all the time in the world, yet we act like every minute consists of an hour when we make purchase decisions on a deadline. If you don't have the time to implement the knowledge or utilize the tools now, then take a pass.
What about cost?
You'll notice that none of the questions mention anything about the cost of the course, product, service, etc. Want to know why? It's because the cost doesn't matter. If you need something, then you need it, regardless of the cost. And, if you don't have time to implement it now, then you're wasting money, aren't you? Finally, if the course, service, product, etc is going to make you money, then what does it matter what the cost is?
For example, I recently purchased a course that cost me $5,000. That's A LOT for a course! But, I didn't hesitate. Want to know why? Because I recently did a keynote presentation and I implemented one tip from the course that I had learned. By the end of the day, I was able to secure $10,000 in consulting services. I just doubled my money.
The key here is that it MADE money, it didn't lose money or break even. But rather, it literally increased my bottom line.
So the next time you're considering a purchase, ask yourself these three questions:
- Do I need it?
- Will it make me money?
- Do I have the time to implement it now?
If you answer yes, then go ahead and make that purchase. But, if your answer is no, then STOP and move on.