It’s that time of year. For the next month, your inbox, news feeds and commercial breaks will be filled with new year’s resolutions, weight loss and exercise plans, and advice on basically every way imaginable you can be a better human being this year than you were last year. All good stuff.
But as creative entrepreneurs, we also set new goals for our businesses. We want things like: more clients, more Instagram followers, to be full time entrepreneurs and more money.
Let’s talk about that last one for a minute, not because I think money is the most important of the goals we set (it may not be), but because I think we tend to have a pretty screwed up mindset about money when it comes to business. Let me run a scenario by you. As you read it, I want you to know this is not a trick. There is no catch or sales pitch. Just a story…
Let’s say you went to your bank to make a withdrawal. The teller greets you with a smile and helps you with your account, just like every other time. But instead of asking you if you’ve heard of their latest credit card offer, she says…
“I have an opportunity for you.” As she says those words, she pulls out a briefcase and opens it. “I want to give you the $10,000 cash that is in this briefcase in exchange for $3,000.”
After looking around for a camera and TV crew and picking up a stack of bills to make sure it’s real, you ask “Just like that? I bring you $3,000 and you give me $10,000? What’s the catch?”
The teller answers with a big smile, “Just like that. No catch. But this offer is only good for 24 hours. Do you want it?”
What would you do in that situation? What would be your reaction? The way I see it, there are only a few answers, and your answer says a lot about your mindset on money, and especially how money pertains to your business.
“Ask yourself, “How much of a return on investment will a new website, Instagram ads, a new studio space, gear, inventory, coaching, [fill in the blank], give me?” If there is potential for a big return, how much is that worth to you? How much of a risk are you willing to take to get there?”
“Thanks, but no thanks.”
– Chances are you have a tendency to be a skeptic. Everything is too good to be true.
– You calculate every move you make in your business very carefully.
– You might miss out on really great opportunities.
– You rarely lose (but you never really win big either).
“I’d be so in…but I could never come up with that kind of money in 24 hours.”
– You love the idea of taking risks, but have a hard time pulling the trigger on big decisions.
– The root of the issue could be a lack of self-confidence or lack of a support system.
– You don’t spend money on your business because you are scared you’ll waste the investment.
Answer on the spot, “I’m in!” But two hours later, “I tried to come up with $3,000, but it’s probably not going to happen anyways.”
– You get so excited about the possibilities of your business, but rarely follow through.
– You suffer from the fear of missing out (FOMO).
– You bounce from idea to idea, but rarely complete anything.
– You spend money on things without looking at the bigger picture, and end up making a lot of smaller investments in your business you probably didn’t need (and only used for a little while).
“24 hours? I don’t know how, but I’ll come up with $3,000. I’m in!”
– You are determined and will find a way to work out problems that may arise.
– Your business consistently grows.
– You capitalize on opportunities and don’t shy away from a challenge or hard work.
“Do you take American Express?”
– You take risks.
– Some might think you are careless or have a little too much entrepreneur in you.
– Chances are you’ve seen the success and downfalls of taking risks.
– You always see the potential avenues where your business can grow quickly.
Now What?
Well, as you make goals and look to increase your revenue from your business, think about the answer above that you chose. Yes, this was a completely hypothetical situation with a 100% sure bet, but it serves a really important purpose. It tells you a lot about how you may look at money that you invest in your business. Ask yourself, “How much of a return on investment will a new website, Instagram ads, a new studio space, gear, inventory, coaching, [fill in the blank], give me?” If there is potential for a big return, how much is that worth to you? How much of a risk are you willing to take to get there?
Things involving money can be complicated. My challenge to you this year is not. Don’t be scared to invest in your business when you find an investment that could bring you big returns. Be willing to take a risk and step outside of your comfort zone.
That’s where real growth happens.
