Growing your business is no easy task. It takes a lot of trial and error! Yet there are some parts of business that you need to weigh the decisions a bit more carefully. Especially when financial decisions are involved. Deciding whether you should outsource or invest in your own knowledge is a big financial decision. Let’s dig into when you should do both!
The type of investing I’m talking about is in a mentor, strategist, or a coach. There are many different forms of investing. You could invest in a certification, you could invest in purchasing a book, all the way up to investing in a high ticket 1:1 program. The best way to know when it’s time to invest in growing your own knowledge is when you feel incredibly stuck. It’s not yet within your realm of expertise to be able to fix your problem.
It’s also helpful to know exactly what you are stuck on that you’ll need guidance on. For example, if you find that you have no knowledge on how to build a product suite but you want to have more products. Then you might look for a strategist such as myself to help you position one.
When investing in your business remember that it is an investment. It’s not likely you will see immediate results; but over time you will see extraordinary ones.
I have a free resource for questions to make sure you’re asking a coach when you invest so you can make the best investment for you. You want to be going into a discovery call with as much Check that resource out here.
Outsourcing is when you are looking to automate some portion of your business that you don’t have the time for. This can be signing up for a CRM like Dubsado. (Want a referral**? Use this link for 20% off your first month) Outsourcing can also mean hiring an employee or contractor for your business. You can find someone to outsource to in different places. Some examples are referrals from other business friends, social media, or sites like Upwork.
The biggest tip for when you need to outsource is when you are have a lot of time constraints in you business. If you are constantly turning things late into clients, or having to work really late hours over a long period of time, it might be time to outsource that specific pain point. It should be rather obvious which part of your business you’ll need to outsource as it will be the one that is the most time consuming! (Outside of what your niche is of course.)
Will you outsource or invest next?
Want to learn more online business tips? Check out my other blog posts here.
*Disclosure: Bear in mind that some of the links in this post are affiliate links and if you go through them to make a purchase I will earn a commission. Keep in mind that I link these companies and their products because of their quality and not because of the commission I receive from your purchases. The decision is yours, and whether or not you decide to buy something is completely up to you.