Deciding How and When to Invest in Your Business

By Published On: September 7, 2021Categories: Blog0 Comments
A Calculator, Checkbook, and Money on a Desk Ready for Evaluating Opportunities for Investment in Your Consultancy

After 11 years in business, I continue to be challenged to know how much and when to put money back into Purple Ink. As a business owner committed to growing my business and better serving my clients, I think I will constantly be evaluating opportunities for investing in myself and my business.

Here are some of the questions I’ve had to address over the years:

Should I hire someone?

Almost immediately after starting my business, I realized I needed help, so I started hiring contractors.  It worked well, until one took three months off to help her mother and three of them accepted full-time positions elsewhere. I had to find replacements, and this meant I had to invest more time training the same things to new contractors.

As I decided how best to grow my team, I asked myself:

  • Will I have enough work for an employee?
  • Will I be able to make payroll?
  • Will I be able to keep her challenged?
  • Will my clients be better served?
  • Will I find joy in the process?
  • What will my return on investment be?

So, three and a half years in, I made a tough decision to hire someone full-time.  Almost immediately, I knew I made the right decision, as I clearly continued to answer yes to all of those questions.  Within nine months, I hired two more people, and we have continued to grow!

Should I invest money in my own continuing education (and how much)?

Although I had been introduced to the StrengthsFinder (now CliftonStrengths®) movement in 2008, I was re-introduced it to again in 2015 and really wanted to make it a part of my practice.  Although certification is not required, I knew that if I committed to this, I wanted to go all the way.  The problem: the certification course cost $8,500, plus airfare, meals, and hotel for a week, and five days away from the business. Just five years into the business, this was a significant decision for me.  The questions I asked myself:

  • How quickly can I earn back my investment?
  • Will I be able to sell this training to clients?
  • Will my clients and I be better off because I got this certification?

I made a vow to myself that I would sell at least enough of this training in the following nine months to get my return on investment – which I did.  I was determined and committed, and I’m still training on CliftonStrengths® six years later, continuing to reap my return on investment; the training is one of Purple Ink’s most popular offerings.

Should I invest (or continue to do so) in Powered by Purple Ink?

Although I’m the founder of both, I wrote a check for my investment in PbPI.  That makes it real to me. Once again, I asked myself the following questions:

  • How quickly will I earn back my return on investment?
  • Will joining make work better for me, my team, and our clients?
  • Will I be able to sell this opportunity to others?

To answer these questions, let me share a story of not only a win/win for Purple Ink and Powered by Purple Ink, but for our partners and joint clients as well.

Two of Purple Ink’s partners joined Powered by Purple Ink, paying $3,500 each for their annual due. Within weeks of joining, PbPI partners referred clients to them, and they each earned $2,700. Pretty quick return on investment, right?  But the real story is that the clients were better served by this partnership!  A win for all.  THIS is what Powered by Purple Ink is all about.

How can you assess the return on investment?

While being referred for business is certainly one of the financial benefits of joining Powered by Purple Ink, there’s another significant way to earn back your investment.

Our charter members (temporarily), partners, and corporate partners have the opportunity to earn commissions on referrals for new members, partners, and corporate partners.  This is an easy way for you to earn back your investment!  All you have to do is bring new prospects to us, and once they commit, you will be paid a 10% commission. On top of that, the network only gets better when more quality people consultants join.

Who will you refer?

Return on investment is not all financial 

As you’ve heard many times before, it’s up to YOU to earn your investments, so consider what your questions and expectations are and how you will exceed them.

  • Will you refer others?
  • Will you invest your time in member circles to learn and share with others?
  • Will you participate in the monthly educational sessions to learn from others?
  • Will you utilize the resources of our corporate partners to help your clients?
  • Will you share opportunities with other partners who offer services you don’t and earn referral commissions?
  • As the tides rise, will you lift the boats of others in our network?

As you debate on investing in your business, yourself, and others, what questions do you ask, and how do you answer them for yourself?  We’d love to hear them!

 


 

Keynote Speaker, Corporate Trainer, and CliftonStrengths Expert JoDee CurtisJoDee Curtis is the Founder of Purple Ink, Powered by Purple Ink, and the ink pad, author of four books in the JoyPowered® series, and co-host of The JoyPowered® Workspace Podcast. JoDee has a passion for helping organizations and individuals discover their talents and do more or what they do well!

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