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Whether it’s on the news or in conversation with non-business owner friends, we’re surrounded by the consumer mindset everywhere. While it can be very easy to follow the “I’m going to stop spending” or “I’m going to save up” mentality, when it comes to your business, you have to think and operate differently.
As business owners, we don’t have the luxury of staying stagnant if we want our businesses to keep going (and thrive!). In this episode, Nicki and Kate explain why putting on your business owner hat and making strategic investments—even when it feels uncomfortable—will set you apart from the rest.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[2:15] Nicki and Kate are talking about making the transition from the consumer mindset to the business owner mindset. Some environmental factors can pull us back into the consumer mindset and pull us out of being the focused, confident business owner that we want to be.
[3:49] Sometimes the consumer sentiment is divorced from what’s really happening in the economy, so it’s important to check in with yourself and make sure this isn’t clouding your judgment as a business owner.
[6:49] The average consumer thinks in terms of tightening up their spending and constricting, which makes sense if income abilities are capped. But as a business owner, when we increase spending in strategic areas, we have an opportunity to have a return on investment.
[10:03] If you are not making sales at the rate that you need to be and you have the opportunity to do so by making an investment, you have to make that investment. Your current path will never get you to the point where you will be able to make that investment otherwise.
[12:20] While there is an inherent risk when you invest money, sticking on the same path isn’t going to get you where you want to go. There’s also no guarantee that what you’re doing is going to continue to give you the same results.
[14:33] You can’t run your business by staying stagnant because things are always changing. Without changing your tactics, revising your methodology, and making investments, you’ll struggle to succeed in business.
[15:40] We need a firm understanding of the difference between an investment and a purchase. An investment is something where you put money into it with the intention and expectation that it’s going to get you returns back. A purchase is something that you buy once and it doesn’t earn you anything back.
[19:03] Another mistake that stems from having a consumer mindset versus a business owner mindset is thinking you need to make the money first before hiring someone. But you have to bring the new team member on in order for you to make more money.
[19:56] You need to make sure you’re spending enough money—especially on something like ads—to reach enough people and maximize the opportunity for people to make a purchase.
[22:20] It’s normal to feel nervous, but remember that making an investment is what separates you from a consumer and from an unsuccessful business owner. Feel those nerves, but think through everything very judiciously and still make the investment anyway.
[25:34] If your business is brand new, you might need to spend more than someone who’s been around for a while, simply because people don’t know as much about you and you may not have as much knowledge about how to market your offer.
[27:18] It can be hard to be in the business owner mindset, especially when we’re surrounded by the consumer mindset. Put yourself in rooms with other business owners who are thinking like business owners to help you think and operate in a way that supports your business.
Mentioned on this Episode
- Nielson ROI report
- Stop Wasting Money: How to Use Facebook Ads to Accelerate Business Growth – with Jackie Ellis
Related Links
- Price Is Rarely the Real Reason People Won’t Buy
- How I 40x-ed My Business in a Little Over 2 Years—Nicki’s Story
- When to Hire for Your Team & Who You Need to Hire First
Must-Hear Takeaways
As with every episode, we highly encourage you to listen to the entire conversation! But, here are a few of the highlights:
“When we increase spending in strategic, smart areas, we have the opportunity to make that back and then some. There is something to be said about the ‘you have to spend money to make money’—that’s a phrase for a reason because there’s an opportunity to have a return on investment and that’s the word that really we need to be using as business owners, is investment.” – Kate
“If your business is brand new or relatively new, you might need to spend more than someone who’s been around for a while just by virtue that people don’t know you. They don’t know who you are. They don’t know about your program. They haven’t heard about it before. And so there might be more of an initial upfront investment where again, same thing, the returns might be there, but you might start to see that returns increase as you’ve been established for a while.” – Kate
“It’s really kind of being on the offense versus the defense or being proactive versus reactive. We don’t want to react to things and just play defense and always be like, just trying to stay afloat. We want to do what we can to be swimming in those waters and not sinking and just trying not to drown. And so thinking about how you can really take advantage of the opportunities and play some offense.” – Kate
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About the Energize Your Online Business Podcast
Are you sick of the stress, chaos, and risk of trying to keep up with the next big thing in digital marketing? And what about the confusion of trying to scale, build a team, and still try to make sure your business is worth the effort it takes to run it? You are not alone.
Join Nicki Krawczyk, a 20-year marketing veteran and owner of a multi-seven-figure-per-year digital training company and her co-host Kate Sitarz as they bust through the online business industry echo chamber to talk about how to make consistent, predictable sales and how to scale your business with simple and stress-free systems.
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