Hands up if you’ve ever made an investment that didn’t work out as planned in your business?
Everyone’s hands up?
Most likely.
Whether it was a coach, a contractor, a tool, a mastermind or a program, successful business owners are constantly making investments in their continued growth.
And when an investment doesn’t go as planned, two things can happen:
1. You shrug it off, make the money back and use the experience in order to ask better questions and/or make more informed decisions next time. In the words of our dearest Aaliyah, you dust yourself off and try again. Because you know there is, in fact, going to be a next time.
OR
2. You do your best to try and shrug it off and possibly even tell yourself you have. It’s not until the opportunity comes to try again and you find yourself paralyzed with fear. This fear causes you to doubt yourself, your ability to make a decision and/or the opportunity in front of you.
This is for those who have fallen into the second scenario.
Because these are the people I worry about in the long term.
The Risk is Real. So is the Reason.
You see, all of business involves a level of risk.
Most are so insignificant that you don’t pay attention to them.
Others have you almost ready to throw up as you hit the pay button.
The rest fall somewhere in between the two.
I like to think of investing in businesses like baseball.
Each time a player steps up to the bat, they’re making a choice, based on the level of risk in the moment. Sometimes it pays off BIG (yay grand slam!) and other times they strike out (better luck next time!).
However, if you pay attention to a pro baseball player, you’ll see something else they’re doing as well.
And it’s very strategic.
It starts with what they do to put themselves in the best possible mind space, before even taking a swing (music, kiss to the sky, etc.) and then moves onto tuning out the crowd so that they are able to pay attention to the signs from the coach. Finally, they make an informed decision, based on what’s happening around them in the moment.
This should be no different in business.
1. Get your mind right
2. Silence the noise
3. Make the best decision you can, with what’s in front of you
4. Let the rest happen as it will
5. Show up tomorrow to do it again
However, when you fall into the second category, it doesn’t look like this.
It’s much more messy and costly.
The Unspoken Impact of a Failed Investment
It starts off innocently enough.
You’re following someone online and seeing the content they are putting out. Something about it speaks to you. In fact, it’s EXACTLY what you think you need.
You haven’t learned How to Fail-Proof Any Large Investment in Your Business yet, but you decide to invest in what they are offering. *hits ball*
It doesn’t take long before you start to have a weird feeling about this investment. You may not be able to put your finger on it right away but something is definitely off.
Depending on the investment, you either cancel or finish out your contract and call it a day. I mean, what else can you do, right? You’re the one who signed the contract/agreed to the terms of purchase.
You think the end of the investment closes this chapter for you.
Except you also find the following happening:
• When you see their content on social or in your inbox, you get a pit in your stomach and question everything they’re saying with “that’s not what happened with meeee!” (Pro tip: unfollow.)
• Whenever you see someone else offering a similar service/program/tool, you read every single sales page and email about it, but can’t get yourself to pull the trigger, even though this is still an area you need and want help with.
• You put this area on the “later” list in your business, and invest your time and money in other things instead, convinced that it counts because you’re “still investing.”
• When you think of this area of your business, you default to things like “Last time I tried, ___________ happened. I can’t go through that again” or “I would loveeeee to do it, but what if it doesn’t work?”
What’s really happening here is something bigger.
These are signs that the chapter isn’t closed at all. Fear simply took its spot in the driver’s seat and is now making decisions for you.
All leading to a ripple effect that stalls your business and it’s growth
You don’t hire the people you need.
You don’t join the programs that will support your learning.
You don’t work with those that will help you to reach the next level.
The longer it takes you to work through this, the longer you keep the brakes on your business.
Rewriting Your Failed Investment Story
Just like the baseball player, you have to start with getting your mind right or you’ll never take the opportunity to fully step up again.
How do we do this?
Rewrite the story.
We can do this through a series of questions.
Grab your notebook and let’s get to it!
• THE STORY: How were you wronged by this investment?
• THE BELIEF: Based on The Story, what did you have to believe for the above story to be true?
• THE PERSON: What did you have to believe about the other person who sold you that offer/service for The Belief above to be true?
• THEIR STORY: Put yourself in the place of the other person. How do you believe they would see this situation? What would they say?
• THE NARRATION: If you were a narrator (let’s say Morgan Freeman because… clearly he’s the narrator of all life) sharing with an audience what is happening in this situation, what would you say? How would you describe what the audience sees from each side?
• THE REALITY: How does it feel seeing the story from both sides in the narration? What have you actually learned or how have you benefited from this situation?
Important note: I have not mentioned spouses in this blog, which can also impact future investments as they are bringing their fears to the table as well. If you are in that situation, I highly suggest sharing this exercise with them, once completed, and having an open conversation around the work you’re doing in this area for yourself, and why it matters to you. If they are not a business owner, all they know right now is that money was lost, so, of course they are nervous. Open conversations will help you both grow from it.
Moving Forward with Confidence
If I wrote a blog just about the investment gone wrong stories I’ve heard from women I’ve worked with and/or experienced myself, I can guarantee heads would spin.
I say that to simply prove a point that it happens to all of us.
Because, again, just like that baseball player, we are making decisions based on the information in front of us at that moment.
And there is nothing wrong with that.
This means there is nothing to beat yourself up about or feel guilty about.
However, it’s how you move forward from that point that matters.
And I hope this helps you to do so in a way that serves your vision.