Do you pride yourself on being the frugal type? Do you scrimp and save with near-masochistic glee?
Good for you! Being responsible with your expenditure is one of the biggest steps you can take to leaving work behind. Making bearable sacrifices can be the difference between quitting your job next month, or in six months.
But there is a dark side to frugality too – one that I have been guilty of courting in the past. And perhaps counterintuitively, it can make your goals far harder to reach.
Building a DIY Business
The problem is that you want to do it all yourself.
You’re totally at ease with the idea of being self-taught. You ignore premium resources on the basis that there is so much free information already available on the internet. And when it comes to making a purchasing decision on a product that can aid your business, you are extremely reticent to part ways with your hard-earned cash.
After all, aren’t we living in the age of the $100 startup? Isn’t bootstrapping the business model of the future? It’s certainly my model of choice, but bootstrapping is about self-sustainability – not the avoidance of well-considered investment.
Having More “Ooooh!” Moments
An “Ooooh!” moment is quite simply when you make a discovery that improves a process, strategy, or habit you have. Like when someone suggests you hit Control + C / V to copy and paste, rather than go through all that pesky clicking. Or when you’re told that you need to be a selfish blogger (thank you again Farnoosh!). Or even when a simple article changes your outlook on life.
We’ve all had “Ooooh!” moments. They are wonderful experiences – however big or small they may be. They can be big though – huge even.
I strongly believe that one of the keys to improving your life (both professionally and personally) is having more “Ooooh!” moments. The more jumps forward you are taking via these magical moments, the quicker you will advance.
Are you having enough “Ooooh!” moments? (tweet this)
And that is why the more frugal amongst us should learn to relax our pursestrings when it comes to investing in a quality service or product that can boost our business. Because seeking out the qualified advice of people more experienced than you will always lead to more “Ooooh!” moments.
Frugality, with Added-Value Exceptions
I am absolutely not saying that you should start buying every single course and product you lay your eyes on. But I am saying that you should not be afraid to make wise investments in your business’ future.
I’ll give you an example. In the run up to this blog’s relaunch, I had to make a decision regarding my logo. The DIY solution that had served me for the past 11 months looked pretty amateurish – it didn’t offer the kind of impression I wanted to make. So I made the decision to invest a relatively considerable sum in a logo.
The end result was above and beyond what I was hoping for – I couldn’t be happier with it. It was a big “Ooooh!” moment for me, and one that I could not have created on my own. Furthermore, people have got in touch with me specifically to say how much they like the logo. I am confident that the amount invested will be returned to me multiple times over the course of the logo’s life. It cost money, but it added value.
Don’t be Afraid to Invest!
The initial idea for this post came about as a result of two particular courses that I read through over the last 4-6 weeks. They have taught me more in that time than I have perhaps learnt in the previous 4-6 months. I am confident that their value will far outweigh their cost in the long run.
I am reticent to mention them directly (for fear of being accused that this entire post is some elaborate ruse to get people to spend money via affiliate links), but please feel free to email me for more information, or check out my Resources page.
So please – spend your money wisely. And by that, I mean save money when it is right to do so, but also spend it when the investment can advance your business. Give yourself more “Ooooh!” moments, and see how much faster your business develops as a result.
Now tell us – what was your last “Ooooh!” moment?
Creative Commons photo courtesy of linh.ngan
Great post, we’ll definitely be sharing this one. More people need more Ooooh moments!
Ours came last summer when we were introduced to a great company with a proven business model that is enabling us to work smarter, not harder. And the best part? Our investment was only 29 bucks!
Ah yes – I’ve been reading about that 🙂 (I’m getting there…eventually ;)) thank you for sharing!
Can’t remember, its been so long!
Must be done one any day now then.
Maybe you should go out looking for them…
You’re right but it’s a long road – there’s investing for yourself and in yourself! My investments in myself still have me on the path that’s full of “F-F-S…” moments ~ perhaps if I consider a slight move onto the more tangible investment side of the business start-up street, I just might get onto the oooh” moments then? Hurrah, a new plan!
Happy post, thank you 🙂
Not a problem Kat! 🙂
Well, mine would definitely have to be the recent changes that I made on my blog, and the huge difference in traffic and reader engagement that I experienced after that. That was priceless. 🙂
Fantastic Abdul – congratulations!
Ouch, Tom…
So…this post was probably meant in a more positive tone than I took it…but it’s really speaking to me right now. I’m currently reading the $100 Startup (Interesting book, BTW) and have found an idea that I LOVE and would love to champion. The only problem is:
1. It’s someone else’s (That would probably love for me to help with) and
2. I can’t reasonably see a way to make money out of it…but I know it’s a game-changing idea…
Shit…I probably should have just emailed you about this. I may still…but thought it might be an interesting comment. I know I was a bit vague…thoughts?
Game-changing but not monetizeable? That is an interesting combination! I guess I would say that you need to have a huge passion for it if it’s not going to make you any money. That would be the first obvious question – is it worth your time?
Hi,
Great post. Mine last one was when I launched my blog – about 2 weeks ago! Its been a very hectic few weeks – but i am getting quite excited about it.
The one before that was an internet advertising investment that I got involved in about a month before – so exciting this was one of my first posts!
Regards,
John
Being excited is a great feeling, isn’t it? I’d always rather be overwhelmed with possibilities then scratching around for anything of worth.
Yup, you’re exactly right here! Using your example of getting a logo made for you: You didn’t spend all that money when you were first starting off – you spent it after you have seen success and can pay for that with your business profits. That’s the important thing to remember. The best example here is business cards. Some entrepreneurs when they are first starting their business spend so much time and money on designing and printing the BEST business cards EVER. However, they eventually a few weeks later give up on their business. My new rule: never buy business cards until I can pay for them with my profits from THAT business!
Great post!
Thomas
Excellent example Thomas, and one that most of us are probably guilty of! Forget the fancy stuff – focus on the practical. I still don’t have business cards – probably should get around to that now 😉
Great Post, Tom.
I’ve noticed that the small investments in terms of cost, have been more productive to my business and where I’ve had the “Ooooh” moments. In my case, I’ve learned some hard lessons that some things are not necessary in order to get your business up and running,
I agree with you Joe. I’ve made some relatively large investments this year that have borne no fruit. Meanwhile, some less considerable (but more considered) investments have been far more beneficial.
Yes, I definitely want to have more “Ooooh! Moments”. My mother taught me how to spend money wisely but she left out the part about spending money to invest in yourself. After having to pay for college (on my own) is where I begun to understand this importance. Your post was a great reminder. Thank you!
No problem Chelle! 🙂
I know what you mean. I just recently signed up for Andrew Warner’s Mixergy Premium and it was one of the best decisions I have made. It is only $25 a month, but for some reason I had a hard time making the decision.
It is strange how we can be so liberal with our cash in certain ways, and so tight in others. Like you’ll pay for a $100 meal in a restaurant without flinching, but won’t buy a $100 product that can benefit your business.
Hi Tom,
I stumbled across the link to your blog while visiting another site and I’m glad I did. I’ve read a few of your blogs already and they are great. I’m a web content writer and blogger and had my Ah-ha moment today. I’m actually about to write a blog on my site about how I found my niche and the importance of having one when starting your own business. I started my business saying I could do all forms of copywriting but I should have figured out what my USP was. I recently had a birthday and spent it alone in reflection of where my life was heading: both personal and professional. I realised my passion is blogging about health and wellness. I’m a vegetarian and studying herbalism so all aspects of alternative medicine and a ‘green’ lifestyle fascinate me. Today is when I thought, Janai, why not make THAT your niche? Why not cater your blogging and web content skills to health and wellness companies? Duh! Without passion for the topic you write about, your work isn’t as compelling. Okay, I’m done talking now. I should save some of this for my blog 😉
Hey Janai,
Nice stream of consciousness 😉
Seriously though, it sounds like you’re on the right path. Best of luck!
Cheers,
Tom
This was such a timely read for me. I’ve been sitting right on the edge of starting a business for the last four months, but I haven’t been able to convince myself to actually get serious and spend money on a couple of tools I really need. (It’s amazing how much harder I find paying a monthly fee than paying for something outright.) Thanks for the useful article.
No problem at all – best of luck with your business! 🙂
Last week when I attend shoot for a TV Show called “Mario Teguh Golden Ways”. Many Oooh moments I get from him. He is the one who motivated me to leave my work and do freelance career right now.
Awesome Tito – sounds like you had a great time!
I have ooh moments all the time!! From seeing a beautiful sunset and being grateful for being able to see and not be blind, to really pushing myself at the gym and feeling the difference, to thinking of new business ideas –
LOL but if you have too MANY ideas its then hard to prioritise which to do first and make sure not to spread myself too thinly as otherwise none of them will come to fruition!!
Still, its all part of the learning process eh?! 🙂 Great post! 🙂
Having too many ideas is a happy problem though, isn’t it?
I find the best solution is to write all of them down (i.e. get them out of your head), then assess each one and prioritize them accordingly.
LOL, yes too many ideas is a GREAT problem – you still need to prioritise though – and yes, writing them ALL down and then prioritising helps enormously!! 🙂 See, you GET IT. So glad to hear that. 🙂
Hi Tom – shows the value of good content – still creating an Oooh! 10 months on. Still very new at the process and your insight is valuable – It cost money, but it added value – is a great adage. I suppose it’s knowing what to start on first? I can see that I could invest money and I am willing to do that, but wanting to know the best area – site/knowledge/design? Excellent links on resources – thanks. Not worried about the affilate bit, because you are upfront about it, if I had one course I could take, what would it be? BTW – brought the e-book on guest posting, excellent.
Hey Peter,
I think you’re wise to hold back before spending. The purpose of the post is not to say “spend spend spend” but more “spend when it will help your direction.” If you’re not sure of your direction yet then now may not yet be the time to spend.
Having said that, I am a huge exponent of picking a direction and pouring your energy into it until you either experience success or exhaust its potential. That’s how I got to where I am so far.
But since you asked me…it looks like you’re interested in blogging. For that I would unreservedly recommend Start a Blog that Matters (linked to from my resources page). That’s one of the two products alluded to in the post.
Cheers,
Tom