The Importance of Investing In Yourself
Growing and expanding your private practice can be an exciting and overwhelming time in your journey as an entrepreneur. Knowing which direction to take your business and mapping out your strategies for growth and continued success may not come naturally to you (especially if your entrepreneur mindset could use some attention).
Oftentimes, taking your business to the next level requires investing in yourself as an entrepreneur and therapist. It also means investing in your business. Whether you take courses to learn more about running a successful small business, hire support to help you provide an outstanding client experience or seek out a coach or mentor to guide and challenge you, making the decision to invest in yourself can be daunting.
There are 3 ways you can invest in yourself and your business. However, it’s important to decide which option is best for you and your goals.
Done For You Investments
Done-for-you investments can include hiring a contractor or freelancer to help you. They can build your website or manage your social media and email marketing. With done-for-you investments, you are paying another person or company to provide a finished product or service.
This type of investment could come with a larger price tag as you will likely be hiring someone with a specific skill or level of expertise to complete a project or specific tasks. However, investing in done-for-you services could also result in increased revenue (investing in a strategic and consistent social media presence). They can also increase referrals or client retention (investing in an assistant that handles client relations).
When considering if a done-for-you investment is the right choice for you, think about the tasks or projects you are hiring for. Are they tasks you could feasibly complete if you made them a priority? Is it a project that falls outside of your areas of expertise? Would you rather spend time servicing more clients and generating revenue, or learning how to build your own website?
Your situation will be unique to your business and your goals, but it’s important to consider the potential return on investment (ROI) and of course, whether you have the funds to hire a service provider.
Done By You Investments
Done-by-you (or DIY) investments are purchases you make in your business that are solely your responsibility. These investments could include purchasing workbooks, e-books, courses or templates. In many cases, done-by-you products cost substantially less than done-for-you investments but they do require your time and effort.
You may consider investing in a digital course or e-book to learn more about social media marketing or bookkeeping so that you can learn the basics and manage these aspects of your business. For therapists just starting their practice, the done-by-you investments are a great place to start because they are cost-effective and allow you to get hands-on experience by putting your learning into practice.
When considering a done-by-you investment such as a course or template, think about your initiative and follow-through. These types of investments require not only your money but your time as well. It’s also important to consider that done-by-you investments often lack 1-on-1 support so the work only gets done when (and if) you do it.
If you are committed to completing a course or reading an e-book and make the time to implement the skills and knowledge you learn, a done-by-you investment can offer a significant return on your investment. Paying a smaller fee for a digital course that helps you develop a strong marketing strategy could bring more clients into your practice.
Done With You Investments
Done-with-you investments are a unique blend of done-for-you and done-by-you products and services. Examples of this can include a mastermind group that includes group and individual sessions with a mentor or coach. It can also include learning modules that you need to work through on your own time.
Done-with-you investments often include group or one-on-one coaching that is designed to help you reach your unique goals. Coaches are great resources if you struggle with accountability or goal setting. Coaches can also help you navigate mindset challenges, helping you own your role as an entrepreneur.
When choosing to invest in a done-with-you investment, it’s important to consider what your unique challenges are. While a coach or mentor can advise on the contents of your website or marketing strategy and provide recommendations for service providers, they don’t necessarily handle the ‘doing’ of the projects or tasks. You may find that you need to supplement your coaching by investing in a done-for-you service. Or, you could invest in a course to learn how to complete that specific project.
Making an investment in your business can help you achieve your goals and set you up for sustainable success. However, it’s important to make the right investment for you. Be sure to check out our programs (including both done-by-you and done-with-you products and services). You can also learn more about investing in your private practice with the extensive BYPP program library.
