How do you choose what to spend your money on?

As entrepreneurs, decisions are everywhere.  What email marketing program should I use? Should I use LeadPages or Click Funnel?  Which webinar platform is the best for me?  What shopping cart and merchant account do I need?

Do I need coaching?  What kind of coach?  Marketing, business, sales, personal…?

Then there’s this certification and that certification and courses to take.

The decisions we make every day in our businesses have a direct impact on our bottom line, so how do we choose what to spend money on?

I recently came across an opportunity where I could get certified in online marketing. The decision was a tough one. At first, I was excited about it, but then after talking with my coach, I realized I would be paying a significant amount of money for the certification title. Essentially, I already knew (and have years of experience) in online marketing. I decided not to do that certification.

There are certifications that I have participated in, like Infusionsoft Certified Partner and other programs related to Infusionsoft.  Even though I had been working in Infusionsoft for eight plus years at the time I certified, I felt that certification was well worth the price tag.  Not only do I get an inside track to all things Infusionsoft, it gives me the opportunity to sell Infusionsoft and earn commissions. That certification and title associated with it is worth it.

I also recently invested in Digital Marketer’s The Machine.  It was a significant investment, but not only will it benefit my business, it will benefit my clients’ businesses.  It was a no-brainer.

When deciding what to spend money on — and to what I say ‘pass’ — I reference five questions my business coach, Carrie Greene, poses.  They are:

1. What’s really involved in doing this? – Think beyond just the money, but also the time commitment, resources, etc.
2. What will I gain by completing this? – Look past the obvious toward the domino effect.
3. If I do this, what won’t I do? – More than likely, I’ll have to give up something either temporarily or permanently.
4. What is really expected of me? – Not what I expect of myself, but what others involved anticipate.
5. Are there other things I can do that would be a better use of my time? – The above questions guide me in finding the answer.

There’s nothing worse than looking back on a decision you made and not only realizing it wasn’t the right one for you, but also that there were ‘red flags’ you missed.

You do need to invest in yourself and in your business, but do yourself a favor ask yourself these questions before deciding on what programs, what certifications, or what training to do.