Scared to invest in your new product idea? Here are 5 reasons to follow your instinct.

In an article on Entreprenuer.com this week about the importance of reinvesting in business and Warren Buffett, who realized the power of reinvesting very early in his career. It sparked a realization of a common theme from many of our coaching clients who tell me they aren’t sure they have the resources to invest in a new product, new website, or another workshop.

Instead of thinking of these investments as burdens and draining your bank account, think about them as investments that grow. Sort of like investing in the stock market - you expect your investment to give higher returns and therefore, more financial security.
Don’t limit yourself due to fear and trying to justify something rationally. If you feel like an investment is a good fit, you need to go for it. If you are feeling stagnant and like you need to make some changes and learn something, just do it. Your intuition is probably right.
Below are 5 reasons the investment of time, money, or resources can help you grow your business:
1. It increases growth.
When you attract new and ideal customers, add a location, increase your product offerings, or develop new vendor resources, you increase profit and sources of revenue. It’s important to be diverse in your product offering because the hot item in your shop may not be that way forever.
2. It keeps you relevant.
When you choose not to invest with time, money, learning or resources – everyone else is moving forward – you choose to stay where you are and you feel like you're staying in the same place. But really, you are falling behind because you aren't progressing. Think about Kodak - they chose not to change with the times and not to invest in the way the industry was changing around them. Learning and reinvestment keeps you relevant and it funds growth. It allows you to expand.
3. It decreases your tax burden. 
If you want to get really technical about it, spending on your business is actually a tax right-off. It sounds crazy, but you can lessen your tax burden because your profits are lower and therefore your taxes are lower. And if you invest in the right places, your revenue increases the following year. You will see long-term profits, which you can then pay yourself back, full-fold, from your business.
4. It gives you more time.
Time is the only thing we can’t get more of. If you find yourself over extended, it’s time to invest in something that will give you more time. Maybe that is more efficient processes, an assistant, or outsourcing your bookkeeping. It is a scary thing, but it will actually bring you more profit because you are spending your time on the things that only you can do and things that will bring in more revenue. We make poor decisions when we are over-extended and stressed. It’s a downward spiral. Reinvest to get some of your time back so you can focus on the important things.
5. It can develop community.
Your odds of success are 7 times greater with peer support. We all have different experiences and when we share those with each other, we grow in knowledge and in spirit. Seek out places of community where you can learn from others and share your experiences too. The result is more value in your bottom line.
This is a simple way of thinking of your revenue in terms of where to put your money: 
20% reinvest in your business
30% save for taxes
10% spend on education
40% is your salary
You may not fall perfectly into these percentage categories, but try to work in this direction. It’s very hard to see early revenue come in and then reinvest back in your business. Trust me, it’s a tried-and-true business school lesson - you must reinvest in your business and in your knowledge.
Not sure where to invest your knowledge and time? There are a myriad of choices out there. Be mindful and cognizant of the track record of workshops where you choose to spend your time and hard-earned dollars. Do some digging and don't reply on pretty pictures on Instagram. Here are some of our favorite courses, workshops and conferences:
I’ll leave you with a few words of encouragement from our past attendees, how they found value in reinvesting in their business, and how they overcame that "fear of spending" when they realized the knowledge and revenue they gained from that investment.
When you don’t invest in your knowledge or your business, that barrier of “not having enough money” is, in fact, disguising itself as fear.
What are you scared of? If you’re scared of failure, you’re likely on the path to failing if you aren't taking a hard look at where your revenue and time are being spent.
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