I had a dream last night. In the dream I invested in some type of postal supplies shop - you know, like the ones you see on every corner now? This guy from an office next door kept coming in to say he was there to help me. Seemed like a nice enough man. At first, he offered to lay a customized floor tile that looked like a stamp for me in front of the counter. He described how it would have my initials, my favorite colors, and it would really light up the place. I was convinced and I said, "sure, that would be nice". Then after he put it in and I realized it wasn't just one tile, it was half the floor. Cha-ching.
Next, he came in and offered to change the locks on my door. I said, "yes, that's probably a good idea". And of course, he upgraded the entire door. Cha-ching...again. After a series of these offers, I realized I'd drawn up quite a bill. That's when I finally sat down to look at the total costs of my initial investment, the add-ons, and the history of success the shop had before me. Guess what? The previous owner sold it because she hadn't made a profit.
It was a pretty dismal outlook. I had the same dream at least once more the same night. It was like I had to go through it all over again, even knowing what the end would be. Then I woke up.
I realized that this was a pretty accurate picture of some decisions I've made before as a business owner. Not researching the so-called investment first, saying yes to everything that looks short-term shiny, looking at the total profit/loss picture only after I've spent all the money...
Notice I didn't say anything about "adding value" or "profit generating" decisions? What investments are you making in yourself and in your business that will add long-term value and generate profit? Got the wake up call yet?
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About the Author: Tanya Smith of Be Promotable is a premier personal branding & marketing coach. Her creative genius has unlocked the potential of many women solopreneurs, helping them to reinvent themselves as power players in their startup business. Claim your free instant access to a free video download, 5 Secrets to Developing Your Unique Brand Proposition at: www.bepromotable.com.