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Want to Grow Your Business? Check Your Impostor Syndrome First

Financial anxieties hold us back in many ways. Oversaving can prevent us from living our lives fully and meeting our needs. Similarly, impostor syndrome often holds us back from investing in our businesses and developing our experience as business owners.

“What if I’m not _____ enough?”

Out of all the questions impostor syndrome brings out of the shadows, this one is probably at the root of all of them. You might find yourself stalling on getting further education because you don’t feel ready. Perhaps you’re refusing to take the leap and hire an employee or purchase some equipment because you feel like you “can get along well enough without it.”

While this may be true, when we don’t take these steps because we’re internally blocking our own growth, this can have longterm effects on our wellbeing and satisfaction in life. In some cases, doing any of these can make a huge difference to you and your business. Are there places in your business where you’ve been wanting to grow but are holding yourself back mainly because of fear? Are you afraid of success or growth? Take some time to sit with these questions and separate what you truly want but are keeping out of your life based on fear from what actually doesn’t sound fulfilling to you.

Look at Your Numbers

Sometimes having unclear finances can fan the flames of your impostor syndrome. That means the first step is to get clear on where you stand financially, in your business and your personal life. I have a lot of resources for getting started on this process on my blog, but you might like to start with my e-Book, 9 Secrets to Financial Self Care.

Once you’ve got the big picture cleared up, refer to this post from last week, “How Much Should You Invest in Your Business?” which can help you think through how much money is reasonable to spend here. Rather than relying on your feelings about money and your business, let the numbers do the talking. Seeing how much money you actually have available to spend is much more reliable for decision making than listening to your impostor syndrome.

Prioritize Your Why

Above all else, when faced with a decision around your business, refer back to your money why and your core values. Ask yourself, “Will making this choice bring in more of what I want?” If it’s a yes, even though it might bring up anxieties, you know the way to move forward.

Happy investing! If you’d like to work through this process with an expert guide, check out my services and set up a Financial Self Care Consultation! I’d love to see if we can work together to help you bust through emotional and financial blocks.

Angela

How Much Should You Invest in Your Business?

When you’re feeling ready to invest in yourself or your business, the next decision to make is, “How much do I spend?” This is different for everyone, but the key is to think about how the investment will pay off. How soon can you expect a return on purchasing equipment, or more education?

Below, I have mapped out some questions for you to think through when getting ready to make an investment in a couple different categories. Having clear answers to these questions can help you make a decision on what amount will be a sound investment for your future and the future of your business.

Buying equipment or supplies – With this one, ask yourself, how much extra are you going to make or save by buying that piece of equipment? Or, are there other ways this equipment or supplies will reduce costs or increase profits? Really sit down and do the math – quantify what your situation is now without the thing you want to purchase, and estimate what things would be like once you’ve made the investment.

Hiring an employee – Whether you’re considering hiring a VA or another type of employee, figure out how much of your time a task you’re going to turn over to them is absorbing for you. Try calculating your hourly wage, and considering what other things you could be doing with that time that may bring your business more profit. Weigh this against what it will cost to hire them, get them trained, get them on payroll and provide them their legal benefits. Plus include the cost of bonuses or whatever else you might want to factor in so you can be a kind and generous employer.

Coaching or further education – This may be the least cut-and-dry category when it comes to calculating possible payoff. However, as someone who has personally benefitted tremendously from investing in business coaching and further education from people like Karen McCall and Kadijdja Yansane, I highly recommend making this type of investment after careful consideration. Vet the training or coaching out. What kind of results have people who’ve gone through the program achieved? Also, check in with yourself about what your goals are for this new education or coaching engagement. Working through mindset blocks or knowledge gaps can be huge for your business. This can enable you to grow quickly and make the moves you want to make. However, make sure you have some clear goals you can name, and that you aren’t attracted to these programs purely because of impostor syndrome.

I hope these questions help you think through your potential investment. If you would like some assistance, I’m happy to join you for a free Financial Self Care Consultation, where we can discuss what you’re seeking and find out if working together might be a good fit.

Angela

Image: Iris Wang