Is It A Shiny Object Or Business Investment- How To Know If It's Right For You

In the world of entrepreneurship and business building “shiny object” is an often used buzzword.

For the first year, I was in business, I looked at a LOT of shiny objects. I never bought a single one. I didn’t invest in any trainings, courses, or workshops to better myself or my business.

Paralyzed by fear I never bought a thing, I was so scared I would end up with a shiny object.

Then I got to the point where I knew it was time to make a business investment. I didn’t know how to decide where to invest.

I finally decided on something and proceeded to make the biggest investment in my business to date. More on that in a minute.

I want to help you decide if what you’re thinking about investing in is a shiny object or a true business investment.

 

Traits of a Shiny Object

 

It looks interesting and like a lot of fun but it’s not something that currently aligns with your business goals and focus.

 

Let’s take some of the shiny objects I enjoy looking at as an example. Some of my favorite content to peruse relates to branding.

I’ve considered buying branding courses and webinars from some of the top names in the business. Why haven’t I ever pulled the trigger?

My business goals and focus are still in the business/audience building phase. While branding is important, it’s more important to be sure what I’ve built is exactly what I want before I spend a ton of money on branding.

After recently deciding I’m heading in a new direction I’m even more grateful I haven’t spent a ton of money on branding.

 

You admire the person or business providing the info, and you think this might be your chance to make a connection with them.

 

Purchasing someone’s product IS a great way to make a connection with someone.

But.

There’s always a but right?

If you’ve only purchased a product to make a connection, it’s going to show. When you don’t put in the work or have any valid questions related to the product you’ve purchased a shiny object.

The person or business you are trying to connect with is probably going to focus their time and energy on the people who are actually doing the work laid out in their product. That’s how real connections are made.

 

“Everyone is saying X is the next biggest/best thing. I need to get on board.”

 

Warning! Warning! Stay in your own lane!

Its true X might just be the next biggest/best thing to hit the business world. If it doesn’t align with your business strategy, it doesn’t matter. I want a podcast. It doesn’t align with my business strategy, so I’m not going to invest in learning more about podcasting. It’s really just that simple.

Another reason X might not be for you. It’s way outside of your comfort zone.

No matter where you go in the business world these days you’re probably hearing use video or video, is where it’s at. If you’re not comfortable with video then video is not where it’s at. So you wouldn’t want to buy a product related to improving your video skills or making better use of video in your business.

 

Traits Of A Business Investment

 

The product you are considering aligns with your business goals, focus, and strategy.

 

When I decided to pivot my business, I knew I needed some help. I had a general idea of where I wanted to go but I wasn’t exactly sure how to get there. I made a list of the goals I wanted to achieve with my pivot then I started looking around for something that would fit my needs.

As luck would have it, Regina Anaejionu was launching her flagship course to her Facebook group at a reduced rate. I spent a week looking at the course outline and thinking about whether what I was considering was going to be a shiny object or a business investment.

After talking to my Business BF and comparing the outline to my goals more than I once purchased the course. I’ve spent several hours working on the included adult content and making things happen. A sure sign that I don’t own a shiny object.

 

If adds to the skills and knowledge you are already making money from in your business.

 

Let’s take a social media manager for instance. Say this SMM ran across a product that would up her competitiveness in the world of social media managers. Not only that it was something she was already offering as a service but felt she could do better with a little more knowledge.

Signs are pretty good what she’s considering purchasing is NOT a shiny object. She will more than likely see an ROI or Return On Investment for this product if she puts in the work laid out.

 

It expands your knowledge of general business practices beyond what you currently possess.

 

You’ve made it to a plateau in your business, and you know to grow and scale you need some additional business running knowledge. Most likely you’ll realize you need help in a certain area of your business when you feel constantly overwhelmed when you think about it.

Using creatives as an example, you might realize you’re feeling overwhelmed by the administrative side of your business. Things, like creating content, managing your social media, and working with the behind the scenes technology, might feel like more work than they’re worth.

Time to invest in something to help you get your business mojo back.

 

Pro Tip

 

You may have noticed a theme running through this post. In case you didn’t, I’m going to spell it out for you as a pro tip. If you don’t want your purchase to be a shiny object, you should do two things.

  • Make sure what you’re thinking about purchasing is in alignment with your business goals, focus, and strategy.
  • Put in the WORK! Any investment has the potential to become a shiny object if you don’t actually put in the work after you’ve made the purchase.

Share With Me!

 

Tell me about your greatest business investment or your biggest shiny object obsession.

 

Kelli is the COO or Captain of Operations at Even Keel Ops. Her passion is helping overwhelmed entrepreneurs get their operations organized. When she’s not busy helping others unload their overwhelm you can find her on the beach with a book.

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