Investing in your business is a key part of being a business owner. And, as an independent consultant or freelancer, it’s important to figure out how you can also invest in yourself.
Because by investing in yourself, you’re investing in your business.
In the blog, we break down three main ways you can invest in yourself and in your business:
- Investing in Software and Systems
- Investing in Your Skills and Expertise
- Investing in Your Community and Support
In each of these topics, we share not only why it’s important to invest in these areas but how you can begin investing wisely.
Software and Systems
When you think about it, software is a huge umbrella term.
There are many types of software and, specifically for consultants, a variety of different systems you can invest in to help your business. Whether that’s in accounting, a customer relationship management system, emails, social media, calendars, project management…the list goes on and on.
Just as larger corporations are investing in software for their employees, you should consider investing in software to help scale your business.
It’s really easy to get overwhelmed in this area because there are so many systems out there, and a lot of people want to sell you theirs. We’d like to make this topic more tangible by sharing our tips for investing in the right type of software.
1. Figure out where your biggest pain point is and step into it.
Is your biggest pain point taking five emails to schedule anything with anybody? If that’s your biggest problem, figure out a calendar solution.
If you are involved in 2 or 3 projects and you can’t keep them all straight, figure out a project management or task management solution.
If you’ve been doing your expenses on Excel, which is perfectly fine, but all of a sudden you need to track them better, find an accounting solution.
Figure out where your biggest problem is, and ask other consultants what they use. Typically they will have found which software solutions work best.
2. Come at it with a learner’s mindset.
Some software takes time to learn. So when you start using a new solution, we recommend you give yourself the freedom to play around with it. Put time on your calendar to learn it. Know that the system is ultimately going to make you better, but you won’t know how to use it right away.
Sometimes consultants cobble together solutions just to make something work in a moment, and then it sticks. Out of habit, Katie was running her task list between a Google Doc and her brain. So at the start of 2021, she found a low-cost project management solution that she’s overjoyed with.
Don’t continue with a self-made system you’ve set up just because you feel like you don’t have the time. Make the time, and it will be worth it!
Skills and Expertise
In this section on investing in your skills and expertise we cover:
- Common Misconceptions About Investing in Yourself
- How Consultants Can Invest in Three Main Areas of their Skills and Expertise
- Why Consultants Should Invest in their Skills and Expertise
Common Misconceptions Consultants Have About Investing in Their Skills
At LEAP, we’ve noticed that some fellow consultants or small business owners are hesitant to invest in their skills, business skills, expertise, and professional development.
Here are some common misconceptions consultants have about investing in their skills and expertise:
“It’s Selfish.”
You may think, “Why would I put that money in myself when I can spend it on something else?” This notion is short-sighted.
You are the primary asset of your company and you’re the person providing services to others. Investing in yourself is investing in your business.
“It hasn’t been my responsibility in the past.”
Sometimes, if a consultant has come out of a large company, professional development has always been provided by the company. This means it hasn’t been a personal responsibility until now.
There may be a sticker shock when you see prices of workshops and conferences. It’s important to get acclimated to the idea that it’s not selfish to spend the money on yourself. As a consultant, you have to invest in yourself to keep up with skills.
“I’m already an expert.”
We think this is the excuse that’s most damaging in the long run. You may think, “I already know how to do this” or “Why would I spend time and energy learning something new or figuring out how to do something better?”
This is a real trap. According to the research we’ve done, clients are looking for cutting edge skills in consultants. And unfortunately, skills can become obsolete quickly.
Investing in yourself and keeping your skills sharp is even more imperative when you’re on your own.
How Can Consultants Invest In Their Skills and Expertise?
All of this being said, how can consultants invest in themselves? In what ways can they do that in?
Here’s a broad overview:
Investing in Expertise
If you’re looking to invest in your expertise, research what workshops or conferences are out there that can help you stay informed and stay ahead of the game in your industry. You could also look at what events your professional associations might be hosting.
As an example, before Katie began running influencer marketing for clients, she invested in a multi-week program on influencer marketing from an industry expert.
It might take some research for you to find the right learning opportunities. One question you can ask yourself is — what part of my expertise could be further developed to best serve my clients? If there’s a clear answer, seek a learning opportunity in that area.
Investing in Business Acumen
Another area consultants can invest in would be in their business acumen.
Things like listening to our Consulting Conversations would be a great example of better understanding how your business functions. Maybe it’s about better understanding cash flow or profit or getting better at marketing, sales, or accounting.
You might hire a coach to help you better understand business acumen or you might listen to trusted videos.
Just pause and consider “Where is my business? What are the places that I need to plan for? Where do I want to take my business and how is it that I can get there?” As you think about these questions, try to decide if there is somebody you could invest in, like a coach or a community like the Prosper Consulting Community, to support you.
Professional Skills
Consulting is a relationship-based business. The better you’re able to clearly communicate, quickly build trust, and manage conflict, the better your business is going to be.
Find workshops, books, or coaches who can help you with those professional or interpersonal skills, which will help your business in the long run.
Why Should Consultants Invest In Skills And Expertise?
Ultimately, investing in yourself in these ways will help you get a higher return. As your expertise deepens and you learn additional skills, you can raise your rates or do more work. Additionally, the more value you add to your clients, the more likely you are to get referrals.
In addition, as you develop better business acumen, you’ll find better ways to run your business. The better your business runs, the more successful you will be.
Investing In Your Support And Community
How can you invest in your support system and the community that surrounds you? It may sound like kind of a funny thing to invest in, but because consulting is relationship-based, it’s extremely important to consider.
We use the term independent consultants, but you can’t go it alone. Here are some things to consider:
- Where do I go for coaching and mentoring?
- Who do I look to, to get better?
- Who are the peers I interact with on a regular basis?
- Who does the same kind of work that I do?
- Who’s helping me with my business?
- Who can help in my back-office support?
- Who can collaborate with me?
How Can You Invest In Your Community?
At a high level, understand that you’ll be investing both time and money.
At LEAP, we encourage building real relationships with people in your network and giving back to those in your network. That doesn’t happen without spending time with somebody. So in this category, approach investing with a mindset of “I am here to create some sort of longer, working relationship with these people.”
There are different categories you might be searching to add to your community.
For Coaches, Mentors and Peers:
- LEAP can step in and be of help with our new Prosper Community.
For Your Back-Office Support:
For Collaborators:
- You might seek people out on LinkedIn, ask for references from your network, or become a part of a professional association.
Your skills, abilities, and success in life are dependent on the people you surround yourself with on a regular basis. You can choose to be intentional about getting the right people around you – people who lift you up, people who encourage you to be better, people who pour into you.
Why not surround yourself with people who can help you get to where you want to go?
The LEAP Prosper Consulting Community
Looking to invest in your business acumen and your community?
The Prosper Community is an online community of independent consultants and freelancers designed to support you and your consulting business.
Every month in the Prosper Community, you’ll have access to:
Two Mindset Mondays
- Join other peers live to get focused on your most important goals and to hold each other accountable for achieving them.
One Step Up Session
- Amp up your business and consulting skills by learning something new about running a consulting business via a live video call.
Flash Coaching
- 24/7 Access to a private online communication/collaboration space where you can expand your network, ask for advice, and share your wisdom and ideas with others.
Digital Resource Library
- The Proser Consulting Community’s Digital Resource Library expands monthly with new mindset tips, recordings of past Step Up Sessions, and other tools and templates that Kris and Katie use in their businesses.
