Turn $1 Into $5

1-dollar-into-5

Let’s talk about investments for a minute.

If I told you that I could turn every $1 you gave me into $5, how much of your money would you hand over?

As much as you possibly can, right?

The people that invest in themselves and their businesses almost always see significant growth and reach their goals much faster.

Just yesterday I was looking at the sales report for the month in my payment processor system and it really got me thinking that many business owners don’t understand the difference between expenses and investments.

And that’s a critical issue.

I can pay over $1000 each month to process payments.

Most business owners have no problem with this model – because they don’t pay anything upfront.

You only pay the fee when you make sales.

$1000 a month on a service may sound like a lot (and it is)…but it allows me to process tens of thousands of online orders ($s) each month.

Let’s dive into some psychology, because here is where things get interesting…

If I asked you to pay $1000/mo for the same payment processing service – but you had to pay it upfront – before the sales came in – would you? Even if you were asked to pay $1000 upfront and that you’d get any unused portion back after…

That would cause you to hesitate more, wouldn’t it?

This is the challenge that business owners have to overcome, because some of the best investments you can make in your business require that you pay upfront. And that scares people off…resulting in them not making the investment.

Even when you know that making the investment will help you to grow your business, you find any and all reasons and excuses not to go ahead with it – because you don’t want to put up the money, right?

It can be a scary thing…

This is an important distinction between successful businesses (and consultants) and those that grow at a snail’s pace. The people that invest in themselves and their businesses almost always see significant growth and reach their goals much faster.

It could be reading more books, attending seminars, taking a consulting course, or getting a coach or mentor…these are all great investments.

As I looked at my monthly sales report it dawned on me that this single shift in mindset was one of the greatest factors in building a successful business for me.

I respectfully hope that you’ll give some thought to what investments you can make in yourself and in your business this year – regardless of what they are – because investing in yourself and your business is the best type of investment you can make.

Wishing you great success!

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  • Sergei Solodilov

    In some cases I would prefer depositing some amount upfront with a service provider to make sure the service will be provided either as planned or, what is more important, when needed. By doing that I establish confidence in both parties – me as a customer and service provider – that the service will be ordered because I paid for it and delivered because it was already paid. It helps for financial, operational, and schedule planning and following implementation.

    • http://www.consulting-business.com/ Michael Zipursky

      Thanks for sharing Sergei – good point!

  • http://www.mikekim.tv/ Mike Kim

    Great post, Michael. I’ve felt this way every time I’ve considered a big investment in myself. I recently signed up for a coaching program for several thousand dollars. I know it will reap a return, and I have the funds for it but it was still nerve-racking. I’m glad I went through though.

    Also, I wanted to say thank you for your content. As a relatively new consultant, your site has been (by far) the most helpful resource for this component of my work!

    • http://www.consulting-business.com/ Michael Zipursky

      Mike – awesome! Thanks for letting me know.

  • Tafadzwa masuko

    Your advice helps a lot..you rily a great person..thanks hey we using some of ur good technique to help busineses in Africa..i recently shared one of ur advice with the deputy minister of finance in ma country and he was so grateful..cheers

    • http://www.consulting-business.com/ Michael Zipursky

      Glad it’s helpful.