Guilt Free Spending: Invest in Your Business without Frustration | Ep. 23

Spending money can be very nerve-racking! Hello, Anxiety! Trust us when we say, every single entrepreneur goes through it. In this bonus episode of Coffee Social, Signature Style & Storytelling Coach Jonathan Howard & Social Audio Marketing Strategist Mimi Langley discuss when is a good time to invest and spend those hard earned dollars. 

Jonathan's savvy method for deciding when to outsource tasks will have you calculating potential profits in no time, while Mimi's practical tips on reassessing your expenses will help you allocate funds more effectively for business growth. Plus, they discuss why attending industry-specific conferences, like Podcast Movement 2024, could be a game-changer for your venture despite the costs involved.

Grab a cup and enjoy!

PS: This episode was recorded live at the 2024 Podcast Movement in Washington, DC! 

PPS: October 10th is when Season 2 drops & that’s when the “Jonathan will shave his head” listener challenge goes into full effect! 

EPISODE HIGHLIGHTS
: Insights from a Seasoned Entrepreneur’s Process of When to Spend
: Why pay for experiences?
: Brain dumping is Mimi’s favorite!
: Don’t worry! You’ll make the money again!

DID YOU LOVE THIS EPISODE A LATTE? 😂
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Keywords
Money blocks, spending money, business budget example, financial decisions, financial choices, spending money to make money, cheap business, low cost business, smart spending habits, outsourcing definition, business tools

Transcript

Spending Money in Business

Speaker 1 0:00

Today we're going to talk about spending money. Okay, and when should we spend money in business? I think it's nice to have an open, candid conversation about that, because money scares people.

Speaker 2 0:10

Money does scare people and spending money scares people. It's Coffee Social, the podcast, all about social media and business. And now here are your hosts, Jonathan Howard and Mimi Langley.

Speaker 1 0:26

Hi everyone, hi Jonathan Howard and Mimi Langley. Hi everyone, hi Jonathan Howard.

Speaker 2 0:29

Hello Mimi Langley.

Speaker 1 0:31

Should we tell people where we are?

Speaker 2 0:33

I'm in a hotel lobby.

Speaker 1 0:35

You guys. We are live at Podcast Movement 2024, and we are in a hallway.

Speaker 2 0:42

In a hallway. It's sort of a hotel lobby or or convention center lobby, whatever we are.

Speaker 1 0:46

Yeah, do you love the angle?

Speaker 2 0:47

Loving the angle. It is fantastic angle, except hang on one second. Let me just go. I'm better now.

Speaker 1 0:53

Okay, well, later we have to get an angle on Jonathan's converse, because they are sparkly.

Speaker 2 0:59

Yes, I'll do that for you guys later at the end of the episode.

Speaker 1 1:03

I'll do that for you guys later at the end of the episode. Okay, so, oh my, you know what we forgot? We forgot our coffee.

Speaker 2 1:08

Oh my gosh, what are we going to do? I don't know. I'm going to go try to find somebody to get us coffee.

Speaker 1 1:12

Okay, we'll hurry back. I don't know if he's coming back, but we'll see. You guys, where is Jonathan? Where is my co-host? He's coming. You don't have any. I don't have any. They stopped making it, okay. Well, you guys, I'm so sorry, but we can imagine. Yeah, cheers, cheers. All right, so this is a bonus episode. We're in between seasons right now. If you didn't know, now you know, season two drops October 10th. Jonathan, you have a surprise for people.

Speaker 2 1:42

Yes, I do have a surprise for people. Yes, I do have a surprise for people. If on October 10th keep this for October 10th we run up the charts to number one on Apple Podcasts on 1010, if we run up to number one, I will shave my head and he's not kidding. I'm not kidding, but we need to run up to number one. The way we do that is get subscriptions from all of you guys to our Apple podcast on that day. So don't do it before, do it on 1010.

Speaker 1 2:10

And if you've already subscribed or followed us, please like, grab your mom's phone, your brother's phone, your boyfriend's girlfriend's phone and subscribe on their phones, okay.

Speaker 2 2:20

That way I can shave my head.

Speaker 1 2:21

I really want to see him shave his head.

Speaker 2 2:23

Right, but I'm going to get my hairdresser to do it Does not count. Yeah, but I'm still shaving my head. She's going to do it for me. Oh my gosh.

Speaker 1 2:32

Okay, so today we're going to talk about spending money. Okay, and when should we spend money in business? I think it's nice to have an open, candid conversation about that, because money scares people.

Speaker 2 2:43

Money does scare people and spending money scares people. But we also have to realize that sometimes it takes more time for us to do something than to spend money on somebody doing it for us. And if that's the case, does it make sense for us to spend the money or take that time to do it?

Speaker 1 3:01

Ooh, now I'm thinking about all the things I should be spending money on. But, jonathan, you have like this, really like for me it's. I sit with a lot of things. I'm like, okay, I could probably save some money here if I do it myself, but how like, what's your process like? Cause you're more of a seasoned entrepreneur. So I'm curious, where are you right now with that when you decide?

Speaker 2 3:20

So when I'm looking to decide whether I can outsource something or do it myself, I look and say, okay, it's going to take me two hours to do it and I charge $300 an hour, do it in one hour. Then to me, it makes more sense to spend $150 than take $600 of my time that I could be investing in a different way. So you have to look at it in that way. It's a little bit tough, though, because am I really making $600 in that hour? Well, I should be, and if I'm doing that correctly by outsourcing the right things, things that'll allow me to do those things that I need to be doing to make $600 an hour in those two hours no 600, yeah.

Speaker 1 4:11

Anyway, you're our math person. How could you be bad at?

Speaker 2 4:14

it. I know I'm terrible at it, though.

Speaker 1 4:16

And listen, even if you're not there yet. You're not thinking about oh my gosh, I charge this much an hour. If you're not there yet, it's just breathe. You know. Make a list. I always say brain dump, like what are some services out there that you know will take your business to the next level, what are the costs? And then maybe look at what you're already spending money on and say what can I take away and I could put that money into something for my business. That's another way to look at it. Just brain dump and get pricing. But and the conference was not free they did not sponsor Coffee Social Podcast yet.

Speaker 2 4:52

Not yet, maybe in the future. Mimi keeps asking for it in the future. But here's the thing why did we decide to spend money here on this conference? What was the deciding factor for you?

Speaker 1 5:04

Well, okay, first of all, if you've ever been to a conference, it's not cheap, okay. And this conference is specifically for podcasters. We know that we want to take this podcast to the next level. Right, we want to reach more of you guys and in order to do that, we need to be in, in my opinion, we need to be at places like this. We need to be networking with people, making you know, building collaborations. We need to learn from the best of the best. And so it was a no brainer. I said, okay, it's a lot of money, but I'm buying the ticket.

Speaker 2 5:33

Yeah, and I think it was exactly that reason. We knew that the money that we invested here would pay off and be really multiplied by the connections we would make, the lessons we would learn and the things that we would get out of this conference. I think that's been very true. While it may not be all groundbreaking information, all the connections and the lessons and the people that we've really met with and networked with and built deeper relationships with, that's where the gold is.

Speaker 1 6:04

Because you don't get this at home? Because usually, as entrepreneurs, a lot of us are solopreneurs, a lot of us don't have teams, and so we're at home looking at the same four walls all the time, and it's lonely, and so even if you have to pay just to get out of your house, that's a win.

Speaker 2 6:22

That's a win. And, oh my god, mimi and I are together in person recording an episode. Hello, I can touch him. Hold on, don't touch me, don't don't touch me.

Speaker 1 6:32

You guys. So, anyways, it was, I think, just the experience alone. Even if we don't take anything away like nothing, you know, tangible, at least the experience alone it was, it's priceless.

Speaker 2 6:41

Mimi keeps walking closer and closer to this window. I hope she's still in frame by the end of this podcast.

Speaker 1 6:46

This is what we get for not being in our own studios, but anything else you want to add, because I know we try to keep these short and digestible, but anything else you want to add on when to spend money.

Speaker 2 6:54

Yeah, no, Mimi, I'm going to put it back on you. I'm going to ask you what the one takeaway you want from that for everybody to get out of this podcast. That was one of your big takeaways. It was one of your big takeaways for the week. So what's the one takeaway you want people to get from this podcast?

Speaker 1 7:09

This podcast episode. Yeah, don't be scared, it's going to be all right. If you spend money and it didn't turn out the way you thought it was going to turn out, it's okay, you'll make the money again. So I think that's one thing to keep in mind. And the other thing too is a lot of the times like maybe it's a membership you're interested in or a service you're interested in. A lot of them you don't have to do a coach or a coach. A lot of them you don't even have to do like a long-term commitment. Some of them allow monthly you know a monthly plan. So spend some money for a month and see if it's something that you really are interested in and then cancel. If it's not, it's not the end of the world.

Speaker 2 7:45

Yeah, just definitely trying things out, experimenting, seeing what works for you. And everybody should have a coach. I'm just saying I've always said it, everybody should have a coach. And on that note, mimi, you're not going to like the face I just gave, I know, I know you're not, but I truly believe it Anyway. So, on that note, guys, remember, make sure that you review Coffee Social, make sure that you follow Coffee Social. And on 1010, we want to see the subscriptions go through the roof so that I'll shave my head. So on 1010, we want to see those subs go up. So pay attention to that. We'll be launching five episodes that day, right?

Team Jonathan vs Team Me

Speaker 1 8:21

Yes, my goodness, it's coming right around the corner. You guys tell your friends about Coffee Social. We're on Instagram, we're on YouTube, we're all over the place. Okay, also, we're all over the place, okay Also. We're going to end this like we always do, with the most important question to ask, and that is are you team, me, me or?

Speaker 2 8:38

Team Jonathan, the only team you should really even think about being on.

Speaker 1 8:42

They might actually be team Jonathan, after you shave your head, just because you shaved your head.

Speaker 2 8:46

Maybe they might be, or before, because they still like me anyway.

Speaker 1 8:49

Okay, we got to get a close up, wait, wait. Okay, we got to get a close-up of my Wait, wait, wait. What's he doing? I don't know. Look at this. I feel like I'm on QVC. You can get these for $49.99. Well, how much were they, since we're talking money? Bye, everyone. We'll see you in the next episode.