Bad Business Investments I’ve Made

We’ve all made some bad business investments, haven’t we? Or am I alone in this? 😅 Especially when first starting my business, I thought online courses would teach me everything I needed to know about owning and growing a business. While I did eventually find some that were totally worth the money, most were not. I wasted my money, and I can’t even say I wasted my time because I never actually did them… but you get the point.

I want to share some bad business investments I’ve made since starting my business in 2020. And no, you will not be getting any tea because I’m not going to specifically call anyone out. But I hope you can relate and become more mindful of the things you actually need to grow your business and develop your skills.

Online Courses

I’ve paid for SO many online courses, and I think this is where I’ve wasted the most money.

One reason is because I didn’t actually take the course 🙃 I bought it, scanned the modules, and never logged in again. Not because the modules didn’t look interesting, but I forgot about it, other things came up, or I didn’t schedule the time in my calendar to take it. Have you ever done this?!

Another reason I wasted money on online courses is I didn’t get anything out of it. Sometimes, the content was too basic and I already knew most of it. LOVELY. Other times, I couldn’t find a way to apply the teachings to my business. Maybe it was focused on e-commerce while I’m service-based, or it was giving strategies for huge companies with large budgets.

Either way, I didn’t do enough research to see that the course wasn’t right for me BEFORE I bought it. Rookie mistake.

Mentorship

I invested in a high-ticket mentoring program about one year into my business. I had been following this person since I started my business and had connections with other people in her program. They all convinced me to join, and I wish I hadn’t.

I spent $1,000 per month on a year contract (so $12,000!!) and got barely anything out of it.

I joined a few live calls and watched a few of her recorded trainings, but I couldn’t apply any of it to my business. I wasn’t at the point where her teachings applied to me or I couldn’t make them happen yet. I also wasn’t clear on my business offerings or audience so I didn’t know where to start with what she was teaching.

I feel like I could get more out of a mentorship program now that I have more experience and clarity, but this program wasn’t right for me at the time.

Membership

Speaking of, I have joined a few membership programs over the years. Some are great, but some weren’t worth the money I paid to be a part of them. Most memberships come with the opportunity for a backlink which is what I really like about memberships. You’ll also probably get connected with other entrepreneurs and there may be opportunities for collaborations or new client work.

However, there are SO many memberships out there and you need to be strategic about the ones you choose to join. You’d be paying an arm and a leg if you were to join them all. Instead of making an impulse decision (guilty), choose memberships that have an engaged group and commit to participating in discussions, calls, and events. Make the most of your investment! 

Virtual Summits

I’m such a sucker for upsells, and “free” virtual summits get me every time. I saw an advertisement for a free virtual summit by someone I know and trust. I signed up and was excited to learn from all the experts they have lined up.

But wait! I can get access to recordings, freebies, and live Q&A sessions all for a low price?! I’m sold. The problem is I NEVER watch the recordings, use the freebies, or join the Q&A calls. I purchase and never use the resources I bought. (Noticing a theme here with me?)  

This has happened on multiple occasions. I’ve learned to just accept the free resource for what it is and know my limitations on what I will commit to. It’s actually probably a great deal for someone who will actually use the things they’re paying for! 

Inexperienced VAs

At two points in my business, I was doing two jobs at my 9-5 because my boss was on maternity leave. As a small company, they didn’t have the resources to hire someone to help me, so I got a bonus and a pat on the back for three months of managing the marketing for an entire company. Yay.

What they didn’t know is I also had my business on the side. So I was actually working three jobs. YAY.

I knew those three months were going to be crazy busy so I decided to hire a VA to help me with administration tasks. I was looking for cheap-ish options because, at the time, I didn’t have a great money management system.

Mistake #1.

Mistake #2 was keeping people because I was desperate for the help, even though they weren’t really helping me all that much. I had to review and redo a lot of the work they turned in. It was probably taking me more time to edit what they did versus just doing it myself. Plus I was still paying them for the work 🙃

So the lesson here is to hire people who have proven skills and experience with the tasks you’re asking for. Virtual assistance is such a broad job title – it could include so many different things. When hiring, be VERY specific on the types of tasks you need help with and the skills required to do those tasks well.

GOOD Business Investments I’ve Made

So clearly, I’ve learned a lot of hard lessons about bad business investments, but I’ve also learned which investments are totally worth it. These are some business investments I recommend you make!

• Branding and web design with Âme Creatives
• Copywriting course
• SEO training
• Systems and automation with Solution Integrators
• Bookkeeping with Madison Dearly Bookkeeping
• Money management with Val Marlene Creative

You shouldn’t be afraid to invest in your business. It’s how you grow! But you should be careful about how you spend your hard-earned money. When you’re looking for good business investments, consider:

• How much time you need to commit, and how much you can commit to it
• Budget (monthly, annual, or one-time fees)
• Overlap between your current knowledge and what you’ll learn
• How you will apply what you learn to your business

Making bad business investments is part of entrepreneurship and learning how to grow your business in a way that works for you. I tried things and failed, but learned valuable lessons to help me move forward. Even though I feel like I’ve wasted a lot of money (A LOT), I’m glad I made those decisions. 

Tell me a bad business decision you’ve made on Instagram! Let’s connect over our shared wasted dollars 😅