6 Dumbest Purchases I Made In My Business (REGRETS!)

What does that mean? Rwanda? Welcome back
to my channel via at best place for new coaches, content creators and entrepreneurs. In today’s
video, let’s talk about purchases, specifically purchases that I regret making in my business.
This video was heavily inspired by videos like this where people talk about their regrets
when it comes to buying designer handbags or their top five luxury regrets. And so it
really got me thinking as I was watching these videos is that regardless if it’s luxury or
not, starting a business does cost some money. And when you are starting your business or
when you are starting your social media platforms, you are very tempted to buy things because
you think it’s going to help you grow your business. And a lot of times it can help you
grow your business, but that doesn’t mean that every single purchase is actually useful. And so that’s why in today’s video I really
want to share some purchases that I made that I kind of regret making in hopes that maybe
you guys can have some second thoughts before you throw that money down on new equipment
or new services or whatever. For your business. Now obviously as a mini disclaimer, you know
some of the purchases that I’ve made might be really awesome purchases for you, but it
just didn’t work out for me, so just keep that in mind that everything that I’m mentioning,
it doesn’t necessarily mean it was a bad product, but it just means that it didn’t work out
for me. Now on top of everything, before we begin, I also want to put a little note that
if you are someone who entered my giveaway and I talked about the giveaway in this video
right here, make sure you stay until the very end of this video because I’m actually going
to be announcing who won that giveaway specifically who won my YouTube equipment. So make sure you stay until the very end of
the video to find out if you want or not, especially if you entered the giveaway. Not
only this, before we dive in, we obviously as always have some important shout outs that
are in order, so let’s dive right into it. Before we dive into this week’s awesome video,
we want to shout out the comment and YouTube channel of the week. Thank you so much for
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out of the way, let’s just dive right into this week’s video. All right, so the very
first purchase that I regret making in my business is buying fancy email marketing software
when I didn’t really need it at this stage that I was at in my business specifically,
I bought software called drip. Now drip is an amazing, amazing, very robust, one of the
best email marketing platforms out there and if you are someone that has like a six figure
business and you have you know a lot of sales coming in and out and you really need a solid
customer management system, drip is going to be perfect for you but it’s not for you
if you are just starting out in your business and all you need to do is send your freaking
lead magnet or your free freebies to your list. You know if you’re at the stage where you’re
just sending lead magnets, you are probably better off using something like MailChimp
or ConvertKit and convert kit is actually the one that I recommend to a lot of my own
students in the boss’ Graham Academy. It’s the exact one where I really dive deep into
to help them create their funnels and everything like that. But you’re a lot better off using
something like MailChimp convert kit or even another one called mailer light. Like these
are the ones that might be better off suited for you if you are just starting out in your
business versus email marketing software like drip or active campaign, which is what we
use now you know these are a little bit more expensive because they have really awesome
analytical features, lead scoring features, features that help you track sales in your
funnel, features that help you build really robust funnels. Like that’s really great. But if you’re just
starting out, you don’t need to spend a lot of money on robust email marketing software
and I highly recommend just sticking with things that you know are a little bit not
as expensive. Now, if you ever want to switch, you can always switch and if anything, a lot
of these email marketing providers, for example, when I switched from drip to convert kit and
convert kit to active campaign later on in my business, there’s always a service that
they provide to help you do the migration. Sometimes for free and sometimes for a little
bit of a cost. But regardless, it’s not as bad as you make it sound like in your head.
So for me, in my case, I was using drip for a very long time, for maybe like six months
in my business. I had an email list of like 30,000 at that point I was spending like $500
a month with drip just to have that email list, just to send freebies and nothing else. I had no robust funnels and I thought for
the longest time that I couldn’t switch to convert kit or I couldn’t switch to something
else because it would just be a headache. But it turned out that it was one of the most
seamless processes ever. So when I switched from drip to convert kit people on the convert
kit team literally helped me migrate everything for free. They helped me go into my WordPress,
fix all my lead magnets, do everything like that and it was a very, very seamless process.
And the same thing when I switch from convert kit to active campaign later on in my business.
So I just want to make sure that you guys know, if you are finding that your email marketing
provider is really expensive and you’re not actually capitalizing on all the features
that it offers, you can downgrade. And if you ever want to upgrade again like I did
in my business, you absolutely can do that too. But just know when you’re starting out in
your business, if you’re only sending freebies and you don’t have any crazy, you know, sales
funnels going on, you don’t need a very expensive email marketing software. Now on top of that
as a little bonus, because I actually hadn’t written this down in my script to even talk
about this, but now that I’m talking about email marketing providers, another thing that
I regret doing, and it’s kind of like a purchase in a way, is I regret keeping subscribers
in my list for way too long. And so I was at a place where I was like, Oh, look at me.
I have like 30,000 people on my email list. I’m so important and look at this crazy vanity
metric. But the reality was was like 10,000 of those 30,000 people weren’t even opening
my emails. And so when you’re looking at your email marketing provider, you’re paying per
subscriber. So if you have 30,000 subscribers, it’s this
much. If you have 10,000 more subscribers, it’s this much. The price is based on how
many subscribers that you have. And so if 30% of your subscribers aren’t even opening
your emails in the last 30 days or the last 60 days of you sending emails to them, you
should probably delete those subscribers. And that’s actually something that we do in
our business now is every quarter we do a cleanse. We tell active campaign, okay, who
hasn’t opened any of my emails in the last 60 days? If they haven’t opened it, delete
them off the list because I don’t want to keep paying for them. Right? I don’t want
my list to grow to 100,000 people. If 50% of those people aren’t even opening my emails,
my cost per month is going to go through the roof because I’m paying for people who aren’t
even opening my email. So make sure that you don’t hold onto those
vanity metrics and you really look at your analytics and understand how many cold subscribers
that you have. And if you have a lot of cold subscribers or if you have any cold subscribers
at all to remove them from your list because you don’t want to pay for people who aren’t
even opening your emails. And of course, as a little FYI, just a little business tip is
that before you actually remove your subscribers and delete them, do a little campaign, do
a little re-engagement campaign, you know, send a last email to those cold subscribers
and ask them, Hey, click here if you want to stay on the list. So just kind of do a
last, you know, re-engagement campaign. See who’s actually going to open your emails.
If you explicitly tell them, Hey, I’ve noticed that you haven’t opened my emails in awhile. You know, if you don’t click this or if you
don’t take this action, then I’m just going to remove you and you might be able to actually
re-engage a couple of people. So I just want to put that as a little bonus business tip
for any of you guys who are like, Oh, you know, 50% of my list actually isn’t opening
emails. So instead of just deleting them straight up, just email them one last time and tell
them explicitly, Hey, I haven’t heard from you in awhile. So if you don’t click on this
button, then you know I’m going to delete you off my list. Bye bye. All right, moving
onto the second purchase that I regret making in my business and this one is actually going
to shock a lot of you because many of you have this item. I don’t have it with me, otherwise
I would show it to you, but it is the blue Yeti. I regret buying this microphone so much and
I have a feeling it’s probably a really great microphone. Maybe I wasn’t using it properly.
Maybe I didn’t have the settings on correctly, but I basically like never really use this
microphone. And when I did use this microphone, it just sounded terrible and I’m not sure
if it’s because I was using this platform called zoom to record a lot of the on this
microphone and zoom has a tendency to kind of like distort the audio a little bit. I
just never got good use out of this microphone and I ended up upgrading to this microphone
right here, which is the shirt. SM seven B I think is what it’s called. This is a really
expensive microphone, but I just never got good use out of the blue Yeti. Now another
reason why I really regret buying this microphone is that I didn’t really need this microphone
and I was also very misinformed. I didn’t do a lot of research. So as you know,
I started my business off as a YouTuber. I don’t have a podcast yet. My podcast is launching
in March, but I did start off as a YouTuber and I thought that the blue Yeti, I’d be able
to connect with my camera and film on the blue Yeti. And I looked at YouTube videos
and they said that you could, but for me, I just could never figure out how to use it.
And instead I ended up buying laugh mikes or shotgun mikes instead. And these mites
are much suited for video, like video marketing and doing videos for YouTube. Whereas the
blue Yeti is probably really great for podcasts and maybe meetings. But even then for a lot
of my client meetings, I never used my Yeti. And instead I use my Apple earphones. The
ones that you could connect into your computer, you know, that’s what I used. And even with the blue Yeti when I was using
it to deliver a boss Graham Academy for the very first time, and by the way, this is my
paid program, the very first time that I ever ran Boston Graham Academy, I tried using my
blue Yeti to film a lot of my course materials. And I still got complaints from my students
saying that the audio wasn’t great. And it wasn’t until I switched to the old school
Apple earphones where people were finally satisfied with the audio. And so for me this
was a huge flock because I never got good use out of it. I probably maybe didn’t use
it properly and I bought it for the wrong reasons. I bought it thinking that it would
be great for YouTube, but it just never was used for YouTube and I ended up having to
buy a lab mix and shotgun Mike’s instead. All right. Now onto the third purchase that
I made for my business that I kind of regret making, and this is kind of hard for me to
admit is my 16 inch Mac book pro and I bought this very recently after I bought the 15 inch.
And honestly I really love this laptop, the audio, the speakers, everything, the screen.
It’s just game changing. And if you’re a solopreneur and you work at coffee shops and you know
you live the laptop lifestyle, I really think that this is an awesome laptop because it
kind of gives you that desktop feel. It’s massive. But for me, I realized that it wasn’t
really necessary for me to upgrade to the 16 inch because I literally have a monitor
right here and I barely use the laptop itself when it’s plugged into my monitor. So in terms
of my home office, I don’t really need a 16 inch and because I have a home office, I don’t
go to coffee shops as much as I used to. I don’t work outside of my office as I used
to and so I don’t really get good out of this. Now why this made it to the list, and this
is actually a very recent revelation. It wasn’t until I went to LA, so I went to LA for a
business trip. It was to meet up with people that are in the same business mastermind as
me and I didn’t realize how heavy this laptop is and how non travel friendly this is and
how ridiculous I looked when I opened it up at my mastermind. And like everyone has their
like cute little iPad pros or their cute little Mac book airs or they’re cute, you know, compact
laptops or notebooks. And here’s me with like my 16 inch taking up all this space on the
table just to take notes during someone’s presentation. I just realized that this isn’t
really travel friendly, especially if you do business meetings and stuff and I think
that if I could go back in time, maybe I would get, you know, the little Mac book air or
like the smaller version of a laptop so that I can take it out on business trips because
truth be told for me, I don’t really use the laptop itself because I have a monitor now. If you’re someone who needs a laptop, I definitely
think the 16 inch, it’s awesome, awesome choice because it gives you that desktop feel, especially
if you’re doing a lot of video editing and you need a lot of space because you actually
get one TB of space in this Mac book. I think it’d be a perfect, perfect solution for you,
but for someone who has a very similar lifestyle, to me this probably isn’t really worth the
money because it’s a very expensive laptop. All right. Moving on to the next business
purchase that I regret making. And this is also a recent one and that is hiring expensive
people to do inexpensive tasks. Okay. And so what I mean by this is I realize that it’s
not efficient to hire people to do tasks that are not really revenue generating. So in my
business for the longest time I was like, Oh my gosh, like let’s use my Facebook group
as an example. Back then when it was like a gong show in
my Facebook group. So in my free Facebook group back then before I rebranded it and
switch it over to turn your followers into clients. It used to be called fearless boss
network. And in that group for the longest time I spent a lot of time like moderating.
I spent a lot of time, you know, engaging. And when I say engaging, I don’t mean actually
engaging, I mean just being like good job Cheryl, or way to go Laura, like saying those
comments like that. And it took up a lot of time in my business and because it took up
a lot of time in my business, I automatically thought that, Oh, I need to hire someone to
like help me with these tasks because it’s taking up too much time. But what I should
have asked myself is why is this taking up so much time and is this even a revenue generating
activity? Because commenting on people’s things, saying
good job or welcome or hi isn’t necessarily revenue generating at all in your business,
especially if you’re not actually having a sales or you’re not actually having a conversation
to get to know your prospects better. And another thing that’s not revenue generating
is just like constantly trying to do moderation and like doing all these little admin tasks.
Now obviously you can’t hire someone to do that, but before you spend $25 an hour or
$20 an hour to hire someone to do that task, you really need to ask yourself, is this task
even necessary in your business? Don’t hire people just because something takes a lot
of time. Hire people because the task that needs to be done actually contribute back
to your business. There is a difference. There is a major difference between me hiring someone
that is going to act as a community manager to just say hi to people and just say thanks
to people and just say you’re a rock star to people versus hiring someone who will use
my team account in my Facebook group to actually have conversations to get more information
from our prospects, more information from our members. Switching from saying congrats Cheryl, to
being like Cheryl, like tell me more about your business. Tell me more about what you’re
struggling with. Oh, that’s so interesting. Have you heard of X, Y, Z from Vanessa’s program?
Or have you heard of whatever that is? A revenue generating activity, not just engaging with
people for the sake of engaging with people. And so I really regret spending money hiring
people to do tasks that aren’t even that relevant in my business. And another thing is when
it goes back to hiring expensive people to do inexpensive tasks, especially if you start
having a bigger team. So, for example, I have some people that are getting paid, you know,
these are random numbers, like $50 an hour versus other people who are getting paid $10
an hour. When people are getting paid certain things and you tell them to do certain things,
you have to really put the right person to do the right tasks. So for example, I’m not going to get my $50
an hour person to do admin stuff in my business because that’s actually costing me $50 an
hour just for someone to fix punctuation in an email copy that someone wrote. You know,
that is not a good use of resources. Paying someone $50 to do copy editing versus actually
paying someone $10 an hour or $15 an hour to do copy editing. Now that makes sense.
So that was also some mistakes that I made in my business is I was making my $50 an hour
person do things that were actually worth $10 an hour. And so that is a huge disconnect
of resource allocation, especially when you start having teammates. And that’s something
that I just recently realized I was doing and shame on me because that’s a huge waste
of money to get someone who’s getting paid a lot more to do things that you know shouldn’t
cost $50 an hour to do. But anyways, as a recap, because I feel like
you know, this particular topic is just so important is number one, before you hire people
to do certain tasks that you think are time consuming, really ask yourself if that task
is even going to be beneficial to your business. Is it beneficial to hire someone just to say
hi to people? No. But is it beneficial to hire someone to actually have conversations
with people? Yes. That’s a revenue generating activity. Is it beneficial to have someone
that technically is getting paid $50 an hour to edit email copy? No. But is it efficient
to have someone who gets paid $10 an hour to do that? Yes. So that’s kind of the recap
that I want to give you guys when it comes to hiring team members is really do those
spot checks and make sure that your money resources are being allocated properly to
tasks that are generating revenue or to task that actually cost that much to do in your
business. Now onto the next thing that I regret purchasing
or investing in in my business and that is annual subscriptions. Oh my gosh, I am a huge
fan of monthly plans when it comes to software, when it comes to everything. And the reason
why is because for the longest time, you know a lot of these companies tell you to do annual
because you get some savings on there and it’s true. You will get a lot of savings if
you end up going on the annual plan. But when you go in the annual plan, you’re also locked
in for those 12 months until the problem that I encountered is I had invested annual plans
for a couple of software pieces and midway through or quarter way through I realized
that I wanted to switch softwares but I had already paid for the annual plan. And so now
I’m a huge fan of any software that I get. I always do monthly unless it’s something
that I know for sure I’m going to use for the whole year. But for a lot of times it’s
very unlikely that I even know if I’m going to use a software for that long. And the reason
why is because you might be using that software and realize that there’s better software out
there or very similar to my email marketing example. It might realize that you’ve outgrown
certain software or that you know you could get other software for cheaper. Right. And
so you don’t want to be locked in for a whole year. And that’s why whenever you are doing,
you know, software investments just tried to do the monthly plan until you know maybe
after a whole year of using that software or after a long period of time that you realized
that this software is essential in your business. It’s something that you want to be loyal to
and that’s when you want to do the annual plan. Now obviously there are some exceptions, there
are some software that you can invest in that is a no brainer to the annual plan and that’s
totally okay, but I’m talking about course membership platforms, email marketing, software,
contract software, invoicing software, all of these different types of software like
really do the monthly plan first before committing the whole year because you never know if you’re
going to switch midway through. All right now onto the next purchase that I regret making
in my business and I have it right here, right now and it is a gimbal. Oh my goodness, this
is a huge waste of money for me. This was like $400 I think. And I never ever used it.
And the reason why is because it is a pain in the ass to set up. Like I still don’t know
how to use this. And so I think it’s a learning lesson here. So I was at a place and I am at a place where
I was like, Oh my God, I want to upgrade my equipment, I want to do all these things,
I want to be all pro and stuff. And I figured that a gimbal would be really, really cool
because I know that Sean kennel over at think media talks about gimbals a lot. You know
a lot of approa YouTubers and pro videographers, they are always talking about their gimbals
and how much they love it, especially for vlog content and travel content and everything
like that. And so when I went to LA, I really wanted to vlog my experience in my mastermind
for you guys. And so I decided, Hey, maybe I should get this gimbal and everything like
that. What I didn’t realize with gimbals is how hard it is to use. You literally have
to, you know, set up your camera on this little contraption here and you have to learn to
balance the camera and it’s just a mess. Like an average person who isn’t a pro videographer
will not know how to use a gimbal. And I have realized that I am not pro and I don’t think
that I have the desire to be a pro photographer, a pro videographer or everything like that.
I am happy with what I have now and I’m a very basic person. I am not tech savvy when
it comes to this kind of stuff. And so I feel like I was playing a little bit out of my
league here when I bought the gimbal and it was just so heavy. I was never able to get
it to properly assemble. Even when I asked for help from other people. And this was just
such a flop for me. And I really don’t recommend you buying a gimbal unless you’re someone
who is like pro and I’m not pro. And so I wouldn’t recommend the gimbal. For those of you who are just looking for
basic vlogging and you’re not a pro photographer, you’re not a pro videographer, you don’t need
an gimbal. It’s kind of overkill and so for me, after doing some research, talking to
some friends, this is what I’m going to buy instead for basic blogging. When I go traveling,
I’m going to be getting the DJI Osmo pocket. This is a very small compact video camera
that does 4k quality. It acts very similar to a gimbal, but it’s just many size and I
feel like this is something that would fit my lifestyle a lot better. This is something
that I can put in my purse. This is something that just seems really plug and play and that’s
kind of the main lesson that I learned through buying equipment is just understanding where
I’m at, what I’m looking for, what my lifestyle is and where my technical skills are, and
just honoring that. I’m just realizing that I love using equipment
that’s plug and play. I don’t like anything that has the fancy frills things that are
going to be hard to set up, things that are going to be complicated and I also have to
realize that I need to stop trying to compare myself with like very pro travel bloggers.
I’m not even creating that type of content so it’s not even necessary for me to invest
in all of these crazy equipments that I probably don’t even know how to use. Or if I use, I’ll
only use like one feature of all the 50 features that that equipment can provide. Now, so far
in this video, I’ve gone through my top five, I think we did five today of some purchases
and investments that I kind of regret making in my business. Some of them are old mistakes
that I made and some of them are recent mistakes that I made. So I would love for you to comment below and
tell me what is one purchase that you regret making in your business. I feel like if we
share that, then other people can feed off of that and we’ll be able to make better purchasing
decisions in our business. Not only this, the moment that you have been waiting for,
for those of you who entered my giveaway right here, I’m about to announce the winner. Now,
the winner of this giveaway is desire, Lou desire. Lou, thank you so, so much for entering
our giveaway. I’m so excited for you. I cannot wait for you to use the equipment that I have
and put it to good use for your YouTube channel. My team has already emailed you so make sure
you check your email so that you can claim your gift. Thank you to all of you who have
entered the giveaway. I was my very first international giveaway
and I’m just so, so glad that I was able to really pass down my equipment to someone else
who really needs it for their channel. Anyways, congratulations once again to desire Lou,
and for those of you who are waiting for next week’s video, make sure you check out these
two videos that I have right here as well. As always, this channel talks about social
media, marketing, coaching, entrepreneurship, all those different things. So make sure you
check out these two videos I have here as well as always, guys, I appreciate you. I
hope you guys have a great day, a great week, and a great life, and I’ll see you in the
next video. Bye guys.


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