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Is Legal Worth the Investment?
Is it worth it? 🤔 Here’s how to know
As an entrepreneur, one of the questions you always ask is “Is this worth the investment?”
For example, a few years ago, I found myself working a full-time job and building out this firm…AT THE SAME TIME.
Life felt so crazy, and I was looking for a way to leverage my time more effectively to continue to provide value to my community without burning myself out. As part of that quest, I evaluated whether outsourcing my marketing was worth the investment.
Here are the questions I asked myself (plus a few I should have asked myself at the time):
What are the specific pain points I’m trying to alleviate?
How much is this pain worth?
Is this a short-term or long-term solution?
How will delay impact this pain? Will it make it worse? Will it make it more expensive? Will it solve itself?
Do I have the skill set and/or resources to effectively do this task myself?
What is the cost of the alternative?
What does success look like for me with this investment?
Do I have the capacity to play my part toward experiencing this success?
At the time, I invested in outsourcing and later discovered that my vision of success differed from the company I was outsourcing to. I also realized that in that specific case, the group I selected did not have the skill set needed for the results I desired.
However, in other situations, like outsourcing certain elements of my internal process, the return on investment has been innumerable. Even though thousands of dollars have been spent without a direct exchange of money, the value I’ve received in time and peace of mind has far exceeded my spend.
My clients feel the same way. At some point, if you believe in your dream, and have a conviction that you will be successful, you will begin to understand that legal is an investment—not an expense. It’s not a service you want to skimp out on because your legal mistakes will cost you money, but your legal successes will make you money.
If you have a start-up and you are trying to identify the documents that are worth the investment, you will want to watch the latest video on the YouTube channel, which is focused on the seven (7) documents every founder must have.
Then, I want you to think about whether this is the right time for you to invest. One of my favorite founders, Morgan DeBaun shared her insights on investing in the legal side of her business, and her conclusions might surprise you.
Do you have any other questions you like to ask yourself when deciding whether an investment is worth it? Let me know what those questions are.
P.S. My two big goals for 2024 have been consistency and connection. So to make it easier for connection, my weekly videos have been transformed into two weekly podcasts available on YouTube anywhere you listen to podcasts.
Give them a listen and reply to this email with what topics or questions you would like me to share on these podcasts in the future.