Impulse Buy or Smart Investment? 8 Steps to Vet Your Purchase

Hey Friend!

It’s super important that you discern between impulse purchases and a smart investment for your business. Let’s get clear on whether this is something you actually need – a coach, course, or software for your business. There was so much weird stuff that I bought at the beginning of my online business journey that I didn’t need. Then there are some really cool software out there that I love and I wish I had made that kind of investment earlier. There were some coaches who were definitely a waste of money and some courses that were baller and were so worth the money.

Here are 8 ways for you to vet that purchase so you know you are making a smart investment with your money and not just making an impulse buy.

8 Ways to Help You Decide if a Purchase is an Impulse Buy or a Smart Investment

Here you are trying to grow this business. You’ve got an idea or maybe you’ve already launched your business and 500 things come at you – you need this email software, you need to build a website, you need to launch the podcast, etc. Do I need a coach or a course to do this? Do I need 13 courses to do this? Should I join a mastermind community?

You are inundated with decisions about what you should invest in. You don’t have that kind of money to invest in all these things right now because you’re a brand-new baby business owner. I did a poll a while back with you guys and I discovered 90% of you make less than 2K a month in your business, which means you are in this position of growth and building. It’s so important that you discern through your investments and make sure you’re not making an impulse buy but a smart, sound business investment. I’ve got eight things I want you to go through before you make a purchase.

1. Research the seller or creator

Look into the background of the person who is creating the course, program, or software you want. Is this person legit? You can quickly do a 20-minute scrub of someone to find out if they’re legit or not legit. Is their website professional? Hop over to their Instagram and check them out as a human being. Don’t get stuck here. But decide if this is the type of person you want to be learning from and if their morals or values are aligned with yours. 

Check out their reviews. What do people have to say about their character? If it’s a product, do some research. The reviews will often to you so much about the experience or the product you’re buying. Ask around and get feedback from people who have taken the course or used the software – was it worth it, do you love it, what results did you get?

Pausing to do this little bit of research will prevent you from making an impulse buy just because their marketing sounded good.

2. Find out what’s included in the course, program, software, or resource

Does this product give you what you need? Is it going to be comprehensive enough to get you the result that you want? Are there any bonuses or printables included? Does it come with a free trial? Does it include what you need? If you can’t find what’s included in an offer, I would not buy that offer. It could be smoke and mirrors. I love a good trial. If the company hadn’t given me a trial I would not have paid that amount of money for it. But they sold me because they let me try it first.

3. Calculate the cost-benefit ratio

Figure out the return on investment (ROI). Is this item worth the price tag? How much value is it going to give you or how much time will it save you? Some of the best investments I made for my business were those that saved me time. Because then that time allowed me to grow the business, to show up, to be on more interviews, and to do more hard things. The cost-benefit could be financial or it could be time. Calculate how much time/money you’re going to be spending on learning everything on your own versus just investing in this thing you’re vetting. If the purchase is going to get you a good ROI, it’s probably a smart investment.

4. Check out their customer service

Don’t make an impulse buy without checking their customer service. Test it out by sending an email letting them know you’re considering this purchase. If their customer service does not reply to you in 48 hours, that’s a problem and if their customer service is rude, that’s a problem. If they are short and snippy with you, absolutely not. I want baller customer service. This is even if you’re buying a course. I hope that the course creator has the time and the bandwidth to support you if you need something. Make sure they’re responsive and super friendly. You’re looking to find out if you run into any issues that help is right around the corner.

5. Look at and go through the reviews

Read through reviews from current customers. Does this product work? Who are the types of customers leaving reviews? Are you buying the right thing? Are these similar customers to who you are? But remember: you cannot believe everything you read. If you’re going to read all the negative reviews, you also have to read all the positive reviews because sometimes only the ‘negative Nancys’ show up online. But if there’s anything alarming or your discernment alarms are ringing, take a look at it and send customer service a question about it. 

6. Examine and check out the different payment options

If you’re thinking about whether this is an impulse buy or a smart investment, some things have a monthly payment option, so if you don’t love it after a month or two, you can cancel it. Sometimes buying something upfront to save a few bucks is not wise. Not every offer, like our courses, has a monthly option. You’re either paying in full upfront or paying in full over a few months. Spreading out the investment may be smart for some of you for whom cash flow is a consideration.

7. Determine how long it’s going to take before you start seeing results

Does this product, coach, or course give you immediate results? Are immediate results even realistic? If they’re promising immediate results, that may be a problem. Don’t let those promises tempt you into making an impulse buy! Do your research first to see whether the promise is legitimate. 

Does this software help you solve a problem in one to six months? Remember everything takes time. We don’t want to buy something that isn’t going to have results sooner rather than later by saving us that time. If results are expected quickly, maybe dive into that purchase. If not, maybe wait a while until you can learn a few more skills on your own or have a little more revenue that you can pop into an investment that may not be a quick ROI.

8. Prayerfully seek God’s wisdom and guidance

Trust Him and lean into His wisdom. Trust Him. That means asking Him before you make an impulse buy and before you consider a smart investment, especially a big investment in your business. Pray through each step above as you go through them. Find some Scriptures related to investment, money, and making sound, wise decisions. Journal to God. Remember that God has promised us His direction and His guidance if we seek Him first (Jeremiah 29:11). Also, God will never lead us astray (James 1:5).

Be mindful and intentional before you purchase. Lean on God to be sure and go through these eight steps to vet your next buy. I will also say to have some fun here as well because there will be some things you purchase that aren’t what you expect them to be and there may be some things that totally surpass every expectation you had. These will balance out. 

Try and test different things

Don’t be afraid to try and test things knowing that something that works for one person may not be the answer for you. I have different email software than all my friends and I’m happy with the one I chose and they’re happy with the ones they’ve gone with. There is no right or wrong. It’s just what the answer is for you based on where you are, your budget, and where God has led you.

Hopefully, this was helpful, Friends. It’s not always easy to tell the difference between an impulse buy and a smart investment, but these 8 steps will help you discern the difference and feel confident when you make a purchase!

If you want to check out all the software and services I’ve already vetted, go to stefaniegass.com/resources. Everything I personally use in my own business is listed there with coupon codes and lots of fun stuff for you to check out. Of course, if you’d like to check out working with me through Clarify Your Calling, Podcast Pro University, or apply for Podcast to Profit, details for everything I offer are at stefaniegass.com/school.

Thanks for hanging with me; I’ll see you soon!

I pray this blesses you!

Xo,

Stef

P.S. Also, listen to podcast episode 576 for the full training on Impulse Buy or Smart Investment? 8 Steps to Vet Your Purchase Before You Buy.

APPLE PODCAST | SPOTIFY | GOOGLE PODCAST

Before you go, be sure to watch the free workshop!

This free workshop is for you if you want to grow an online business in less time.

It will teach you how to explode your audience without the social media hustle, make consistent sales using a podcast, and plan, record, and launch a podcast with ease!

RELATED EPISODES:

6 Things to Pray for Your Business as Women of Faith

Doubled Podcast Download Numbers and 11K Growth in Revenue! – Student Success Roundup With Wendy Valentine and Faith Hanan

Podcast to Profit Grads TELL ALL! Was it Worth The Investment? What Happened to Their Businesses? TRUTH REVEALED.

Podcast Analytics 101 – How to Understand Podcast Stats and Use Them to Grow Your Show

How Her Email List Grew by 66% and her Facebook Group Members Grew by Over 50% in 90 Days Michelle Castro and Dani Watson

Join our Facebook Community!

Online Business for Christian Women with Stefanie Gass