Tools are a necessary part of running a business and making the hustle happier. BUT you don’t need ALL the tools and shouldn’t be too quick to hit buy.
Investing in tools for your business can add up fast if you aren’t mindful of what you are choosing to invest in (much like with spending money any other way too).
On the flip-side of that, don’t put off investing tools that you need to make your business life easier. You will need to spend money on tools to execute the strategy you want, and the longer you put it off, the harder you are making your business life.
Here are the 4 main questions you need to ask yourself when choosing a new tool for your business:
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#1. Does it integrate with your existing tools?
The first thing you want to look at before investing in any tool is, does it integrate with the tools you are already using?
So what does this mean? You want your core tools to be able to “talk” to each other. So if you are looking for a course platform, it should connect to the email marketing service you are utilizing.
#2. Do you need it NOW?
When investing in a tool, ask yourself if you are actually ready to use that tool NOW in your business, not 6 months from now, or the super definitive “soon” which we all know is like the parent version of “maybe.”
A classic example is you have a course idea; you don’t need the course platform today. Wait until you are actually ready to start producing that course before you invest.
#3 Does it fit your use frequency?
There’s a fine line between wasting time and wasting money when deciding to invest in tools. Just because a tool can do something you “need” doesn’t mean you need that tool.
On the flip-side, just because you can manually do something doesn’t mean it’s worth your time doing it versus investing in a tool that will save you that time.
There is also the middle ground of finding workarounds or free solutions and how much time will that take.
If you have no plans for a tool beyond needing it just for that one-time thing, it’s probably worth the time to see if you can’t find a workaround.
If you know this is something you have to do every week and a tool will make your life easier, it might be time to invest.
Also, you can just purchase many tools for one month, and you don’t have to go all-in on a yearly plan. Listen $40 to make a launch easier is worth it 🙂
#4 Do you need all those features?
Just like you have a target audience for your business, people who create tools design those tools for certain businesses/industries. And while a tool might seem very popular in your same industry, it doesn’t mean it’s right for you.
You can easily overspend and waste money by investing in tools with a ton of features, none of which you are ready to use.
Many tools/apps account for this by offering tiers of features, just make sure you are doing your research and taking advantage of what you are paying for. More features don’t mean more bang for your buck.
So the 5 questions I ask before investing in a tool are:
- Why do you need that tool? What do you want it to do for you?
- Do you need it now or in a few months, what do you need to get done before actually using the tool? Save yourself a few bucks and hit buy when you are ready to start using it.
- Does it integrate with your existing core tools? Watch the tech stack video for an example.
- Does it fit your use frequency (see your answer to question #1)
- Do you need all the features offered? Is there a cheaper option that doesn’t have all those features you don’t need? Is there a cheaper tier to the software that will give you what you need? If you aren’t sure, consider only buying month to month to make sure it is for you!
And remember, tools aren’t forever; as your business grows and evolves, so will your tools. So don’t stress, don’t let tools be a roadblock to your next idea, and let them go when they are no longer serving you.
Make sure you keep a list of your tools and conduct a tool audit every 6 months. 💡 Grab my tool audit kit now to get started!