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266 – The Business-Transforming Benefits of Investing in Yourself

Welcome to Episode 266 of the Make it British Podcast!

In this episode I discuss how and why investing in your own personal development can dramatically transform your business. I share insights from my own personal development journey and provide valuable advice on how investing in yourself can make a massive difference to your business growth.

We’ll explore the risks of not investing in yourself, and the importance of matching your personal development with your business goals. Plus, I’ll share some practical tips on how to make time for self-investment, even if you are super-busy.

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Transcript
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You're listening to the Make It British podcast. I'm Kate Hills,

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and I'm on a one woman mission to save UK manufacturing.

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Tring. In 2008, I gave up my 20 year career as a fashion buyer

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because I was disillusioned with how much was being sourced overseas,

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And I set out to uncover some of the amazing businesses that

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are still making in the UK. Since founding Make It

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British, I've discovered That there is not only still tons of

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manufacturing taking place in Britain, but that it's a

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thriving industry. I invite you to join me each

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week when I'll be chatting to inspiring British made brands

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and UK manufacturers and offering advice to product

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based businesses that make in the UK. So with no further

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ado, let's get on with the show.

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Hello, and welcome to episode number 266 of

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the Make It British Podcast. So I've got something a little bit different

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for you today. I know many of you that listen to this

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show are small business owners, And you may be

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going through a bit of a hard time in your business right now.

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It's really not that easy for anyone at the moment.

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There is no doubt that energy price is still being

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higher and mortgage rates still being high, that a lot of

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people are feeling the pinch, that they are taking longer to

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make purchasing decisions than they were a couple of years ago when they

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had more disposable income. But that doesn't mean you should throw

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in the towel and give up altogether. The best

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businesses are those that have been through a hard time, Been through

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an economic downturn or a recession, and they've come out fighting

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and stronger than ever. But it does mean you need to be a

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little bit smarter about how you operate and how you do

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things. It certainly doesn't mean you should give up

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investing in yourself. In fact, if anything, now is the

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best time to invest in yourself and in your business.

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So what do I mean by investing in yourself? So as an

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example, over the years, I've invested a significant amount of

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money in personal development. I've invested in myself.

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I've invested in my business. In fact, I think it's one

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of the main reasons that Make It British is still in business

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today 12 years after I originally founded it.

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Now for those of you that don't already know, my original idea for

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Make It British was a marketplace Selling British made

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goods. I'd come from a buying background, bricks and mortar

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stores. I knew nothing about selling online, But I spotted that there

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was a potential gap in the market for a marketplace selling

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British made goods. Now at that point, I could have

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invested my life savings and set about setting up

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this marketplace, or instead, what I actually did

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was invested In training, I

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enrolled on a master's degree in

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Internet retailing part time. Most of it was distance

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learning Over 3 years, I learned everything I needed

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to know about selling online, digital marketing,

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and how I would go about setting up this online

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marketplace that I had an idea for. I learned so much on

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the course. It's given me skills that I learn and use

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to this very day. But the main thing I actually learned by

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doing this master's degree was that that If I was gonna set

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up an online marketplace, if I'd done it at that time in

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2011, I basically would have gone bankrupt very

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quickly. So what I learned by doing that course

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was how much money was needed to invest in digital

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marketing To get traffic to a marketplace because the

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margins are so low, you need to make an incredibly large amount of

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sales. Amazon is a great example of that. So

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to really make it work, I needed a lot of traffic. And the only way

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of getting a significant amount of traffic to your website is to pay for

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it, and I certainly didn't have the budget for that. But what I

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did learn from being on the course was other skills That

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enabled me to set up Make It Patricia's blog and organically

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get the traffic to that blog, and then work out later on

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how I was gonna monetize The Make It British platform. I

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don't regret for one moment the money that I invested in

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that course. In fact, It saved me a lot of money

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and a lot of heartache, and it saved me from making a lot of mistakes

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in the long run. And since then, I've gone on to invest

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year after year in all sorts of different courses,

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coaching programs, and mentoring to help me at

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various different stages of my business. If you're gonna move your business

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forward, you need to invest in some form of training.

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Otherwise, you grow stale, you run out of ideas, and you risk

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getting left behind. In the 12 years I've been running Make It British,

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There's probably only a couple of things that I regret when it comes to

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investing in personal development and coaching. One of those

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was investing in a coach who I didn't do enough research

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on before I signed up with him. He was a great salesperson,

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But he wasn't a great coach. I didn't do enough due

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diligence beforehand about this particular person before I

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signed up. Even then even then, I don't regret signing up

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with him. I made some great connections in the group because it was a group

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coaching program, And one of my best business buddies to

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this day was someone I met in that coaching group. And

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then the other thing I regret in terms of Investing in coaching and

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development is not investing in a mentor to help me with my

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trade show. Had I done that, Maybe to this day, I

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would still be running that show, but setting up a trade show, going

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into an industry I knew nothing about, events, was

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really hard, and I learned a lot of hard lessons because of all the

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mistakes I made along the way. And I probably wouldn't have made those mistakes

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If I'd had a mentor who knew all about the events industry,

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he could have helped me when I got to sticky stages in the business

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where I made these terrible mistakes. So in hindsight, I just wish I

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found someone to help me through running that trade show. I was foolish thinking I

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could do All on my own, knowing nothing about that industry. So that was a

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massive lesson learned and also a very expensive mistake I made because

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I lost a lot of money when I had to close my trade show. Anyway,

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moving on. Currently, at the moment, I have invested in training

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to help me gain a level 7 qualification in coaching.

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Once I've got the qualification, I will be able to register as an

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accredited coach mentor with the EMCC, which

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is the European Mentoring Coaching Council. And

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although I've been mentoring for a few years now, I wanted to

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help make myself a better coach. Meet other coaches as

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well so I could make connections there, and learn how to

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be the very best coach and mentor that I can be.

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So that I can mentor and coach small businesses that manufacture their

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products in the UK. So that's my experience of investing

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thing in myself, my business, and personal development. But what

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are the benefits to you if it's something that you'll think about doing?

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Why should you invest in personal development? How is it

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gonna help your business? Because as a small business, when you've got

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So many other outgoings and areas in which to spend your

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money, why would you invest in coaching or training?

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Firstly, the main thing is to learn new skills,

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to learn new skills from someone who's already been there and done

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it and can walk you through the steps of how to do it. It's

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far better to do that than struggling on your own and trying to

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teach yourself how to do something. So for instance, in a couple of

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weeks time, I'm going on a training day to learn how

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to make better Instagram reels. It's a one off training

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day. I can already make an Instagram reel. It's kinda so so. I

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wouldn't say my technical skills with it are very good. So it takes me

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ages to make each one. I'm hoping by going on this

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course, long term, I'll be able to churn out the reels

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much quicker. It will Save me time in the long run. I'm also hoping to

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be inspired by the other people that I meet on the course and get new

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ideas for Instagram reels that I can do. Also, being able

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to edit short video is handy not only for Instagram Reels,

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but across other platforms as well. So it's a win win as far as I'm

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concerned. I'm meeting people in person. I get to learn some

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new technical skills. And in the long long run, I'm hoping it's gonna

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save me A whole lot of time. And even if I do end up outsourcing

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someone else making short video content for me in the

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future, At least I know what I'm briefing them into

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because I've already learned how to do it myself, which makes it much easier

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to know if someone's pulling the wool over my eyes When they tell me how

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long it's gonna take them to create short videos for me. So one of the

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main reasons to invest in some form of personal development is to learn

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new skills. One of the other reasons is so that you're not

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stabbing around in the dark trying to work things out for yourself.

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Far better to go to someone who can show you how to do

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it, then try and work it out for yourself. We've all been there.

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We've all thought, oh, I'm not gonna read the instructions. I'm just gonna try and

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work it out. 3 hours later, you're resorting to the instructions

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anyway, and you could have saved yourself all the time by just looking at

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the instructions in the 1st place. It also means that you're able to

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make better informed decisions. One of the other

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reasons for particularly signing up with a

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mentor or a coach or a group group coaching program

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Is it forces you out of your comfort zone. So it's

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all too easy when you're running a business to get really comfortable

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with what you're doing And continue to do what you've

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always done because doing something new

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can sometimes be really scary. Stop it.

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Because doing something new can be really scary.

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But if someone's holding you accountable, whether As a mentor

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or someone else that's in a group that's doing the same thing as

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you, you're much more likely to end up actually doing

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it. Not only that, but it gives you the confidence,

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whereas you before making a decision about

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something new or which direction to take your business in can

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feel confusing, and you don't know which way to turn.

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If you've got someone helping you to make that decision so that you can make

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more informed decisions, It makes it so much easier.

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Like they say, doing something on your own can be really scary, but

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having someone else guiding you can really help and can make the

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whole process and the whole problem seem much easier. So

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another thing that's really helped me When I've invested in some form of

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personal development, particularly when I first signed up for

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my master's degree, and it was just after I'd had my 2nd

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baby, and I suppose I was lacking in confidence a bit because I was

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very confident when it came to My previous

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role as a buyer, I knew exactly what I was doing when it came to

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developing products and buying for bricks and mortar stores,

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I didn't know that much about Internet retailing, and I

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was willing to put my hand up and admit

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that I didn't really know where to start with that. And so I

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didn't have the confidence to do things like approach web

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developers and to approach the other people that

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I needed, the other stakeholders that I needed to start that

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project. And I wouldn't have started Make It British,

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which started originally as a blog, had I not invested

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in that master's degree when I did, because it gave me the

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confidence more than anything else. That's what it gave me, was the confidence

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to think, right. I can do this. I definitely can do it. I can

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go in a new direction, which can be hard if you've

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been working in the same business or doing the same thing

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in the same sort of role like I had for 20

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years. I'd had my own business early on when I first left

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college, but was a lot of years ago, and starting a new

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business in particular can be really scary. So it gave me the confidence

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to Pivot into something new and to think

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outside the box, and I wouldn't have done any of that if I'd been

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trying to do the research on my own, Sitting at home

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with a small baby, trying to research how I was gonna set up this

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business, I was just going out of my mind. So it was by far The

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one of the best things I ever did. The other great thing, if you sign

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up for something which is a group program or some sort of group

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course, It's the networking opportunities and the people that

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you meet along the way. When you're running a small business on your

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own, Particularly if you're you are on your own, you're not

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doing it with a business partner, it can feel really lonely.

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So Being in a group of other like minded business owners can really

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help because you're all in the same boat. You get to meet with other like

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minded people They are in the say at the same stage as you are. They've

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got the same concerns that you've got. They got the same fears that you've

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got. You can cheer each other along the way, And it means you can

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make some great contacts that probably wouldn't have happened if you'd been trying to

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struggle along on your own. So not Just group

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coaching programs, getting out to in person events,

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getting out to conferences where you learn, Going

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to networking events as well, that's all a form of personal

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development. Things that you're doing where you're working on your business

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and not in down in the weeds day to day on the stuff that you're

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doing, day to day in your business where you can't see the wood for the

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trees. So those are some of the benefits of why it is

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worth investing in some form of personal development. But are there what

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are the risks if you don't invest? Like I said

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before, one of my biggest regrets was not

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investing in a mentor that could help me with my trade show. My

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lack of knowledge about the events industry led to some really expensive

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mistakes. I've also seen clients who, prior to

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working with me, have made expensive mistakes by

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going to the wrong manufacturer, being told that it's

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cheaper to manufacture in China, only to discover after

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you've spent a hell of a lot of money on sampling that you could have

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found a local manufacturer in the UK Who would have worked

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out better and cheaper for you in the long run? Product

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development in particular can lead to some really expensive

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mistakes you don't have the skills. Sample development can be

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really expensive, and you can end up spending a lot of money on it if

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you don't know what you're doing, if you're not properly prepared

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because you don't know how to prepare. You don't know what the whole

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production process is. You learn on the way, but

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can be really expensive. Raw materials wasted,

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patterns made for, prototypes made, Quality

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control issues, all of those can be avoided

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if you learnt the process and you learnt those skills before

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you started. It can be a false economy not

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investing in learning those skills before

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you start, particularly when it comes to product development. The other risk

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associated with not investing in your own personal

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development is that you just end up stagnating. You end up staying

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the same, doing what you've always done. And one of my favorite phrases,

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which I'm always telling my clients, If you do what you've always done,

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you will get what you've always got. In other words, if you

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carry on as you've always been doing, Nothing's

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gonna change. And if anything, your business will get

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worse. Particularly at the moment, now is a time when you need

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to take risks. You need to try things and do new things.

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If something's not working, for instance, if a product is not selling,

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it's not gonna get any better, and sales are not Suddenly

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gonna happen out of thin air if you just carry on doing

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exactly the same, posting on Instagram, Hoping,

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fingers crossed, that someone at some point will come to your website and

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buy something. You need to think outside of the box, and

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chances are You need some sort of inspiration and kick up

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the arse to tell you to do that, someone that can look at your

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business in a new light and get you thinking about different things that

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you could try. Because if you don't try new things,

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nothing new is gonna happen. So maybe now is the time

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to learn. So it might sound really scary, particularly at the

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moment, if you're not doing as well as you were this time last

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year. Maybe you're too scared to try new things. Now is

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the best time to learn a new skill and to learn something

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new. Try out something new in your business. Get someone to

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look at it and give you some fresh ideas. It may be that you've been

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working with your head down. In fact, you could even have been bearing your head

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in the stand about things going wrong, and you've not been looking

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around, you've fallen behind on where the market is going, what your

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competitors are doing, they're getting ahead of you now Because they're trying

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new things, there's no point sticking your head in the sand about

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it. You've gotta try new things. You've also gotta keep up to date

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with what's happening. It may be that Instagram as a social

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media marketing platform used to be fantastic for you. But if

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your audience have now gone over to TikTok, Maybe now is

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the time to invest in a course to teach you how to use

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TikTok to try out that platform. There's no point

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hoping That if you carry on doing what you've always done,

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that somehow it will get better because it won't. So now

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is the time to start investing in yourself. So how can

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you do that? Where do you even start? There are so many

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trainings, online courses, Coaching programs,

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group coaching programs, 1 to 1 mentoring,

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conferences that you could be going to. You could spend a fortune.

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Where do you even start with choosing what it is that you should

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invest in first? Because you could spend a fortune. And, also,

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as entrepreneurs, it's really easy to get distracted by the

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next shiny thing. Something pops up when it sounds like it's a

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fantastic thing to do, and next thing you know, you've invested in

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5 different courses, and you've not got the time to do any of them. We've

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all done it. Really, you could say it's a form of procrastination

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as well. Because if you are constantly

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buying lots of courses to do, but not never finishing any of

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them, never any of them. There's it's just pointless.

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There's just no reason to have bought them in the 1st place if you're not

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gonna invest in these things and actually take action on them.

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So firstly, if you're trying to decide where you need

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to invest in your personal development, look at where your

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weaknesses are, And look at what stage you're at in your

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business and what you most need help with in order to move

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on to the next step. For instance, if you're setting up a clothing brand, but

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you know nothing about garment production, you wouldn't sign up to a sales

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course or someone to teach you Instagram Reels. What

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you need is someone to mentor you through the steps in order to get your

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1st garments made. So don't get swayed by

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Adverts for Pinterest courses that you've spotted when you haven't

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even got your 1st product to sell. So think about what

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stage are you at And where do you most need the help? And what

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are your goals? What are your long term goal? So if your focus

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in the coming year is to increase your sales, what Gaps

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in your knowledge do you need to fill in order to achieve the

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goal of increasing your sales? Maybe your sales

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strategy is that you plan to do more in person events. So who

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can mentor you through that process of doing those in person

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events? Maybe someone that has done a lot of in person

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events before, has trodden that path, someone that can

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teach you face to face selling skills, or someone that can help

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you build your confidence to be able to do those events. Maybe it's someone

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that financially can help you out with the logistics of

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how to ensure that those events that you're doing are profitable.

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Or maybe the goal is increase sales,

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but to hire a salesperson to do those events

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for you. In that case, maybe you need to learn

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about Hiring people and team development and building a

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team or maybe some training or advice that can help you

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To hire the best sales team that's out there,

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to think about what it is that you most want to achieve. Don't

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be distracted if you see a course and you think it looks great if

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it's not what you need right now. Park it. It

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will always come back round again, or something similar will be

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available. Make a note of it, but make sure what you do

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sign up for is something you really need and that you can truly

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commit to. So talking of committing, one of the biggest challenges that

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many people find When it comes to investing in their

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own personal development and for their business,

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is finding the time in order to commit

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to properly doing the thing that they've signed up for.

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It's all too easy to get Bogged down in the day to day

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running of your business and to think that you can't find

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the time for any form of personal development. Having been through

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this myself many times, I would say it's well

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worth making sure you do find that time, that you

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do carve out the time Specifically, to work

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on growing your business and to work on yourself and

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how you as the business leader are gonna grow the business. So my

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advice for this is it is always possible to

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find the time. I've done it in the past by getting up 2

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hours earlier and working on the courses or the

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programs that I'm in before I start work for the day.

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Or set aside a day a month specifically to work on

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training and self development. It's all too easy to say, oh, I haven't got

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time to do it today. So just block it out in your calendar and

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make sure you do find the time. Pretty much everyone that

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I'm mentoring at the moment has got a lot of other things going on.

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They're either working full time in their business. They might be a

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solopreneur. They haven't even got any team members to help them, Or

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they're already working on another business, and they're starting up something

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new, or they've got a full time or part time job, or they've

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got A busy family life or, sick

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parents that they need to look after, but they all make sure they find

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the time to learn new skills and to invest themselves.

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Because if you don't carve out the time to invest in yourself and your business,

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then you're pretty soon Gonna find yourself out of business.

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It's a false economy not to do it. Are there

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some other things that you do that Take up your time that you

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could forego for a bit, like watching the telly or scrolling on

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Instagram, that you could forego in order to find the

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time for some personal development. What I've done that I'd highly

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recommend is you do an audit of your time over a typical week

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to see exactly how you do spend your time. What you'll

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find is you'll be really surprised at how much time you're spending on

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some of those things that aren't really moving the needle in your business

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or aren't really helping you with your plans to launch a business.

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So now that you've found the time, the other barrier

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That gets in the way of entrepreneurs investing in themselves

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is money, cash flow. Maybe you

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shied away from investing in a course or a program or go into a

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training event because you were too scared to spend the money.

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So instead, you decided to wing it and learn something

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new For free. Now there's no doubt that with the

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Internet, YouTube, podcasts, you can learn a lot

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of stuff for free these days, But there's several drawbacks to

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that. Firstly, the sort of free training that you

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find online won't be tailored to your specific situation and

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problem. So you'll still need to figure a lot of it out, and,

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potentially, you're gonna make mistakes if you do that. And

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secondly, you're gonna be waiting through a whole load of info to

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actually get the results you need, which is fine if you've

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got tons of time on your But if you wanna achieve results

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quickly, you definitely get what you pay for if you sign up for

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someone to help you get there. So for instance, I've done 260

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odd episodes of this podcast. A 130 hours, I

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reckon that is, if you listen to all 260.

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You could probably learn most of what you needed to know to start or

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grow a British made brand if you listened to all 130

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hours' worth And you made copious notes. But you're not gonna get the

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same results or experience that you get if you buy one of my courses or

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sign up to my mentoring program just by listening to to

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all 260 episodes. Because when you pay for 1 of the

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courses offered to be in the program, the information is delivered in a

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specific order. And in the case of the mentoring program,

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it's highly targeted to your particular situation, your products that

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you're developing, and the goals that you've got for your business.

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Also, there's also definitely truth in the phrase, people

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that pay, pay attention. In other words, If you've

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spent money and you've invested in something, you're much more likely to

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take action. Hands up if, like me,

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you've signed up to a free course, Requested a free download

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or bookmarked a training video and then just left it to gather

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dust on the digital shelf. We've all done it. We've all

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downloaded something, think that sounds really useful because we didn't

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pay for it. We don't end up Actually, looking at the

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information and using it in our business. And that is one of the

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reasons why if you pay for something, you're much more

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likely to hold yourself accountable to get the return on

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that money that you've spent. Now if you think you're gonna find it hard To

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afford to invest in any form of personal development, put aside

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a small amount of money every month to save up for something in the

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future, Or ask if there's a way you could pay in installments

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rather than paying everything upfront. Think of investing in yourself

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as investing in your future and the long term future of your

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business. And remember, any new skills you learn, you're gonna have

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those for life, And you can continue to use them again and

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again. So the return on investment that you'll get

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if you Sign up for the right things or invest in the right form of

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personal development is gonna pay off dividends in the long

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run. So think of it in terms of the return on investment that you're gonna

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get in the long term, not just the short term. So if you've listened

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this far and you've decided now is the time to invest in yourself,

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Make sure that you do your research first so that you get the

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very best out of that investment in personal development.

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Find courses or coaching that's been recommended by someone you know

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or someone you admire. Look at reviews and testimonials so you can get

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some sort of idea of the results that have been achieved by others

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that have tread trod that path. Finding a mentor in particular can

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be a bit like finding a manufacturer. You need to find someone that

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you get on with, who's on the same wavelength as you and who

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gets you. And, also, make sure Any

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mentor or coach that you do sign up with has experience in

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the areas that you need help with most at this specific

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moment in time. So I hope you found this episode useful, a

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little bit different to the normal episodes, as I said. If you've

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got any experience of personal development, maybe you've taken a

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course. You've attended a training event. You've been in a

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mastermind. Something you found has really helped your business. I'd love to know

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what it is. If you're interested in finding out more about how we could work

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together by either taking one of my courses, joining in

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my mentoring program or my mastermind, Drop me a

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DM on Instagram at make it British, or check out

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the work with me link in the show notes of this podcast, and I will

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be in touch. So thanks once again for listening to this

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episode of the podcast, and I will be back again next

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week. Take care. Bye