Want it, need it, got to have it?
There are things in our lives and business that we really need to have. Those are the basics and staples of our lives. Then there are the things that we want to have, but do we really need them, or are they just nice-to-haves? I think we should all treat ourselves and families to nice-to-haves. And for your business, understand the difference between an investment and an expense.
Listen to this new 7-minute episode to get some perspective on want it versus need it, expense versus investment.
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Below is a full transcript. If you have any questions about anything in this, or any of my podcasts, or have a suggestion for a topic or guest, please reach out directly to me at [email protected] or contact me via text, use the short form on this page, or call 732.422.6362
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– Want it, need it, got to have it. Want to find out what I’m talking about? Listen to this episode. Want it, need it, got to have it. What I’m talking about is in our businesses and in our lives, there are things that we absolutely need to have. We need to have the equipment to run our businesses. We need to have certain technologies. We need certain things in our homes. We absolutely have to have our stoves and our refrigerators and things like that. But then there are things that are the want to haves. And sometimes we like to try to justify the want to haves as a need to have. And I don’t think you need to do that. I think you need to be honest with yourself and say, listen, if this is something that I want and I can afford it, my business is profitable, we have the money to do it, I think it’s quite all right to say, listen, I want to have this and I’m going to get it. I just want you to be clear as the difference between the need to haves and the want to haves. In your business, a lot of you find that you have shelves in a closet, in a warehouse, or someplace that are filled with things that you thought you needed to have and your customers aren’t paying for them. They’re not going to give you the results that you want. Sometimes it’s just outdated technology. And sometimes it’s things that it was cool, and you thought, hey, this is great, but it’s just not something that your customers are interested in.
I did another podcast episode on sell it before you buy it, where I said, if it’s something you think your customers might want, start selling it, get the promotional material, put it on your website, talk to your customers about it, and then see if they actually want to buy it. And if they do want to buy it, great, you can actually buy those things and maybe even have them paid for before the weddings come because the weddings are 4, 6, 8, 12, 14 months or more in the future. So when it comes to need it versus buy it, I think we need to have the little wins for ourselves and give yourselves those little, you know, want to haves that aren’t necessarily need to haves, but be careful you don’t fill your warehouse shelves or your closets with what you thought were need to haves, but they’re not actually need to haves. And the difference really comes down to expenses versus investments.
An expense is something that you don’t expect to bring you back any more than what you paid for. So if you get something and you get that utility out of it, like utilities, like I pay for electricity, I get electricity, I don’t expect any more than that. That’s what I get. I pay for gas for my car. I put gas in my car. I get to go where I’m going. I don’t expect any more than that. I don’t expect less either, but I don’t expect more. Investments are things that you expect to bring you back more. So if you’re a videographer or photographer and there’s a new lens that you want, and you say, listen, I really want that, if it is something that will bring you in additional profit, because you’re able to do something you weren’t able to do before and, very important, your customers value that particular result, and that will get you more business, then that’s an investment. If a lens that you have broke and you need to buy a new replacement and you want to upgrade, that’s fine at that time, that is an investment because you have to have that. You need that lens to be able to do whatever it is that you’re doing. I’m okay either way.
I’m okay if there’s a new lens or a new speakers or a new controller or whatever it is for your business, whatever the tools of the trade are, including a new computer or a new smartphone or Apple Watch or whatever. It’s okay to have a want it. Just understand that the need it is when you’re going to be able to profit on it. The want it, it’s okay. Treat yourself. If you’ve been through a couple of rough years, we all have, give yourself that little win as long as it’s not taking away from a need to have. Once you have all your need to haves, it’s okay to have a little want to have and treat yourself every once in a while and let you feel like you’re profiting, not just in money, but you’re profiting in a way that makes you feel better or is doing something for yourself.
And that’s not necessarily in just the tangible things. It’s also in experiences. It’s in vacation. I’ve heard people take those. I’m not really sure. I don’t remember the last time I took one, but I’ve heard people take those. We do extended business trips, like a business trip, and then stay extra time. Real vacation, it’s been quite awhile. Even before COVID, it was a little bit of a time there. So need it, want it, got to have it. Before you say, I have to have it, just understand the difference between an expense and investment. I’m not talking about for tax purposes. You buy yourself a new computer for work. That is probably a business expense. Talk to your accountant, right? Probably a business expense. Whether your other one was broken or not, you’re upgrading, that’s probably still a business expense, but that’s again, it’s okay if you want the new, faster one, if your customers aren’t going to notice the difference, but it saves you some time or you just like the new features on it.
Again, treat yourself every once in a while, as long as the need to haves, including the things that are important for you and your family are there, then the want to haves, it’s okay. Just don’t feel you have to justify a need to have and a want to have that the want to have was actually a need to have when it wasn’t. Sometimes it’s okay to say, you know what? I just wanted that, I can afford it, I got it, and now I feel good about it, that’s great. I just don’t want you to have a warehouse full of stuff that is costing you money because it’s not bringing you in money because your customers aren’t willing to pay more for that. And if you haven’t heard the episode on sell it before you buy it, go back and listen to that one. You’ll hear a story about a friend of mine, a DJ who was asking whether he should buy flat screen TVs. And what I told him in that one. So I’m recording this around the beginning of the year, you know, holiday time. I’m really hard to buy for, because I don’t need anything. If I need it, I have it. I don’t really want much these days. Yeah, nice bottles of bourbon are okay. But I have plenty. I think I have about 40, so I probably don’t need anymore. But when I get another one, I don’t justify it by saying, hey, I need this, it’s I want it. And that’s okay. And it’s okay for you too. So share your stories with me, share your need it versus want its. And some of those want its that you’re doing for yourself, treating yourself because you deserve it. Thanks for listening.
I’m Alan Berg. Thanks for listening. If you have any questions about this or if you’d like to suggest other topics for “The Wedding Business Solutions Podcast” please let me know. My email is [email protected]. Look forward to seeing you on the next episode. Thanks.
Listen to this and all episodes on Apple Podcast, YouTube or your favorite app/site:
- Apple Podcast:
- YouTube: www.WeddingBusinessSolutionsPodcast.tv
- Spotify: https://spoti.fi/3sGsuB8
- Stitcher:
- Google Podcast:
- iHeart Radio: https://ihr.fm/31C9Mic
- Pandora:
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