021 | Dealing With FOMO As A Business Owner

You know that feeling when it feels like everyone is buying that new eCourse that could transform your business and change your life? The voices that roll around your head and tell you that if you don’t buy it too, you are missing out on something awesome? That’s FOMO and it impacts ladyboss entrepreneurs every single day. It’s the feeling that we should buy particular products, a new piece of technology, the latest eCourse or join the big new mastermind. It’s even the feeling that we should be on particular social media channels and should be using particular tools and strategies. But as this week’s special guest, Erin Shebish, says: there’s no rules in business. And identifying FOMO is the challenge. Erin recommends that we ask ourselves four big ‘reality check’ questions: 1 | What is your big why? When you are wrestling with FOMO look at your business mission and your bigger plan. Often you’ll be able to reason away FOMO if it doesn’t fit into your bigger plan! Think about why you are feeling the pull of a particular product or service - is it because it’s what you need in order to level up your business or is it because all your business besties are buying it too? 2 | Do you have the time? Before you invest in a new product or program, consider the commitment you are making. One of the quickest ways to regret a purchase is to not fully utilise what you have bought. When you are buying out of FOMO, you are far more likely to feel buyers remorse and if you don’t have the time to commit to this new purchase, you’ll accelerate that dreaded self talk! 3 | Do you have the money? What your peers choose to spend their money on should not dictate how you spend your money. We have all heard the statement: “if you want it enough, you’ll find a way to pay for it” but don’t put you, your business and your family under unnecessary stress. Sometimes, it’s just not the right time for you to buy and that’s ok! FOMO will dictate that you must buy now, but take a moment to consider if you actually have the cash to do so! 4 | Do you want and need this product? This is the gut-feel test. What does your intuition tell you? In this episode, Erin mentions that a lot of the time we are buying eCourses on topics we actually already know about because we feel like we are lacking something: confidence. “I’ll feel more confident” we say, “I just need to take this course and I will feel more confident”. But the truth is, the course or ebook won’t fully equip you with that! Take a moment to consider if this is something you really do need and take it one step further and ask yourself if this is something you want. For instance, if you are completely terrified of being on video, don’t bother buying the video equipment that all your friends have - it won't help you! Ultimately, FOMO can strike at us out of the blue and I have felt first hand how all consuming it can be. And there’s a whole other side of it too: how we can leverage FOMO in our own business and our marketing efforts. For all this and more, be sure to tune into this episode!