T hanksgiving is nearly here and we’re all getting inundated by “Black Friday” and “Cyber Monday” ads. I don’t know about you, but I always get a bit excited about all of it and spend hours scrolling through the sale items at B&H and looking through Amazon’s listings.
But how can we really leverage all of the deals this year? Here are some ideas to keep in mind as you shop:
1. Don’t Buy Anything
You’re probably saying now wait, that’s not what I wanted from this post. But hear me out – just because something is on sale doesn’t mean it’s the best time to buy it. There are a few factors to keep in mind:
a. There’s a term in business called “opportunity cost”, which means “the loss of potential gain from other alternatives when one alternative is chosen”. Is this actually something you really need right now, or would the money be better spent on something else that will get you further towards the goal you want?
b. If it’s not something you’re going to use all the time, you may still at the end of the day be better off renting (e.g. cameras/equipment).
c. If you don’t need the latest model then you might find buying something that’s a generation or two behind is actually cheaper than that Black Friday deal. Be smart and check it out before jumping in for the latest and greatest 🙂
2. Make A List
Just like going into the grocery store hungry and without a list, doing your Black Friday shopping without a clear list of things you actually need is asking for trouble. It’s so easy to be tantalized by the sweet deals and end up purchasing stuff you really don’t need!
Sit down and think through these things:
- How much money can I afford to spend? What should I be saving for future costs/repairs?
- What have I been renting frequently enough that it would be worth outright purchasing?
- What could I buy that would be a great return on investment?
- What would help me save time or create a greater level of quality and value for my clients?
Once you have a list of things that would be valuable to you and your business, take time to research and figure out what things you need specifically. If you have your research done before Black Friday or Cyber Monday hit, you’ll be able to act quickly when deals come up that you know you need!
3. Invest In Learning
It’s easy to think of TVs and computers for Black Friday and Cyber Monday, but sometimes the best thing your money can buy is education. I would dare to say, 90% of the time YOU are the one holding you back, not your gear. Books, training courses, coaching, and personal training are all things that can be super valuable!
What Black Friday traditions do you have? Any tips for taking advantage of Black Friday you’d like to share? Post them in the comments!