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6 Business Pitfalls & How to Avoid Them
When you look at the statistics around success in business, it paints a very daunting picture.
During the first two years of business, 20% of business owners fail and that number creeps up to a sweeping 45% five years in.
On the flip side only 25% of new businesses make it to 15 years or more.
Let’s unpack this a bit more. Why do so many businesses fail?
Over the past 15 years, I have seen some specific themes. Themes that dictate which businesses will survive. And which ones will become part of these daunting statistics.
The 6 Failure Factors
The Freedom Myth
When asked, “why did you start your business?” Many business owners respond with “I wanted more freedom.” If your only reason for starting your business is freedom, I hate to break it to you. You are in for a rude awakening.
If you have a solid strategy and are willing to invest a lot of time, money and energy, you will eventually earn more freedom. However, expecting freedom in the short term is not realistic.
You must have a plan, a solid strategy and be willing to put the work in come Hell or high water. No matter what happens you must maintain ruthlessness for success. You must believe in what you are building at your very core.
If you want more freedom without the work, find a flexible job and negotiate your boundaries. Starting a business isn’t for the faint. It’s for the bosses, the go getters, the action takers.
Investment Phobias
Another huge misnomer in business is the false expectation that you can grow without investment. The truth is that the most successful leaders and businesses are the ones who invest in themselves. Whether it’s coaching, hiring to fill in your gaps, or buying resources to provide an amazing customer experience...you must invest to succeed.
I have never met a single successful business owner or leader who has not invested in themselves. It boils down to this...when you invest in yourself, you are showing faith and belief in what you are building.
When you invest, you show up with more intention and purpose. You are more likely to take action...even when it’s outside of your comfort zone.
And the more you invest in yourself, the more you grow. So get out of your own way and take that next step. Invest in yourself and your business. Today.
The Money Drain
So many solopreneurs and business owners don’t understand that having a business means revenue in. You must be earning dollars to have a relevant business. It’s simple. If you aren’t earning any money, you don’t have a business yet.
Tocreate revenue, stop wasting time on anything but revenue generating activities until you plug the money holes. To invest in growth, you must have revenue coming in.
Stop wasting time pretending to work on your business. Do whatever it takes to bring your revenue levels up to grow and accelerate.
This also means investing in resources to help you improve your sales skills. I don’t think it’s a secret and yet it surprises so many...but you must be good at sales to succeed in business. Or hire someone who can do it for you.
Money doesn’t grow on trees. You have to ask for the sale to get it. Plug your money holes. Focus on revenue generating activities. Become excellent at sales.
Shiny Object Syndrome
To succeed in business, you must have a strategy for growth and scalability. You must know your market.
And as soon as you discover what works, you must rinse and repeat that thing over and over again.
Stop trying to reinvent the wheel. Spend the time on activities that work. Activities that bring in revenue, referrals, and clients.
Focus your time where it matters most. Revenue generation. Never losing a customer again. Build raving fans. Develop an amazing referral generation program. Streamline lead generation.
Stop dividing your time on the next shiny thing. Develop a plan that will build your momentum towards success. Say no to everything that’s not on that path. Say yes only to activities that are aligned.
Commit to the plan. Live the plan. Do that and you will succeed.
Biz Alignment Fallacy
Have you ever met someone who is doing all the right things and yet they continue to fail to generate the outcome they desire? This is because something is out of alignment.
Some are trying to build a business with zero energy. Some have neglected their home life and it’s seeping into their passion for business growth.
And sometimes it’s because they are building a business that is completely out of alignment with what they actually want. It’s misaligned with their values, the legacy they want to leave behind, and their definition for success.
When this happens, it wreaks havoc in our life and business. We wonder why this is happening. It has no logical explanation. And yet we continue to get the opposite of the results we desire.
This is why working with a coach or a mentor is essential. Do the deep dive. Get clear on what you want. Discover what your values mean in your life and how you show up. Define what success means to you. Paint the picture for what it would look and feel like when you arrive.
The more clarity you have, the better you can remain in alignment. Clarity is the ultimate compass for life and business. When we take action that’s aligned with our values, vision, mission and purpose in life, nothing can stop us.
The Stubborn Lone Wolf
A HUGE factor in business failure is trying to go it alone. To reach ultimate potential, we must work together. This doesn’t mean you must find a business partner. It does mean you need to build a community of business rockstars who can support you.
We’ve all heard the quote, “Two minds are better than one.” There is no arguing against this truth. We are better together. There is more bandwidth, creativity, critical thinking and brilliance when we come together.
Stop trying to solve all the problems of your business, your life and the world alone. It is an act of insanity to do so. I guarantee you will fail if you think you can build this thing alone.
And even if you could, it’s lonely, exhausting, unhealthy and no fun to do so. Why not build your tribe of all star business owners who can support you. Share ideas. Share challenges and brainstorm solutions.
Hire a coach. Find a mentor. Work with a therapist.
To succeed in business, you must become even more brilliant every single day. Invest in your brilliance. You’re worth it.
And commit to learning for life. You don’t know it all. You can’t. It’s impossible.
But you can show up every single day being coachable. Committed to learning. Ready to embrace the challenges and changes life throws your way.
You’ve got this!
Still Stuck?
I understand. We’ve all been there. This is why I work with my business and life coaches. Because they can see my blindspots.
They show me where I need to grow. And how I can get out of my own way...
I have carved out a limited number of time slots to invite you to hop on a Roadmap call with me to see what is working, not working, and what you would love to have working.
You will begin to discover:
- What isn’t working in your business (what are the gaps you can’t see–blindspots)
- What is working and how to maximize more of that (or start to harness strategies that work)
- What you want 30, 60, and 90 days from today
- Get clear on what your superhero powers are
You want to hop on a call with me if you are ready to:
- Attract amazing clients you are crazy about
- Create magic in your life and business - yes I mean it, magic!
- Get out of your own way and create massive goals matched by massive action!
DO NOT sign up if...you are not willing to invest your time, money, energy, and heart and soul into finding your life’s purpose, and creating a business around it that makes a massive amount of money so you can make a difference in the world.
You have a choice in your business. You can attempt to tackle the bear, run like hell, or you can follow the protocol and take right action.
Ask yourself, are you an action taker? Or are you a conditional action taker?
Do you find you are getting’ ready to get ready? Or do you avoid taking action in the event you might fall flat on your face?
Don't wait for the bear to catch you. Step into action today.
