How NOT to fail in business
20% of businesses don’t make it past the 2-year marker. 45% fail during the 1st 5 years and 65% during the 1st 10 years. Surprisingly only 25% of businesses make it to the 15-year point.
If you are considering a small business start-up or are several years into your business let these facts drive you to succeed rather than stop you in your tracks. You can be the 1 in 4 of successful business owners.
Most who set out in business do so for the freedom to do their own thing, for flexibility and to help people. These are integral drivers and will continue to support your reasons to keep pushing for business success. But also know when to heed the important niggling signs that you and your business need outside help.
‘Great things in business are never done by one person. They’re done by a team of people’. Steve Jobs
Signs are being sent all the time when you are in business when something needs to change; when potential customers keep saying no to your offering or you feel too scared to market and wouldn’t know what to share if you did…
Heed the signs to seek support and guidance.
1st sign:
You are over delivering and undercharging.
You don’t know how much money you are really making and only have a vague understanding on your incomings and outgoings. In fact, even talking about the financial side of the business takes you way out of your comfort zone. You feel like you’d prefer not to know and even less talk about it. You are working long hours, but your bank account doesn’t reflect the time or effort you’re putting in.
Intellectually you know burying your head in the ‘financial sand’ will not work out well for you and your small business in the long term.
You are ready to be financially pulling your weight within the home and be earning a decent salary.
2nd sign:
You feel powerless to grow the business.
You want to get off treadmill (but don’t know how) and take control of your business so that customers start seeing value in your offering. You want to feel empowered to grow the business with a clear direction.
3rd sign:
No Clear Marketing Message.
You are constantly looking at your ‘competitors’ on LinkedIn wondering how they seem to have it all together – a clear service offering, a confident marketing message and a following who are engaged and interested in what they have to say.
You would love this to be you in your small business but don’t know where to start…
The difference between success and failure is being bold enough to take action to change.
At a recent correspondence podcast recording (of a Funny Thing Called Business) a fellow business owner asked why do businesses see the importance of an accountant but not a business coach?
Are you being sent all the signs that you are ready to work with a business coach? Someone who will enable you the freedom and flexibility so you can continue to help the people you set out to.
You don’t have to do it alone. Book in for my complimentary Kickstart Session – a one hour call to give you clarity, focus and guidance on your best next steps in business.
