I just started my business a bit more than 6 months ago. I am not a pro at all, but in this short amount of time I have already had some key learnings on what not to do in a business as they will most likely lead to failure.
It’s not easy becoming an entrepreneur coming from the safety net of the corporate world. As not only you have to learn to implement business and marketing skills but you are also going to face tons of doubts and fears. Which are not your supporters at all! Unless you can learn from them!
I have gathered the top 5 things that almost led me to stop pursuing my dream of becoming a coach. Losing money, at least some of it is almost guaranteed if you fall into these mistakes.
So here’s 5 things that will help you avoid losing money in your business:
1) Know what you are selling!
I know this sounds ridiculous, but it is very important. I find that so many entrepreneurs, especially when they are selling services don’t know exactly what they are selling. If you don’t know, how on earth would anyone buy it? It’s key that you are clear on what are the main benefits of your product, what solution you are giving to your client or customer.
What is the major benefit of my product for my client or customer? Why should they buy it?
2) Know who you are selling it to!
If you target group is everyone you are actually selling to no one! Second biggest mistake – which even I made as a marketer- is not narrowing down your target group. Who is your product really for? Who is your ideal client or customer?
Make sure you target a group of people who you can give value to and they are willing to pay for your products or services.
3) Keep the faith!
You will face doubts and fears that come from your belief system. I went through the phases of “I can’t do it”, “It’s not possible”, “I can’t make enough money” and lots more. 80% of success comes from your mindset. You have to keep yourself positive and motivated. Celebrate mile stones, make a list of accomplishments and thank yourself everyday the wonderful job you’ve done. This is the most important thing you can do for your business!
Stay positive and believe in yourself!
4) Don’t give up!
I thought if I quit my corporate job and follow my heart, everything will fall into my hands, solutions, contacts, clients etc. And partly it was true. But I have faced tons of obstacles and had times when I was really down, lacking motivation and self confidence. It’s key that in such times you don’t give up. As you need to be really consistent to achieve success. Maybe testing things 20 times before it finally works or speaking to different clients 30 times before someone finally buys your product.
Keep going and you will get there!
5) Invest in your business!
I wanted to invest zero money in my business. I made my own website and wanted to do everything on my own. Result? My website was cheap and I had no clients, even I wasn’t confident about it. Then I hired someone to do it for me, so I have more time focusing on serving my clients, I started to work with a business coach to grow my business and things started to fall in place. Just be clever about expenses, the most expensive services are not always the best!
Investing in yourself and your business is key in order to achieve success!