If you’re looking for common mistakes new entrepreneurs make and how to avoid them, keep reading.
I recently came across a number that broke my heart:
97% of Australian businesses fail…
And since a big contingent of my market lives in the US too… I started Googling those statistics.
Turns out, in the US 50% of new businesses pack up in the first 12 months… Less rattling, still disconcerting.
I don’t want to pour doom and gloom on your day… Fear tactics aren’t my jam…
And the truth is, statistics like these crop up all the time.
The fact that a lot of new businesses fold, especially in start up, isn’t new or groundbreaking.
It’s usually the same common mistakes that cause new founders to topple…
And today I want to put them on your radar, so you, my Lovely can avoid them.
5 Mistakes New Founders Make
Mistakes Entrepreneurs Make #1: Spending more time BUILDING your business than you do SELLING your business.
Yikes, we’re starting strong…
This is a hard truth that you need to hear if you haven’t yet hit $20k/mth in your business.
One of the top reasons women struggle to gain momentum is:
They’re sinking too much time into admin and product development… and not enough time into making bank.
They spend 80% of the time making everything perfect….
Building a website… planning their course… designing their social media feed… responding to emails…
And only 20% of their time having actual conversations with their market… aka selling.
Hey, I get it…
“Marketing” and “sales” all come with these sleazy, slimey connotations.
For most coaches, marketing isn’t your Genius Zone, so it feels like a complicated and overwhelming weight to learn 🙁
Once you put yourself out there… you risk rejection, your reputation, your money (more on that in Mistake #5).
Building a business = safe.
Marketing a business = risk.
The only real way to grow your business to $20k/mth is to get clients…
And the only way to do that (so you can pay your bills, put food on the table, and be free from financial worry)…
Is by having conversations!
The proof is in the pudding… don’t just take us at our word, join our free Facebook Group and meet the women hitting their Freedom Metric every day with our help.
Mistakes Entrepreneurs Make #2: Not being clear on WHO you can help… and HOW.
So many coaches spend their first year of business trying to get their market to know them…
When in reality, they need to spend time getting to know their market.
That is the only way to know who you can help, and what you can help them with, right?
Lovely Lady, if you try and be everything to everyone, you’ll be nothing to no one.
But on the flipside:
If you can identify your unique Genius Zone…
And serve your ideal market from that place…
You’ll be unstoppable!
If you can provide a way out of someone’s deepest pain points, challenges, and fears… you’ve got a client for life.
Find your tribe, and serve them well.
Mistakes Entrepreneurs Make #3: Getting Lost In The Sea of Sameness
There are two ways female entrepreneurs make this mistake…
Both, as detrimental as the other.
First, they copy and paste another ‘gurus’ program, and slap their name on it.
Especially in saturated markets (…cough… every market… cough…)
It is SO important to stand out.
And spoiler: the most unique part of your business that will stand out amongst the sea of sameness is ALWAYS going to be…
If you’re authentic and genuine… and if you go the extra mile to have conversations with your market…
You’re guaranteed to stand out amongst the noise of other brands, thought leaders and experts, right?
The second way female entrepreneurs get this wrong is:
They spend their time creating low-ticket program, after low-ticket program.
As a result they’re never paid what they’re worth, and can never provide a decent transformation for their clients…
So it’s lose/lose, right?!
You only need ONE irresistible coaching offer to hit your first $20,000.
Mistakes Entrepreneurs Make #4: Selling Your Soul To Tech
Yep, I said the “T” word.
When I ask women in my community what one part of their business is holding them back…
9 times out of 10 they say TECH.
There are thousands of tools, all which promise to make your business faster, more streamlined, more profitable, blah blah blah…
Think of it like this:
You need a factory to build a car, right?
You need the production line, the specialists, the imported parts, technology, and equipment…
But you DON’T need a factory to build a go-cart.
You barely need a tool shed…
A simple toolbox with one of each tool is all you need.
If you want to build your business to $20,000/mth, you don’t need a million and one programs to get you there.
You only need a handful of affordable tools you can lean on to keep things running smoothly.
Of course down the track, your $20,000/mth business will turn into a $100,000/mth business… then into a 7-figure/mth business…
And that’s when you can recruit the help of larger programs, a team of specialists, and advanced technology.
But if you’re yet to reach that first milestone, don’t splash the cash for an underutilised (and expensive) factory.
The only tools I’d recommend would be:
- A landing page builder (eg. ClickFunnels)
- A calendar booking system (eg. Calendly or ScheduleOnce)
- Something to process payments (eg. Stripe or Paypal)
- Something to email your clients with (eg. MailChimp)
And speaking of splashing the cash unnecessarily…
Mistakes Entrepreneurs Make #5: Investing In Paid Advertising, like Facebook Ads
Okay, this one might be a little controversial…
But believe it or not: I 100% believe you can get to $20,000/mth in your business without paid traffic.
To be honest…
I don’t even think you need a complicated funnel.
The easier, more affordable route is to strike up as many conversations as you can with your market.
Get them on the phone…
Listen to them…
Explain your solution to their problem…
And process the payment.
Sure, that sounds a little too simple to be true, but I’m telling you: it works.
It’s what worked in my own 8-figure business…
And more importantly, it’s what worked in the businesses of the 60,000 students I’ve taught.
(P.S. If you need, I can lend you some of my top tips and scripts for actually holding these calls)…
But the bottom line is:
Conversations = conversions…
And conversions = cash.
If you’re feeling the value of this already blowing your business wide open, you can take it one step further and join The Doers Way Facebook Group for SO much more.
Get all the insider tips and tricks, and connect with like-minded ladies for advice and support.