99% of small businesses fail.
Why?
Let’s take a deep dive into that question …
I’m blessed to say I’ve built two successful companies from scratch.
I started my first online coaching business with credit card debt in 2016. I was able to grow it organically to 1000’s of customers in over 20 different countries.
I’ve had the pleasure of working with some amazing Dietitians, Nurses, Physical Therapists, and Fitness Professionals in growing their online businesses.
Then, I took the profits from that business and started The Stephan Group, which is a real estate investment company totaling over $12 M in assets without any outside capital.
In growing both of these companies from scratch, I’ve learned what it takes to build a successful business.
4 Factors That Keep You From Success in Business
Here are the 4 pitfalls to avoid that can DESTROY your business:
1. Impatience
Most people OVERESTIMATE how much they can accomplish in ONE year but UNDERESTIMATE how much they can accomplish in 5.
My most successful clients were the most consistent.
Listen, motivation will get you started in business. It’s always fun in the beginning.
But then reality sets in that BUSINESS IS HARD.
If it wasn’t hard, EVERYONE would be doing it.
Discipline is what keeps you going.
You have to show up on social media even when you don’t feel like it.
You have to make sales calls even when you don’t feel like it.
If you want to grow, you have to do the HARD work in a business every single day whether you feel like it or not.
Unfortunately, most people give up and quit before they strike gold.
If you can’t see yourself working in your business for the next decade, don’t even start.
Wealth is created in DECADES not DAYS.
2. The Idea Fairy
Distractions will keep you from success in business.
Entrepreneurs love to “brainstorm” ideas.
There’s always some cool new idea just waiting to DISTRACT you from the work that actually moves your business forward.
The truth is, 80% of your success in business will come from 20% of your tasks.
Everything else should be delegated or deleted.
Seriously. I’ve seen entrepreneurs struggling to get by because they were spending 5+ hours per day on content creation and 15 minutes on lead generation!
In the beginning of your business, SALES and CUSTOMERS are the most important part.
Followers feed your ego.
Profit feeds your family.
Don’t confuse MOVEMENT for ACCOMPLISHMENT. I’ve seen too many entrepreneurs struggle because they run around like a chicken with its head cut off all day jumping from task to task.
But never getting anything meaningful accomplished.
Do the IMPORTANT work first every single day and push the needle forward.
And the most important task is usually SALES and MARKETING.
Do something every day to create new revenue in your business.
3. Comparison
Ask 10 entrepreneurs what the meaning of SUCCESS is and guess what?
You’ll get 10 different answers.
Stop comparing yourself to others.
Figure out what happiness and success in business means for YOU.
Then, relentlessly go after that.
I’ve seen too many clients and business owners start finding success, but then they start comparing themselves to someone else’s business and feel like a failure.
YOU get to define your own success.
Don’t waste your time looking at what others are doing.
YOU DO YOU!
4. Not Investing
Don’t be like how I was … CRAP.
Cash rich and asset poor.
I had over $1M saved in my Chase bank account at one time. But, I didn’t have my money working hard for me.
Once you start to grow your business and accumulate excess cash, you need to INVEST your money into CASH FLOW producing assets that work for you 24/7/365.
That’s why my wife and I invest in real estate.
Real estate works for you 24 hours a day.
No matter how much money you make in your business, you need to get your money to work harder for you.
Plus, real estate also provides major tax benefits as well!
Work With a Mentor to Achieve Success in Business
One of the easiest ways to realize success in business is to work with someone who’s already done what you’re aiming to do.
Want me to coach you to grow and scale your business?
Click here and fill out my coaching application.
I look forward to helping YOU enjoy all the success you deserve!
