Question: “Hi Ali, I’m just launching a new business. Although I’m very excited about it I’m also very nervous. What if it fails? How do you get past those insecurities and back on track?”
– Mary Webb, Mississauga, Ontario, Canada, eDesignBoutique
Ali’s answer: “Hi Mary, congratulations on your new business! I know this is a scary time for you, so when you hear people say ‘Wow, did you know that 4 out of 5 businesses fail within the first X years, blah blah blah…’ please don’t be disheartened. When I hear those statistics I want to change them to say the business owners give up. Because that’s really what happens.
Be prepared for ups and downs, moments of doubt, and having to be more strong and courageous than ever before! I know for me, starting and growing my business has been the best personal development tool of my life. (For more help with the faith and courage part, check out my Divine Success audio program.)
The good news is you can completely prepare for this mission and avoid becoming a failure statistic by making sure you:
1. Get the knowledge you need. When I meet most women business owners I work with, they are spending most of their money and time trying to become better at what they do instead of learning how to grow a business. I see you specialize in interior design, so instead of trying to grow in that area, I’d rather see you put resources toward learning more about the latest marketing and business growth practices. If you can’t afford a direct mentor or coach, start with home-study courses and programs (like those I have in my online Success Store). The #1 reason those businesses fail out there, according to data shared by the SBA, is the owners just don’t have the knowledge it takes.
2. Work your numbers. Make sure you will be able to make money with your business. This may sound like a “duh”, but you won’t believe how many women I work with who haven’t sharpened their pencil and figured this out. The purpose of a BUSINESS is to make money! 😉 Add up your costs. Fixed costs include things like rent, internet, phone, etc., and variable costs are ones that can change such as advertising or hiring help during busy times. Make sure your revenues will exceed your expenses. I’m sure you know this but I’ve seen many brilliant entrepreneurs go belly up because they weren’t watching their cash flow! While most businesses don’t make money right away, there are many that do. “Micro-businesses”, or home-based businesses with less than 10 employees, can be especially profitable right away if they simply go out and get clients immediately!
3. Be flexible and ready for change. The advantage of being a small business is you can keep your ear to the ground, listen to what your market wants, and then adjust accordingly. The businesses that got into BIG trouble during the last recession are the ones who had their heads in the sand and weren’t quick to adapt. Survival of the fittest! As you get out in motion look for ways to niche further in what you specialize in, be it a specific target market or the type of consulting you provide. And network with other successful entrepreneurs to keep your perspective fresh and gain new ideas from those OUTSIDE your industry. If you haven’t done so already, check out my free 4-part VIDEO series, “Elevate Your Income: Top Strategies to Boost Your Business Fast!” In it, I reveal some of my BEST income-generating secrets for starting and growing your own business today ”
Love and success,
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