The longer I’m in business, the more completely I understand that the number one obstacle likely standing in the way of your business success is…
self-sabotage.
Now I’m not talking about self-sabotage due to letting your fears get the best of you, as I’ve written about overcoming a fear-based mindset elsewhere. What I want to address here are four common but often overlooked concrete ways many entrepreneurs keep themselves playing really small.
Take a good look at these four self-sabotaging business blunders and see if you are guilty of one or more of these profit-killing behaviors:
If you would prefer to listen to the audio version of this article, simply click on the play button or continue reading below:
One – Staying in a Bad Niche
Many people feel “trapped” in their niche, even if it’s not producing a great income for them. Women especially may feel obligated to stay in their current niche because they are being of service (such as a coach working with welfare moms) or they simply don’t know how to identify a lucrative niche.
A good niche is the intersection of your passion and expertise with a pool of customers or clients who have a problem you can take care of and most importantly, their problem is so painful they will gladly pay you to solve it.
If you are in a bad niche, change it. There are plenty of ways to serve people in need after you are making good money, such as devoting a portion of your time to pro bono work.
Two – Lack of a Viable Marketing Plan: Here’s the marketing plan many women entrepreneurs have: __________________________
Notice the blank space. That’s because these folks don’t have a plan, they just do whatever comes to mind. “Oh, maybe it would be a good idea to send out some tweets or post on Facebook. And I guess I should think about sending an email to my list since they haven’t heard from me in awhile. Or maybe I should write some articles today. But first, let me check my email.”
You’ve probably heard the old saying, “Failure to plan is planning to fail.” Old sayings have stayed around because they are true. If you don’t have a marketing plan, and by that I mean a systematic, well thought out strategic set of activities that are performed regularly and consistently that bring new leads into your business, then you are planning to fail.
So if you don’t have a Marketing Plan in place, get going on this one. If you don’t know what you should be doing, then get some help in this area.
Three – Lack of a Viable Business Model: This is a big one. Many coaches, consultants, trainers and service professionals live from one client to another and have nothing in place that will take their clients from one stage to another with them. Or they create a $27 ebook or a $97 product and think that by putting it for sale on their website, the money will come rolling in. Wrong!
Your low-priced ebook or intro-level product is a good first step for prospective clients to get to know you and your work better, but you are not going to create a lucrative business with only these things in place. You need a business model that is going to give you leverage.
Educate yourself about viable business models and put the one that works best for you into your business.
Four – Failure to Invest in Yourself: If you are like any women entrepreneurs, you have no problem buying tangible “things” for the business, such as a new computer, a printer or even upgraded cell phone service, but when it comes to investing in yourself, you often balk.
“Oh, I can do it myself.” Or “I can figure it out alone.” And yes, you probably can. But at what cost? How many years of lost money and lost opportunity are you going to put up with until you decide to invest in the most important part of your business…you.
What to do? Purchase the specific program you need to fill that gap in your knowledge and then implement what you have learned. Hire a coach or mentor, someone who has done (and is doing!) what you want to do.
Or get into a high-end platinum-style mastermind program run by a successful and knowledgeable leader. The options are endless.
And there you have it. Four business blunders that will keep you playing small. If you are raising your hand at any or all of these, you’ve taken the first step to taking your business to the next level.
Now take action to correct these so you won’t be held back any longer.
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Well, let’s see…guilty, guilty, guilty, guilty. Hmmm…guess it’s a good thing I am changing all that! And my experience is that eliminating even one of those business blunders will improve your business and its income.
Good coaches help us see what we can’t. Thanks, Ellen.
The first step to recovery is admitting your guilt Paula
We’ll be working on all this very soon when you come to Atlanta, so get ready!
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