Don't take this article the wrong way, the struggling entrepreneur story used to be my story. In fact, my first year as a full-time entrepreneur I didn't even generate $20,000 in revenue for the entire year. The similarity between myself and other entrepreneurs is that I got tired of not making any money, the difference between myself and other entrepreneurs is that because I wanted to see a change I took massive action and did something different.
People always ask me what did I do to get to this point in my business. Don't get me wrong, I have not made my first million yet but I am very far from where I used to be. While there is no magic pill that I took, there are significant changes that I made so that I could cross that 10% threshold. Here are some steps to take to overcome being the struggling entrepreneur:
Be Mindful of Your Inputs: Your mindset is everything! If you keep saying, "I'm broke, I'm an entrepreneur" or "It's a struggle being a business owner," then that will constantly be your story. You have to maintain control of your thought process at all times as an entrepreneur. When I was in my early days, my affirmations were my best friends. I had to wake up every single day and tell myself that I was awesome and I would soon be a successful entrepreneur. Instead of telling yourself that you are struggling, tell yourself that you are awesome. You are in control of your own destiny- don't forget that.
More Reading, Less TV: Become obsessed with the industry you are in and read as much as you can get your hands on. I once read a quote that said where you will be five years from now depends on the books you read today, this is so true! I am still very much an avid reader, but when I first got out of the 9-5 lifestyle I was literally reading one book per week about entrepreneurship and being successful. There is so much knowledge in books! I have a book collection worth a couple of thousand dollars, but it has generated a lot of profit based on what I have learned from those books. If you can't find the time to read more, try turning your TV off.
Hire Help: So many entrepreneurs have mentors and they believe that this is sufficient. Mentors are great but they have no true obligation to help you unless they have time. In other words, you are getting in where you fit in. If you want to see real, consistent results in your business then you need to work with someone who will be obligated to make you and your business a priority. Yes, I am talking about a coach or consultant. When I meet people who are on the fence about hiring a coach or a consultant, I always have to remind them that if they could have done it by themselves then they would have by now. I have invested well over $50,000 into coaching, consulting, and personal development over the years. Very big investment, but I would not be where I am without it. True CEO's are wiling to pay for advice that will get them to their goals a lot faster. If you are ready to shorten your learning curve and work with someone who has been in your shoes before, click here to apply for one of our discovery sessions.
Get Serious: People won't start taking your business seriously until you do. If you have a crappy website or take the cheap route with your business, you will have a hard time finding clients who want to pay your high-end rates. Always consider why you started your business. If it's not a hobby then you should be giving it your all and taking it seriously. Remember, businesses that come off as a hobby generate hobby-like revenue.
THIS WEEK'S FIRE YOUR BOSS TIP: Stay Optimistic
Optimism should be at the top of you checklist. You have to set goals that will stretch you, instead of "safe" goals. Reach for the moon with the goals you set. Why? Because when you aim high with your goals, you still end up doing ok if you miss.