According to Forbes, approximately 20% of small businesses fail in the first year. And what happens after that? Only about 50% of small businesses make it past the 5-year mark.
These statistics are staggering and similar ones are reported by other reputable sources. But while these numbers may seem scary, they’re NOT a reason to forego having your own business.
Instead, use these statistics as a motivator to make you learn HOW to stay in business and more importantly, how to have a SUCCESSFUL business.
4 Mistakes That Will Prevent You From Having a Successful Business
Having experience with starting and growing successful businesses myself, I’d like to share some of the important pitfalls to avoid that I’ve learned along the way. Take them to heart and you can beat the odds whether you have an online dietitian nutrition coaching business, real estate investment company, or another business altogether.
1. Being impatient – thinking that a successful business happens overnight
Yes, you’ve probably heard a story or two about some start-up company that grew rapidly in a very short period of time. While stories like these make great news headlines, they’re certainly not the norm.
Here’s the truth … if you want to have a successful business, it takes TIME and EFFORT.
The magic formula is this … motivation will get you started but dedication and discipline is required to keep you going. Day after day, week after week, year after year.
That means doing your least favorite business tasks … even when you don’t feel like it.
It means doing hard work and putting in long hours … even when no one else does.
Remember, wealth is created over DECADES, not DAYS. So, if you want to have a successful business as a Registered Dietitian, Physical Therapist, Fitness Trainer, or ANYTHING else, be patient!
2. Getting distracted by your ideas
Don’t get me wrong here … there’s nothing wrong with great ideas. In fact, that’s what most businesses are built upon.
But when you are constantly distracted by the next new idea, your business will suffer.
The reality is that 20% of the tasks you do create 80% of your business success.
So don’t get distracted by things that aren’t a priority. Focus on the 20% that moves your business forward and delegate or eliminate everything else.
3. Comparing yourself or your business to others
Have you heard the saying “compare equals despair”? It’s true in all areas of life, but especially when it comes to your business.
Compare your business to what others have or what they’re doing and it’ll be easy to feel like a failure if you don’t quite measure up.
Instead, take the time to think about what a successful business looks and feels like for YOU. Then, figure out what it will take to get there.
For some, it might mean continuing their education so they can grow their business to new heights. That’s exactly why I offer courses for Registered Dietitians – they can learn ways to connect their formal education with real-world scenarios to be able to help more people and ultimately, grow their income.
4. Neglecting to invest after building a successful business
Growing and scaling your business to the next level is great, but what’s next?
As your business starts to produce higher levels of income, you’ll ideally see some excess cash. What do you do with it?
Some entrepreneurs choose to reinvest that capital into their business. That way, it can continue to grow and evolve into an even bigger business.
While reinvesting in your own business is certainly an option, it’s not the only one. In fact, if you choose this route, you’ll still be left having to work for your income day after day, year after year.
In my own experience, I started an online coaching business in 2016. That business grew to thousands of customers in over 20 countries. With the profits from this business, my wife and I started to invest in real estate.
Why invest in real estate when I’m a Registered Dietitian? Simply because it’s a great way to grow PASSIVE income that continues to produce cash flow day after day, month after month, year after year. It also provides some great tax benefits so that’s a plus, too!
Regardless of what type of business you have and how much money you earn, make your money work for YOU!
Build a Successful Business With the Help of a Business Coach
There’s no doubt that there have been some entrepreneurs who have figured everything out on their own and gone on to have successful companies. But remember the statistics I gave at the beginning? Scenarios like this are certainly not the norm.
With the understanding that many companies do fail, it’s important to do what’s in YOUR power to CREATE and SUSTAIN success.
Lighten your load and shorten the learning curve by working with a business coach like me. I can help you grow and scale your business by teaching you the proven principles that have worked for my own companies.
If you’re truly serious about building a successful business, apply for private business coaching today. I look forward to YOUR success!