Many new businesses struggle to survive the first five years or end up stuck at a low level of success. This often happens because most entrepreneurs focus too much on mastering the skills in their field and overlook the crucial business side of things.
To overcome these challenges, entrepreneurs must follow a proven plan to grow their business. In this episode, Dr. Terri Levine takes the listeners through the key disparities between successful and unsuccessful entrepreneurs. Discover the root cause of business failures and gain valuable insights on how to overcome the challenge.
Additionally, Dr. Terri Levine provides a step-by-step report to help you create an action plan that will guide you toward business success. Tune in now and take the first step towards unlocking your business potential.
Key Highlights From The Episode:
[00:34] Introduction to the show
[01:56] The difference between successful and unsuccessful entrepreneurs
[04:02] What causes most businesses to fail, and what to do if you’re skilled but struggling in your business
[04:41] Get the step-by-step report designed to help you create an action plan that will guide you toward business success. Email: terri@heartrepreneur.com
Golden Nuggets:
- Highly successful business owners have excellent cash flow, continuous growth, and enjoy time freedom. [02:24]
- 90% of new businesses fail in the first five years. [02:46]
- Majority of businesses plateau at a very low level. [03:11]
- You need to be following a proven plan to grow your business. [03:50]
- You need to invest more time and resources in mastering the business side of what you do rather than just focusing on your skill. [04:12]
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Full Transcript:
Hello and welcome. It’s Dr. Terri Levine, you are here at Digital Marketing for Coaches & Consultants. We’re thrilled to have you, I hope you’ll subscribe, share the show, tune in all the time. Now, I love sharing methods to grow your business so fast so that you get to reap the rewards of success while you get to help as many people as possible and transform their businesses, their lives, whatever you do. And when I share the methods, if you’re saying to yourself, “Oh, I don’t have enough money for marketing,” then you need to know that the number one thing that can truly kill your business is lack of money.
Almost all business problems can be solved with money. So, if you tell me, “Oh, I didn’t go into business to make money,” either you’re not being honest, or you’ve decided to have a hobby and not to own a business. So, I know you’re here at Digital Marketing for Coaches & Consultants because you do care about transforming lives and delivering value. However, you can’t do that while you’re going broke, right? How can you help people if you’re not doing well financially? And maybe you have been doing well in your business, and maybe you’re not advancing your business in the way you desired. Or maybe you’ve plateaued, or maybe you’re just not as successful as you want.
So, let me address the lack of money and the lack of advancement. First, let me say, my gosh, I’ve been in business well over 40 years, and I have met so many people who simply are not meant to own a business. They’re working too many hours, they’re filled with stress. And truly, they would be better off finding a job within their industry. They literally have created a prison with no free time, no vacations, and frankly, they’re not the entrepreneurial type. So, no matter how much they learn, they’re not going to be able to advance their business.
On the other side, the highly successful business owners like me, and like my client family members, we have great cash flow, we have continuous growth, we have time freedom. I’m going to help you be one of those if you really have what it takes to be a successful entrepreneur. Now, there’s so many statistics about how many businesses fail in the first five years. Most data says that 90% of new businesses fail in the first five years. So, let’s just be really, really conservative, and let’s just say 50% fail in the first five years. That gives you a 50/50 chance of being in business after five years.
However, these statistics that they report only talk about businesses that completely shut their doors. The majority of them actually plateau at a very low level. And literally, the owners become miserable, yet they’re still in business. So every single day, I meet business owners who just can’t seem to grow their businesses where they really generate a great profit. In fact, if they’re generating a profit, it’s usually a minimal profit. And the owner, quite frankly, is becoming disillusioned with their business. They’ve created nothing more for themselves than low-paying jobs.
So, just because you’re a good technician, and your coaching, consulting, whatever it is you do, doesn’t mean that you’re good at the business side of that. You need to be following a proven plan to grow your business. Just like military operations follow a plan, and doctors create a treatment plan, you also have to have a proven plan. Now, it is a lack of business skills that causes most businesses to fail. So, instead of getting better at the technical thing; coaching, or consulting, or whatever it is you do, you actually need to spend more time and more investment and becoming great at the business of what you do, not the skill of what you do.
So, if you believe that you’re technically… You’re good. You’re a good coach, you’re a good consultant, you’re good at what you do and you have a good skill set, and you’re confused as to, “Why am I just not making it on the business side?” That’s why we have Digital Marketing for Coaches & Consultants. Now, I put together an entire step-by-step report to literally help you and create an action plan for you. It is my gift to you, and all you need to do is just send an email to Terri, T-E-R-R-I, @ heartrepreneur, H-E-A-R-T-R-E-P-R-E-N-E-U-R, terri@heartrepreneur.com.
And in the subject line, just one word: Report. You don’t have to sign up for it. You don’t have to give me your name, your email, your phone number, your firstborn. Once I get your email, I just give you a link, the report is yours. It’s my gift to you. Thanks for tuning in. Be sure to tell others and subscribe here at Digital Marketing for Coaches & Consultants. I’m looking forward to your email, terri@heartrepreneur.com.
