A lot of people talk about the upside of entrepreneurship but let’s be honest, this is some difficult stuff. It’s not like you wave a magic wand and everything’s just awesome. And even when you get to a certain level, there’s probably a greater chance that you fall back down, in order to go back up again and then you fall and then you go back out again.
So I want to talk about the seven mistakes that I made that kept me broke and working over 60 hours per week.
Right off the bat, the first mistake I made was not prioritizing Lead Generation and undercharging.
Let me tell you a story. I had two clients. Client A had never done any lead generation efforts ever before we met, but their business was at 6-figures. They relied on referrals.They probably made a lot more than some of my other clients. While client B, they depended on referrals as well but they still made way less than client A. So if they both depended on referrals, what was the difference?
It’s the price that they charge for their service….
Both of these clients before they met me did zero lead generation, but one was drastically more successful just because they had a more expensive offer that removed more pain, whether it be emotional or financial pain from their customer.
Ask yourself this honest question, does the price I charge for my product or service match the amount of pain I’m removing from my customer’s life?
The second mistake I made is not having an accountability partner.
I don’t know who needs to hear this but your accountability partner in business as an entrepreneur is not the same thing as your life partner, your spouse, your best friend, your brother, or your mom. I remember thinking, “oh, I just need to hit up my family member and they’re going to encourage me, and then I’ll feel better and I’ll just get motivated.” There’s no such thing as motivated….
We do things that we don’t want to do every day and the people who continue to choose to do things they don’t want to do every single day are the ones that win in. This is why choosing the right accountability partner is very important.
Third, investing in a high-ticket coaching program too early.
If the coaching program doesn’t remove a 100,000, 20,000, 10,000, whatever the price of the program is worth directly and fast, you don’t need it yet. You haven’t graduated to a level where there’s even enough pain to remove, because that’s why it works.
That’s why the sales pitch sounds good because, in the back of your mind, they’ve removed so much pain and made so much money for others. But you’ll end up asking yourself, “why can’t they do it for me?” That was a huge mistake I made. If you’ve never sold your digital product or offer, as I did in the very beginning and you don’t have an accountability partner, you have no business being in a high-ticket coaching program.
Fourth, having a busy calendar does not equal business growth.
It’s not the same thing. There are plenty of people who whenever you try to have a conversation with and schedule on their calendar, you can’t schedule until the next month yet they’re still broke.
It doesn’t make sense. Why are you spending so much of that time and having a full calendar like that?
It’s either one of two things and I made the same mistake in the past. It’s either you didn’t know how to delegate on a tight budget or it’s because you’re a control freak or both. I understand that there are some things that you can only do at the level that you can do them. I get it. But the key to delegation is to delegate the things that don’t need to be done perfectly but often.
The fifth mistake, buying expensive software before you have cash flow.
Until you got real oxygen (lead generation and consistent sales) in the business, you do not need a thousand dollar a month software. You do not need a fancy-ass printer. Right now, your job is to keep expenses low, save enough, then reinvest.
Number six mistake, hiring the cheapest service providers.
You can’t be the cheapest and the best. If you’re going to hire somebody that’s not proficient enough to do the work without you telling them how to do their job, it ain’t even worth hiring them. The reason is that the amount of time that you had to allocate to help them get to the finish line, will cause you to waste $10,000 worth of your time, when you could have spent that on lead generation. Hire the right fit. However, if you can’t afford the right person yet, that’s a risk you need to evaluate.
How are you going to convince other people to sign up for your product or service, and invest in you if you won’t even invest in yourself?
The last mistake. Running Facebook ads before validating my offer and having real customers.
Trying to run a Facebook ad without customers and a proven offer is like trying to hop on an airplane as it is taking off from the runway.
All these things are so stressful that the people you hire to run your ads will tell you the problem is you when they should have asked you if your offer is proven first.
I’ve been there, done that. You don’t have to do that. If you want to close three solid clients, and I’m talking people that pay you $30,000 to $50,000, close them through organic outreach where they hand out. Then once you have a proven offer, put the case studies in your sales funnel. Try some ads, but don’t come out of the game. Don’t believe the guru. You are not going to sell a million dollars with your first sales funnel without real case studies and a solid sales process. It doesn’t work like that.
The truth of the matter is, every entrepreneur on planet earth had a financing issue, a delegation issue, and so forth. You are not alone. I want you to take this seriously, because if you listen to people who made the same mistakes that you’re probably going to make, not only can you avoid them, but you can actually help your team and clients avoid them.
Feel free to download this cheat sheet, keep it in your email, print it out, do whatever you gotta do, but I need you to avoid these seven mistakes.
I help burnt-out CEOs grow their emotional & financial bank account | From Unemployed in a coma to $100 Million in Customer Success.
I want to talk about what started happening as I scaled my business. Specifically, how I was able to cut back my hours but still maximize the use of my time. In short, how I was able to start working smarter.
Download Cheat Sheet