5 Common Mistakes That May Be Keeping Your From A Million Dollar Business

What is the difference between a successful business and a thriving business? Profit.

The fine line in this distinction is simple. A successful business can have a steady stream of clients and revenue flowing but it is not setup to survive obstacles. A sudden shift in clients can send it tumbling into bankruptcy. A thriving business has solid foundations, measurable metrics and multiple streams of revenue that sustain it through highs and lows of market shifts. Cash in hand measures the vitality and longevity of any business and for that foundations are essential.

Owning a successful business requires that you have tools, savvy and perseverance. But many overlook some obvious habits that can cost them thousands of dollars in profit loss a month. In working with women owned businesses I have seen a unique pattern emerge, women want to do it all. Yet, in the quest to become omnipresent, they loose themselves.

So what are the five most common mistakes I see female solo entrepreneurs make that keeps them on the hamster wheel of mediocrity?

1 Spending time on Dead-end tasks that have Zero to Little ROI
Time is always the greatest asset a business owner has. It is finite and should be carefully prioritized. This means learning to say NO to projects and tasks that have zero or no return on investment. For example, if you are spending three hours a day posting in facebook groups, engaging with social media pods but have yet to book a paying client, your ROI is net ZERO. That is 15 hours a week that can be devoted to developing a strategy in your business that works! Instead focus on spending 80 percent of your time on client generating activities. This also includes nurturing better relationships and providing excellence to current and former clients.

2. Guru Mania: Trends
Copying trends is not a sustainable business model. Each business has unique skills and challenges. Replicating tactics is not a saleable strategy. However, there is value in learning from the best and modeling their behaviors. Overnight successes doesn’t happen from replication, it happens when you step into you’re your own unique authentic power and create a product and service that people are craving and only YOU can deliver. Take up space and differentiate your business by delivering value in a way that transforms the client’s experience, and the only way to do that is by understanding the client’s tipping points. Why are they seeking a service or product like yours in the first place?
Which brings me to number 3

3. Understand Client’s Core Problem
Gone are the old days of internet marketing where it was easy to get traction and gain followers. Listen, the competition online is fierce because there is hardly any barrier to entry. Mediocrity not the name of the game in a saturated online space of entrepreneurship. To stand out you MUST understand what keeps your ideal client awake at night and you must know how to explain your unique solution to their problem in less than six seconds. Yes, I said six seconds. The average attention span of a client browsing your information is less than that. Most people make a snap judgement about you in 6 seconds online. SO your message has to be succinct, powerful and catchy enough to stop your ideal clients in their tracks. Sounds like an impossible task right? Honestly, it can be, but when you get this right, clients will be begging to work with YOU instead of you chasing leads.
Which brings me to number four…

4. Loved by Everyone, Paid by None
Now if your message is clear, concise and creates a sense of urgency in your ideal clients’ mind then you should ideally be attracting the right people to your business right? Well, not so fast. As humans we sometimes have a tendency to inflate our self-image. By that I mean sometimes the surface problem that needs to be solved stems from deeper more complex issues. And complicated is not sexy enough to sell. The saying goes, “Sell what they want, give them what they need.”
As an ethical business owner you must understand your client’s journey, where they realistically stand and if your unique solution can help them overcome that problem. This means saying NO to clients who are not ready for your product or service, are more advanced than your solution or just not a good fit based on your unique ability to transform them. Knowing the difference means saving a lot of time and headaches, poor client relationships and unhappy customers are much more difficult and damaging for your brand. Saying No, Thank-you but we are not a right fit will actually help you build your business more rapidly than trying to get results for a client who is not even on the same destination track.

5 They don’t know their numbers
You may not love numbers and math, but in order to become a successful business owner you MUST know your numbers. Everyone on social media loves touting their six and seven figure earnings but according to Inc. magazine 96 percent of businesses fail within the first 10years because they do not understand their numbers. Ninety-six PERCENT!

It is great to be generating seven figures in revenue, but if you are spending just as much to attract clients through marketing then your profits are actually in the negative – is that really a successful business model?

The answer is simple; NO. That means you are operating at a loss and essentially can-not pay your bills. Or in other words, you have a very expensive and not to mention exhausting hobby. Eventually, this constant struggle leads to burnout.

You can have the life and business of your dreams without losing your sanity or working long hours. This begins with creating solid foundations that leverage your unique skills, or superpower. Business is not an easy venture but you can create a thriving and profitable if you avoid these five mistakes.

Send me your feedback on what mistake you wish had been avoided in the first five years.