I love entrepreneurs, specifically, I love the heart-based, soulful entrepreneurs that I work with. These innovators and service-providers are building businesses that are truly meant to serve the world, not just put money in their pockets (although important as well). They are making the world a better place, and often getting in their own way trying to do it.
The truth is you can have the most life-changing skills, services and products, but if you are making a few key mistakes, you are risking the entire dream. Here’s the three biggest problems I find when I help others with their strategy – check your business and see if you might be doing any of these.
1. Too many ideas.
That’s right, I said it – TOO MANY IDEAS. The response they give is that is precisely why they are an entrepreneur because they have all these great innovative ideas. So let me be a little clearer it’s the ACTING on too many ideas that actually does the harm. While ideas come to us for a reason, we can’t possibly act on every one at once. When we do, we split our focus so much that either nothing gets done, or nothing gets done well.
Find what’s most important to your audience and the most impactful and focus on it until your work on it is complete. Then move on. That’s how we work through that list of great ideas.
Also consider that not every idea needs to be worked on. Sometimes they are ideas we could pass on, sometimes they are ideas that are only there to hold a space for some better, future idea. They aren’t all meant to come to fruition.
2. They just don’t know where to get started so they put it off and put it off.
They have the ideas, the skills and the to-do lists but it seems overwhelming to get branding, a website, social media, and everything you need to run a business all by yourself. It’s a lot of work and often it doesn’t start with a lot of investment to have some marketing company to put it all together for them.
Even when you level your ideas down, it can be difficult to really understand the order in which things need to get done. If websites, social media and mass email isn’t something you are used to doing, it can be challenging and a time-suck while you try to figure it out. Many people give up or worse – just don’t get started.
If you can’t afford support, that doesn’t mean you have to give up. There are plenty of resources out there, you just have to take one step at a time and be patient with yourself. Know that it can be tough to learn new systems and technology, but you can do it if you just start somewhere.
3. They go it alone without support.
Even solopreneurs need to connect with peers — or I should say especially solopreneurs need to connect with peers. It’s challenging to run an entire business with no or limited assistance. Don’t reinvent the wheel, start collaborating or networking with peers who share a common audience and talk about what works and what doesn’t. Share tips and tricks to help each other out or just to review each other’s content for critique.
Success people have support. It’s what makes them profitable. They find people to hold them accountable and offer feedback to better their business. Even if you can’t afford support, you can attend some networking groups or find an online business buddy that you can exchange ideas with or offer a second opinion on whatever business challenge you are having.
4. They don’t charge enough.
Most of my clients love what they do with a capital L O V E, so they often underprice themselves. While it is generous to their clients, it usually isn’t benefitting their bottom line.
Being a soulful business doesn’t mean giving away our gifts. Sure there is time for charity, but there is also a business to run so you can offer more to charity if that’s what you choose. If you really believe in your services or products, someone will buy them regardless of the price. Stop giving away your inventory whether that be a service you offer or a physical item off the shelf.
I write this because I want you to avoid these mistakes. Being an entrepreneur isn’t easy and it’s harder if you are doing the above four things that can really throw off your profits and motivation.
Here’s what you can do:
- Start somewhere with one step and keep going
- Get support. Get to know some other entrepreneurs because there’s going to be tough times other people may not understand.
- Take an honest and objective look at what you charge. Take into account the taxes you have to pay, the equipment and materials that you need in order to ensure you aren’t under=ricing yourself.
Need more? You can hire me as your marketing BFF and I even scale to your business. I’ll be your support, I’ll keep you organized and more importantly, keep you focused. Then we start checking things off the list and pumping life (and profit) into your business. We’ll do it together. Learn more here.