I have been an entrepreneur since 1998. When I decided to leave corporate America and start out on my own, Earl (my honey of 14 years) decided to have a “sit down” with me. Here is what we discussed:
If you have not had that sit down with yourself or your family maybe it’s time. Maybe it’s time to ask REAL questions that matter. This list is because I know of MANY people who say they are self-employed that make NO MONEY (or very little), and I am passionate about making money (among many things!) This list are the top 20 reasons I find that is true. Think critically about this list, even if you are making money, because if one is an issue for you, it could be what’s holding you back from the next level of success.
- You have no marketing plan that you actively and consistently work
- You have not owned your value
- Your target market is generic and unfocused
- You have not evaluated if the market you want to reach is interested or willing to pay for your product or service
- You lack follow up
- You lack consistency in message, marketing and brand
- You don’t invest in your business; you want it all for free and then wonder why people won’t pay you
- You fear success
- You think everything needs to be perfect before you ever “launch”
- You really have a hobby disguised as a business
- You can’t decide what you really want to do/offer
- Sales scare the hell out of you
- You fear failure
- Your personal support system is enabling
- You don’t have a system to handle growth and opportunity
- Your model doesn’t support true revenue building (not just fun money or income, but true revenue)
- You needed something to do while the economy was so bad and you couldn’t find work
- You do not have the motivation to hustle and do what it takes to get the sale
- You don’t enjoy marketing, finance, sales, strategy, and planning and don’t have a partner doing it
- You are paralyzed by the unknown
What will you do to have a REAL conversation about being in business?
Ann M. Evanston is a “Chief Breakthrough Officer” teaching other Business Warriors how to slow down, and find the most unique part of their business that makes them stand out among the crowd. She has been named one of the top marketing consultants by About.com, is a guest blogger for Showcasing Women and takes pride in moving you from “blah, blah, blah” to “BOOM, BOOM. BOOM!”
OK, this list would be terrifying to me if I hadn’t just joined the Social Networking Coaching Club! I see quite a bit on this list that needs addressing…like maybe most of the items?? All I can say is that got myself through a first stage of developing something and now I’m really having to decide whether this is going to be a business.
What I really like about this list is that it combines both the bottom-line concrete stuff (like marketing plans and investment) and the psychological obstacles (like fear and devaluing self). Got to deal with both.
You are always so calming in the videos! Thank you, Ann!
Judy Stone-Goldman
The Reflective Writer
http://www.thereflectivewriter.com/blog/
Good tips for making your small business a real business.
Hi Ann – I’m having trouble with #7 and #19 the most. I’ve had to start my business because the economy has had such a dramatic hit on my husbands business. Its difficult right now to find the funds to actually invest anything in it. #19 is tough because it can be so overwhelming and time consuming. I do enjoy marketing and such, but I feel very unorganized when it comes to #19 topics. Thanks for sharing this. I learn more and more each day.
I teach my clients that 30 mins a day marketing is enough (did a video on that) and you can go viral, which is what you want. And maybe with what your husband is going through he could help with some of the things on 19 (just a thought). Also Amy, investments don’t have to be big, and it should be a % of what you bring in, $1000 a month 10% –$10. $10 can do a ton if your smart about how you use it 🙂 Save it for 3 months and it’s now $30. I so appreciate your honestly here!
Very, very interesting and thought provoking list and I do know there are still areas I need to address or work on more. I think no 11 is the biggest for me right now as I am coming to realize that I like what I do but I don’t think I’m completely passionate about it for a few reasons. This is why I’m going to go through your bootcamp a second time. Once I figure out what my real purpose is and how to monetize my real passions then I can work on all the others also. And I am still thinking about the power of ten post also. So much that my brain hurts. Thanks
Louise Edington
International Au pair Finder
Great list. It has given me food for thought. I especially like the concept of the sit down with my hubbie. We have done this in the past but haven’t in awhile. Thanks for the reminder. This is so important if you really want to be a successful entrepreneur.
Very thought-provoking, Ann; I am motivated to sit down and talk with my husband about why we are not reaching the growth goal that we have set for ourselves, and go over this list with him. We are having a better year than last year, but still do not seem to be where we believe we deserve to be, so there has got to be a reason for it we have not yet identified. I am excited about how what I am learning in SNCC can help us reach that goal, too.
Your list is incredibly powerful… and I completely support your suggestion to think critically about each item! Critically and honestly. I’m saving your list… it is awesome. I love how you talk about having benchmarks that businesses measure for success. In two words? “You rock.” Your vlog is a must see.
To answer your question: I do many things to have real conversations about business. Here are three:
I have mentors (and I mentor others). One of the best roles of a mentor is to challenge my underlying assumptions for my business in all areas: marketing, goals, visions, exit strategies, competitive advantage, financials (including proformas), revenue modeling… the list goes on. This is an ideal way to keep from buying into your own assumptions.
I partner. Lone rangers don’t get very far. You’ve got to have a team to be successful. When you have partners & team involved in your business, you have very real conversations.
I participate in multiple mastermind groups with members who understand accountability and kick my butt when it’s time to step it up. Masterminding goes way beyond this simple example… there are other huge benefits as well; combined intelligence, new viewpoints, thinking out loud, achieving definite objectives and goals, to name a few. I’m completely passionate about masterminding. btw – Darcie Newton and I mastermind weekly… Darcie is the one who told me about Blogger Monday! 🙂
I’ve had a great time participating Ann. Thank you so much! And so, I’ll be off setting new benchmarks in my businesses. Thanks for a great post!
~Theresa
Lots of good information. When I started, I really had no idea what I was doing or how to do it. I think #11 and #20 are bigs one for me. I’m constantly trying to figure out what products I want to offer. It’s also very scary putting everything out there and hoping I’ll do well. I think I really need to take the time to go over your list, figure what I’m already doing and figure out what I need to do (such as doing the bootcamp on SNCC). You’ve definately given me some goals to work on.
Ann, perfect timing. We are just starting to implement a marketing plan for the new business. Thanks for the checklist. Thanks for Blogger Monday.
Ann, Ann, Ann!!!! Why must you kick me in the back side week after week? I know, I know, because I need it! : )
Earl’s a smart guy and what a great way to start off on your own.
The list is great and I think its time for my path to change a bit!
Great list Ann!
I would add that benchmarks & goals need to be reevaluated periodically. If initial benchmarks are set too high, it’s easy to become to discouraged. If set too low, complacency can set in. I think it’s important to be realistic and flexible.
Heidi Alberti & Atticus
http://www.atticusuncensored.com
Watch the video Heidi, benchmarks are discussed!
Wow, I better get my S@#& together. I saw myself in too many in the list. Thanks Ann
Thank you, Ann. Sounds like a great, supportive partner. I do think that many of the items on the list will be developed when you own your own business out of necessity or training. My question would be what is a reasonable timeline to have mastered them? How long is too long? I think this list might scare many people back to a j-o-b… 🙂
Brandy Mychals
Split Second Perceptions
Some people need to be scared back to the JOB! There are just way too many that need the regularity of a paycheck. starting your own buisness is HARD. We try and glamorize it, and never discuss the reality of it.
As to your question I think that depends on the person and who they have the conversation with, family, partner etc. We had benchmarks that weren’t just monetary but also I have to demonstrate financial growth, not loss in the first year.
I love how you are making us ask ourselves the hard questions Ann. No one can go it alone not even superman. I enjoy and appreciate the help and support I get and I am learning to ask for more and focus on the gold. Super post as always.
Jennifer Duchene
The Home Makeover Mixtress blending cool & cozy style
http://home-decorating-makeovers.com/
Excellent, thanls for the advice! I have to work on 15 and 16.
Nice post, Ann. I can relate to #3 and anything dealing with fear. For a long time I didn’t know who my target market was and I was afraid to “put myself out there.” But, looking back, figuring out who I was as an entrepreneur helped me to figure out my market. And once I did that I didn’t have anything to fear because they needed the products and services I offered. Great list and we should definitely be thinking critically on each one. Especially those that ring true to us.
This is still sooo true. I’m working on #9.
it was #2 right away. So I have raised some prices because I am worth it. I learned yesterday to get myself comfortable with the amount I would pay if I was the client. People don’t love you more because you charge them less. I undersell myself.
and then a combination of 19 and 20