October 29, 2016

1) I don’t need one…I know how to run a business.

Mythbuster #1: Most new business owners feel just like you. That’s why there is universally a 90%+ failure rate of new businesses closing in 5 Years. Most new business owners have product knowledge and they confuse that for business knowledge. Most new businesses do not close because they are bad ideas, they close because they don’t understand the importance of focused marketing, sales strategies, or how to structure a viable 3-, 5-, or 10-year strategic planning.

2) I cannot afford a Business Coach.

Mythbuster #2: When you add up all the money you have spent “doing it your way” you have probably paid for a year’s service of business coaching and with business coaching you get a return on your investment. When you spend money needlessly, there are zero returns.

3) A business coach will try to make me run my business his/her way!

Mythbuster #3: Business Coaches make suggestions and offer information so the business owner can make informed choices. Business owners begin making “educated” decisions because they add business acumen to their product knowledge which leads to strategic positioning that adds to the likelihood of sustainability for the business.

1) Not know who the top leaders in their industry are locally or nationally.

How can you compete in a market when you don’t know who you are competing against? Smart business owners do the homework doing the planning stage of their new business.

By completing the research they discover who is doing the best in their industry locally and nationally. New owners will want to understand what the competition is doing right so they know where the benchmark is set for their new business. They will also need to know what the competition is missing in order to enhance their businesses’ offerings.

2) Not getting a Mentor.

Everyone thinks they know how to run a business, but the truth of the matter is, over 90 percent (90%) of people open a business with a great deal of product knowledge and mistakenly think that it is business knowledge.

Not having a mentor maximizes the chances of failing! Not just anyone, but someone who has been doing what the new business owner plans to do and has done it well for more than 6 years. Yes, more than six years. The goal is to find someone who has endured the “five-year death sentence” that has been the final diagnosis of most new businesses.

3) Thinking they can steal the competition’s customers by having a lower price only.

This is the most critical mistake most new business owners make. Why? Because it hurts them more than their competition. By being “cheap,” they cheapen their brand and the value of their product/service. It is hard to recover from cheap.

Yes, luckily, they may get customers at first, but if they have overhead and are forced to raise their prices those customers will flee. Go in smart by using the correct comparable price and win customers by adding value to the existing industry price. When you add value, the new customers will appreciate the additional benefits at the price they are accustomed to paying.

THREE (3) BUSINESS COACHING MYTHS BUSTED

3 COMMON MISTAKES NEW BUSINESS OWNERS MAKE AND HOW TO AVOID THEM

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