Edmonton Business Coach | Small Business Tips
Inspired Method Marketing and coaching is an Edmonton business coach located in downtown Edmonton just south of Grant McEwan College. Right now are no-brainer offer is one month of business coaching and marketing for one dollar. If you want to take advantage of this offer simply call us at 780-937-2939 and schedule your initial consultation with one of our Edmonton business coaches.
We get to talk to a number of small business startups and it’s never surprising that they have a lot of misconceptions about owning and running a new business. In this article need to be sharing some small business tips that will enlighten and educate anybody who is starting a small business and dispel any the mix that they might have gotten from friends family and well-meaning acquaintances.
The challenge with running a small businesses that most small business owners don’t really have it all figured out when they start out their new business. It takes a long time to get the systems processes and templates in place that will cause your business to be more automated.
Not only that, it takes a long time to get the right team in place. There are only three real reasons why businesses fail. The first reason is their inability to attract enough customers, the second being running out of cash, and the third is the inability to attract and keep the right team members.
The personal business leader that I want to talk about is a very common misconception that new business owners have they think that everybody is their ideal customer well I’m here to dispel that myth not everyone is your ideal customer.
What business owner should be doing is thinking about what is the smallest viable market that they can sell their product and or service to and then do it better than any body else. What happens is if you are thinking about trying to market to everybody you will miss out on the raving fans for your business it is absolutely impossible to create a product or service that appeals to everybody.
Even if you were able to do that it would take an enormous amount of money to market that product to get them the minds and hearts of enough people to actually get your money back. So for small businesses and is essential that they think about what is the smallest viable audience and then target that audience relentlessly.
As an Edmonton business coach the next secret that I want to share with you is worklife balance is unmatched. There is no such thing as having a great worklife balance when you’re starting a new business. There’s going to be wide swings between many many long nights long hours and spending time with your friends family and people that you care about.
You have to decide and get the buy-in from your loved ones that you’re going to be working harder on this business then you worked your 9-to-5 job.
Edmonton business coach | more business secrets
Another common misconception I see as an Edmonton business coach when people start at any businesses that everybody is going to be on board with their plan.
Friends family acquaintances there not can understand why you let go of your so-called secure job in order to pursue starting your own business. They will not understand the long hours and sacrifice. They will not understand the months days weeks and years that you go with little to no pay. They will not understand why you’re not at all of the events that you’re invited to. They won’t understand how many hours are dedicating to this business.
What is important is that you are committed and you’re sold out to your business 100%. You need to be okay with that sacrifice. You need to also get not only permission but the buy-in of your family your children and people who are closest to you because they’re the ones who are going to notice it the most.
The other key to this is making sure that when you’re with your family, you are with your family. There is nothing worse than an entrepreneur who is always working all of the time. It makes absolutely no sense for you to sacrifice all this time effort and energy building a business and then lose your family. When you’re with your family put your phone down don’t answer emails focused and paying attention to your kids and your wife or your significant other and make sure that they are priority. This way, they will feel important to you.
Another secret that we have to share with you, is it will take 10 times more time effort and energy than you think. A lot of business owners when they get started out think that they’re going to be able to take lots of time off will have lots of money coming in and it’ll be easy to get this business started.
Even if they don’t think that is going to be easy there under the misconception that it’s not can it be as difficult as when they had their 9-to-5 job. While I hate to burst your bubble as the Edmonton business coach, but it’s going to take 10 times more effort than you think it will. The customers are not going to come flocking to your door to buy your product or service.
Customers are going to flood your brand-new website with all the leaves and their money in hand ready to buy your services. It’s going to be hard. You have to have 10 times the amount of leads on your dream 100 list to call you need to follow up with them 10 times more than you think you do, and to get to the revenue that you had with your 9-to-5 job is going to take 10 times more revenue into your business just so you can pay yourself.
The next up I like to share with you as the Edmonton business coach, is that culture takes a long time to create. Culture is a buzzword in the business world nowadays. What it really means is the attitude and commitment level of all your team members. It is not easy to create, but it is well worth it. A number of businesses assume that because they have the same passion driving energy for the business that their employees will. This is a misconception that will lead only in frustration.