Edmonton Business Coach | Small Business Secrets
Hi, welcome back to the Inspired Method Marketing youtube channel, we are the Edmonton business coach. My name is Karen and this is my husband, Trevor. And today we’re going to be talking about small business secrets.
Here’s a quote from Reid Hoffman. “All humans are entrepreneurs, not because they should start companies, but because of the will to create is encoded in human DNA and creation is the essence of entrepreneurship.”
Reid Hoffman is the founder, creator of Linkedin.
Industry Canada says that 15% of businesses fail in year one, 30% fail by year two and 50% fail by year five. So progressively gets worse. Yeah. So why do you think that is? Well, there’s three reasons why businesses fail. Number one, their inability to attract customers. Number two, make it run out of cash. And number three, they can’t attract the right team. Those are the three big reasons why businesses fail. Okay. Yeah. So small business owners don’t usually have it all figured out when they start, when they start out, it takes time actually running the business.
We’ve kind of found that out in this first year to get your systems in place and then it’s continually refining those systems. Absolutely. And today we’re going to be sharing these small business secrets with you.
And here’s number one. Small business secret number one: not everyone is your ideal customer. Not everyone is your ideal customer.
That one when we’ve talked to some business owners as an Edmonton business coach, and they’re very excited about their business or their product and you ask them what is, who is your ideal and likely buyer? Who is that particular client? What do they look like? And they usually come back with, well everybody, everybody is my ideal buyer. Everybody can use this widget or whatever it is. And that’s not the case.
What we find is that when you’re wanting to start a business, you have to think about what is the smallest, viable audience, smallest viable market for that. And then fashion, your product offering and your service and your no brainer for that particular market.
Karen, anything to add to that? Yeah, I mean if you have a food product, think about it. Some people have allergies, so they’re not more intolerance is they’re not going to be your audience. So it definitely would never be everyone. I mean that seems like such an obvious thing, but it’s hard to get that through to people as their Edmonton business coach. Just sound people cause they love their products, but you have to think about not everybody else may love it too. So that’s great.
Small business secret number two: Work life balance is a myth.
Not done is a secret. Most people don’t understand that. They think if I just balance everything, it’s all going to work out. Or they actually feel bad that they can’t balance everything. And then, you know, they kind of have this defeatist mentality, but it’s actually a myth.
There’s no way to balance everything. We tell our Edmonton business coach clientele that it’s more of going into the flow of, you know, one thing might take over for a while and then come back to something else. Or at least try to fit as much as you know, you find your priorities and you keep those things. Priorities. That’s the biggest thing.
If you’re trying to fit in you know, your workout routine, your meal planning, running your business, raising kids, whatever it is, you just need to prioritize it and make whatever it is that’s your favorite things to do or what you want. You have your goals around, you prioritize those throughout your day.
And when it comes to running and starting and small business, you have to go all in on that business and you work, you know, 10, 12 hours a day. And then when you’re home, that’s the time when you are, are making up for you being gone. So when you’re there, just be engaged with your family. Don’t have your smartphone on, don’t be looking for, you know any emails coming from customers or clients.
Don’t be, you know, working while you’re at home with the family. Just when you’re done work, go home. You’ve, you’ve killed it for the day and just spend time with your family. Or if you’re single go to the things that you enjoy, like working out, exercising, doing a hobby, do something so that you can, you know, don’t feel like you’re always continuing to work. So there’s not, when it comes to balance, it’s not everything is equal. It’s go hard and do all the things you’ve got to do.
And then when you are, you know, doing the thing that you love her around the people that you love, just be with them. No business.
Secret number three, from your Edmonton business coach: Your friends and family won’t understand you and that’s okay.
We found this to be true in our lives. You know, friends love them but they don’t understand why we’re doing what we’re doing. And you know, you just have to be okay with that. You’ve got to be okay with them not understanding entrepreneurship. They don’t understand why you’re working Saturdays when everyone else is taking the weekends off because you have a business owner’s mindset. You don’t have the employee mindset.
Employee mindset is you work eight hours a day, five days a week, and you take your weekends off and get two weeks of vacation every year and rinse and repeat, well for so-called security when really the employer can fire you anytime they feel like and when it’s convenient for them or when things just don’t seem to be working out, they can just go ahead and get rid of you. So when, when you’re a business owner, you are training in so-called security for a long-term prosperity. Right. Alright. So hope that explains it.
That’s not an often, they don’t understand what you’re doing. So for them to even get why you’re doing it, they have to get an understand what it is you’re doing. I mean, we’ve had to explain to our family members over and over again what we do, even though it seems obvious to us. So just keep doing what you’re doing. Take it from the Edmonton business coach.
Business secret number, four: It will take 10 times more time and effort than you think.
This is so true. When it comes to doing business. There’s a quote by Bill Gates. He said, people often overestimate what they can do in a year and underestimate what can be done in 10 years. And he’s one to talk because it took more than 10 years for Microsoft even to get off the ground and become popular. Like he, they worked hard. They made no money and worked out of a garage for several years before, you know, they were a household name. So him and other companies like an Amazon, Google, like all these big businesses, they, we see them as, you know, household names and they’ve taken over and change the world, but they didn’t start that way. It took them over 10 years to get, get some traction and start making money. We tell this to our Edmonton business coach clientele all the time.
It takes awhile. So if you think you’re going to first start a business and then you’re rich the next year, it’s just not going to happen that way. You think you’re going to do Microsoft? Yeah. Okay. What’s the next business?
Secret number five: culture takes time to create.
The three, the reason number three, why businesses fail is the inability to attract to the right team members. Well, if you assume that you’re going to be creating a culture when you don’t ever meet with your team, you don’t have regular stand-up meetings with your team and you’re not recruiting. We coach our Edmonton business coach clients to always be recruiting.
Because if a think of a relationship. What if I never spoke to you where I spoke to you once a month? Yeah. What kind of relationship would we have? Pretty shallow. Pretty shallow, not very good, right? We just see each other in passing and that’s it. I, we wouldn’t have the same common goals. You know, we’ve seen this reasons why we’re doing what we’re doing and without that communication on a regular basis is just impossible to go culture. So it takes a lot of, and a lot of effort and it takes intention to create that company culture that you want.
This actually goes into the next section. The next secret, number six, hire before you have to.
You’re always thinking about you know, filling that need before you actually need to fill it. Being an Edmonton business coach, that gives you time to create that culture with the right team members. So of course you want to be always kind of keeping that in the back your mind by always interviewing.
Always interviewing and having people ready to go. Yeah. So that when it’s time to get started, you can just put, get them in place. Yeah. One of the things that Jim Collins says in his book, good to great is the key to success is getting the right people on the bus, getting the wrong people off the bus, and then figuring out where you’re going after that. It’s all about having the right people in place.
Business secret number seven, from your Edmonton business coach, look at your numbers.
Very important to look at the numbers and know where are they, where are you sitting on a daily, weekly basis. If you don’t understand how much money is coming in and where it’s going, then you are always guessing as to why you’re out of money or, or why things aren’t going away that they should. And there could be money leaking out of areas that you weren’t aware of.
And if you have a larger company where you know there’s a more than more than five people and you have somebody looking after the numbers for you, like an in house accountant or family member who’s looking at from the accounting. You want to be looking at that because not everybody is honest, right? You got to see who, who are the list of accounts, who are the suppliers and making sure that there’s more than one person looking at the books. We have learned this lesson being an Edmonton business coach, it’s just for your protection, for your safety as well as making sure that you’ve got more than enough money coming in. If you don’t look at the numbers and you’re not going to know,
Business secret number eight: create systems or you will never be able to take time off.
Pretty self explanatory once you have the systems in place, if you walk away for a day, if you walk away for a week, everyone else can run things as they go. As the business goes on. You must make those automated systems.
This is secret number nine. You have to plan for at least five to 10 years before you hit it big.
That’s a hard pill to swallow, but it’s, it’s got to be true. Look at Microsoft, you said before, and we’ve seen it actually, even in our own network. It takes time. It doesn’t just happen overnight.
And a business secret number 10 it’s worth the effort. It’s worth the effort. We’re telling yourself that if it’s not,
Then figure out where the, figure out where it’s going wrong because it should be worth the effort. Discover where the disconnect is so all your hard work, all your efforts not only serve you, it serves your family, serves your future, and serves the community.
So that’s it from the Edmonton business coach here, Trevor and Karen with inspired method. Hope you guys liked it. Give us a thumbs up and subscribe to the channel. We’ll see you guys next time. Bye.