3 Tips to Avoid The Biggest Mistake I Made as An Entrepreneur8:26 AM
This is 17 years I have been launched my own business and now I can say I'm in the list of succe...
This is 17 years I have been launched my own business and now I can say I'm in the list of successful entrepreneurs. I have learned many things during my entrepreneurial journey. Every-time when I made a mistake I leaned at least 2 things.
Everybody makes mistakes when starting something new, however I did not realize how BIG of a mistake I had made until 17 years into my business. By that 17th year, my business looked very successful;
- I had 10 chapters of my youth program in 10 states and it was growing
- I had an 100% full coaching client roster, so I …
- Wrote & released my first book with the goal of continuing to give women the tools to take up the slack form my inability to take on another coaching client. Well when my book started to get popular…
- I started getting invitations to speak at women’s conferences, seminars and retreats all over the country.
What happened in that moment? I realized if I wanted to something different, then I would need to do something different. I realized I needed help, so I hired a coach. Now I have to tell you my coach rocked my world in my first coaching session, when she said, “Nicole didn’t you tell me you were a adjunct professor at USC and at Boston University teaching program development and you also told me you had a consulting practice where you worked with schools, businesses and government officials building programs, RIGHT? Well the same way you developed new programs, new revenue streams for them, go do that FOR YOU!” OH MY GOODNESS! Just those words from that first session with my coach changed the trajectory of my business and really MY LIFE!
Immediately, I did just as my coach suggested and I developed my first online program. That first program generated $10,000 in 60 days! Soon I figured out a system to not just develop that program, but the next and the next and the next that moved the revenue I was generating in my business from $13,000 to over $200,000 within a year. So here are the 3 things I learned in that moment that made the shift in my business;
- Don’t Put All Your Eggs In One Basket. I learned
working with my coach, that I was only relying on one on one coaching to
generate money in my business. What I recognized is when you are only
selling time for dollars, you can only serve so many people and what I
learned next is….
- Develop Multiple Streams Of Income. I read an article in Forbes magazine that said, “8 out of 10 entrepreneurs who start businesses fail. A whopping 80% crash and burn.” and one of the main reasons stated in the article was entrepreneurs “inability to nail a profitable business model with proven revenue streams.”
It was the step by step system I developed in that moment that allowed
me to develop multiple revenue streams easily! Matter of fact it is that
same system that I developed for me that I now use to coach other
entrepreneurs, authors, speakers and coaches to create multiple income
streams in their business. It amazes me how so many business owners fail
to take their expertise, their message and monetize it in order to
generate additional revenue streams and actually in so doing create a
platform to serve more clients with their genius.
- You Must Have a Month-to-Month Strategy. There is a saying, “when you fail to plan, you plan to fail” and for years I was failing to plan. I had no real month-to-month strategy as to how I would generate revenue. Once I began to develop products and therefore multiple ways to serve my ideal client, the natural next step to allow that money to continue to grow was to design a clear strategy. It was from actually having a plan that I finally began to generate predictable profit in my business.
A guest post written by Nicole Roberts Jone!