Don’t let anyone deceive you into believing that once you have a business you can get rich quickly, because if that’s your goal you’re setting yourself up to fail before you’ve even began.
To build a successful business you MUST put in the work, you’ve got to GRIND, do your RESEARCH, TEST your market, take LOTS of CONSISTENT ACTION, check the results you’re getting and do it all over again, and again, and again.
Whilst you’re doing all of the above, you’ll also need to invest MONEY in yourself and your business by paying for books to read, courses to take, paid marketing, etc, that will increase your knowledge and your income from your business.
You can only get out of your business what you put in it, so if you’re not prepared to do any of the above, it’s okay to stay in your job.
A business is not a ‘get rich quick’ scheme; however, if you do it right it’s a ‘wealth creating’ machine.
It’s easy to copy successful businesses and provide exactly the same products and services; I see it a lot in my business. The excuse given is why reinvent something that’s already successful, right?
Sir James Dyson, the billionaire founder of the Dyson products has recently been in the news about a business decision he has made which may have consequences on his reputation.
For those who don’t know, in 2016 there was a referendum put to us in the UK asking whether we wanted to leave or remain the European Union (EU). There was a lot of debate on both sides, with political and business leaders on either side telling us the pros and cons of leaving or remaining in the EU.
One of the many arguments for the Remain vote was that it would be tough for the UK to do business with other countries once we leave the EU and that, if we leave, companies may no longer want their head office to be in the UK.
Sir James Dyson was one of the top business men who was vocal about the benefits of leaving the EU, saying other countries would still want to do business with us, companies would still want to come here; and some would even say that he gave credence to the Leave campaign.
Well, the majority of UK voted to leave so we are currently going through the process of leaving the EU. In the meantime, Sir Dyson announced last week that he is moving his company from the UK to Singapore.
As you can expect, people are outraged. They feel betrayed that after Sir Dyson gave his voice to the leave vote, he is now leaving us to deal with the drama and complexities of leaving the EU and moving his company abroad. Sir Dyson is defending his move that it has nothing to do with UK leaving the EU.
Some accuse him of hypocrisy and have said his decision shows a lack of integrity.
This got me thinking about integrity and what price you place on it.
Do you think integrity is invaluable?
Would you place it more or less than profits in your business?
Let me know your thoughts!
I love working with new entrepreneurs, there’s a fresh passion, determination and optimism that their business will succeed no matter what.
My role as a coach is make sure that bubbling positive energy isn’t extinguished by ensuring they’re prepared for the challenges along the way; and that they not only have the necessary tools they need to make their business succeed, but also know how to use those tools.
Anyone who has a business, no matter how successful will tell you it’s incredibly hard work; especially at the beginning. There are a few things I’ve learned, either from my own painful experience or those around me – clients, family and friends. For those who are either thinking of starting a business or are already in it, you may find these useful:
Live well Below Your Means. We all want to look fabulous (my favourite word 😊); it’s easy to be seduced by the Jones’s and want to keep up with them. But if you want to start with a good foundation, simplify your life and do try to live as inexpensively as possible.
Always, Always Have Savings. If you don’t already have savings, please try and start, even if it’s £5.00 a month and it’s increased over time. Start with any amount you can consistently afford. But the key word is CONSISTENT. Whatever amount you can start with, it must be done regularly, i.e. monthly.
You may want to have three savings for the following:
Financial Freedom/Your Dream – to clear your debts or and your business website, marketing, etc.
Short-Term – for car, furniture, etc.
Golden Goose – towards your retirement (no matter your age).
Education – for books, courses, events for your self-development.
Never Eat Your Golden Goose. Don’t spend the money you’re saving for retirement. Not everyone agrees with me on this one, I know people who have used money in this account, given themselves a deadline to pay the money back and paid it back with interest…and I know people who have not yet been able to pay all the money back.
Never Spend Your Tax. I know it’s soo obvious that you shouldn’t spend the money set aside for your tax; but it’ll look very enticing when there’s an emergency. Don’t touch it! Do not do it! You’re better off getting multiple jobs to get the money you need.
People will Disappoint You (including friends & family). There’s nothing you can do about this one. Sometimes people do what they say they’ll do, other times they’ll disappoint you. They may not mean to, but it’ll happen. Saying ‘Be prepared for it’, sounds pessimistic; so, I’ll just say ‘There’s a lesson to be learnt from it.’ C’est la vie.
I know there are many more, these were the ones that seem to be the most painful.
Having a business is still 100% worth it, but it’s always much better to be prepared. 😊
What lessons have you learned from your entrepreneurial journey?
I had a morning meeting with a financial institution whose customer base is predominantly Africans.
The meeting was for my Property Concierge clients; to find out whether the institution had the right products for them.
The staff were nice and cordial; however, I came away feeling that for an African-founded UK institution and whose marketing is targeted at Africans, they don’t make their products enticing in anyway.
I was told the Board’s decision for not making the product of interest enticing is because the product is aimed at High Net Worth individuals who are non-UK residents, their choices in the UK are limited and they can afford it.
The staff member explained that the Board feels they have the customers they want, and they’re grow their customer base slowly, without being competitive in their products.
I was gobsmacked! How can you treat your customers in such a blasé attitude?
I told the staff that they weren’t the only institution offering that service! I calmly explained that we’re in an age where there’s a lot of competition out there and if people perceive that a service provider isn’t going out of their way to give them a good deal (for starters!), they’ll go elsewhere. I added that, yes, my property clients have the money to pay their fees but my clients aren’t going to throw away their hard-earned money if the value of the service isn’t at the very least equal to the fees.
I said that if they continued with this attitude I don’t think the company would be around in 20 years’ time, adding that I’ve been around long enough to see similar things happen with companies that started decades ago. He shrugged and said it’s what the Board decided.
In my coaching business, I know that the value I provide to my clients’ business surpass my cost because of the results they see in their business.
Irrespective of your business charges, the service or product you provide MUST be of HIGH value to your customers. That’s the basic requirement of being in business. Even if you have all the customers you want (really?!), you MUST aim to provide a service that has people ‘beating’ down your door to be your customer. That is business EXCELLENCE.
Ah well, I don’t own the business, they’re not my clients, and they’ve lost out on my business. But these are the types of businesses that need my training on how to value current and potential customers; which will ultimately increase their bottom line – and every business wants that!
Onwards and upwards.
Have an AMAZING day. 😊
It’s now scientific to have Monday blues. Yep, you know have a legitimate reason to feel like crap on a Monday, irrespective of how your day is like.
But really, why do most people hate Mondays?
According to scientists, there are numerous reasons why people hate Mondays; the obvious ones are that Mondays reminds us how we were less than healthy at the weekends – we tend to over-indulge – so we ‘face the music’ on Mondays; also the day reminds people how much they hate their jobs.
Personally, I think it’s a waste of time beating myself over the foods I eat. I must admit, my weekends are for indulgence, I eat less healthily on weekends and I make sure I enjoy every mouthful😊 and if I go overboard, I make up for it during the week by exercising more and eating more salads and vegetables. Whatever happens at the weekend, stays at the weekend. End of. 😊
There’s a quote that goes ‘If you don’t like your life, change it’. That saying might seem simplistic because you have bills to pay and responsibilities, but it’s very true. You are responsible for your own life and the decisions that you may. Don’t give that power to anyone or anything else.
If no one is holding a gun to your head to stay in your job or your career, then you CAN change it. It may not happen overnight, it probably shouldn’t happen overnight, you should take time to make your plans to prepare (but not procrastinate).
So, what do you like doing? What brings you joy? What are you passionate about? Who can you serve and bring value to? How can you make it a career or business?
Who has done it before? There’s nothing new under the Sun, so it’s very likely that somewhere out there, someone is generating income from it. It may mean you’ll need to do research, study or take a course, but there’s always a way. If you take time out and start planning.
You’ll find that once you plan and taking small steps towards making your dream a reality, you’ll feel better. It won’t be easy but it’s definitely NOT impossible.
If you want to make money, you have to serve people, bring value to them. The more people you serve, the higher the value they place on what you have to offer, the more money you make.
I know of someone who’s job is to taste chocolates; yes, chocolates! I also heard of another person whose job it is to check the quality of hotel resorts.
So nothing is impossible. Your life is too precious to be controlled by Monday Blues.
Can you imagine what your life would be like if you’re living your dream; jumping out of bed every Monday, every day rearing to go?
I am living my dream; yes, there are challenges but I’m loving my life and you can too 😊
Have a fabulous Monday, whatever you’re doing.
There’s a lot of free information available on business – from how to start a business, how to sell your products/services, how to market your business, digital marketing, you name it, it’s out there.
As a result, most people have some level of knowledge about various aspects of being in business; which is great. But if we have this knowledge about owning a successful business, why aren’t there more successful entrepreneurs?
With all the information online about becoming an expert of some sort, or about the ‘X number of things you need to do to be successful or to earn six figures, rich entrepreneurs should be a dime a dozen. Right?
I use to wonder about this a lot then I realised that you can’t be successful on only information you get for free.
The information that will help you be successful, that will take your business to the next several levels, is the one you have to pay for.
All the free ‘how tos’ are just teasers and tasters. The real pearls of wisdom are in the books you buy (and read), the courses, seminars and webinars you pay for – all of which are worth their weight in gold.
Free information will only take you so far. To get the juicy, wealth-generating nuggets of wisdom, you need to open your purse or wallet and be willing to pay for it; knowing that it’s an investment in your future.
Once you invest in yourself, take what you’ve learnt and consistently apply it to your business.
If you don’t do this, it then becomes a waste of money; like buying a pair of shoes, leaving it at home and going out in bare feet. Pointless.
The right book, course, seminar and webinar can generate, in your business, over 10 times the amount you paid for it.
When new clients approach me, they come with a lot of passion for their business. They know their products and services, most know their ideal client, their sales, marketing, etc. They may have read a lot of different things to do with business, including their industry, but may lack depth of knowledge and structure that is crucial to the business.
This is a problem that can cause a lot of pain, frustration, stress and overwhelm for entrepreneurs because they can’t seem to figure out what the problem is.
I then take them through my programme modified to suit their specific business needs, including the steps they need to go through in their business; looking at their current business model, the things that are working, the things that aren’t, how we can improve all areas, and many more.
At the beginning of the programme, I tell clients about the milestones of each module, what they should be able to do after each module. I believe in being able to measure your goals.
Irrespective of clients’ reasons for taking my programme, it nearly always includes the business making more money, so that becomes a measured goal.
One of my clients has gone from selling a few natural-fibre drinks a month to amending her business model, providing a higher value service and earning over 6 times the income from each client, all of whom are now more eager to buy her products. She’s on her way to earning 6 figures and hasn’t finished even the programme!
I know that not all courses are equal but as I said earlier, some are worth their weight in gold. 😊
There’s nothing wrong with going back to the drawing board.
Nothing wrong in admitting to yourself that maybe you got it wrong; that the results you were expecting didn’t quite pan out; or that maybe you didn’t take enough time to figure out what you really wanted, what direction your life, your project, your business should take.
The fact that you’ve spent a substantial amount of your time and money working on something that either didn’t work out, or is no longer something you want to do, should be punishment enough. Mentally beating yourself over and over again accomplishes nothing and ends up being counterproductive, because it prevents you from learning the lesson(s) you need to learn and move forward.
You must look at the positives in every situation, the lessons that can be learned. At least you now know what isn’t working or rather that something isn’t working; this means that you can now focus on turning things around.
Being afraid of being called indecisive or even a failure isn’t enough reason to continue on a path that you’re not 100% committed to.
Starting over can be a blessing, you know what to look out for, what works and what doesn’t. You know better.
Most people dream about being their own Boss.
That’s the first thing they dream about, probably before they decide the type of business they want to have. We tell ourselves that if we have our own business, we’ll have more control of our life, our time and our money.
We’re convinced that the reason we’re not happy is because we’re in a job we don’t like, possibly working with people we’d rather not work with, working long hours, and all for a salary that in no way reflects the amount of work and time we put in.
We think, being an entrepreneur will solve a lot of our professional and maybe even financial problems. And we dream, and dream…after all Napoleon Hill said ‘whatever the mind can conceive and believe, it can achieve’.
The day-dreaming period of most ‘would-be’ entrepreneur may take months, years or a whole lifetime; until a decision is made to take action and investigate whether what you love doing can be made into a profitable business.
It’s an incredible feeling knowing that you can be paid to do something you love. It’s like you’re walking on a cloud. All you’re thinking about is that thing you’re passionate about, your time being your own, and the money you’ll be making.
You can’t figure out why any entrepreneur can ever fail if they just did that! You think, ‘how can they fail if they’re doing what they love and there’s a market for it?’ ‘Maybe their customer service was bad?’ You’re convinced that your life will be so much better and stress-free from now.
Most new entrepreneurs don’t realise that having a business is much more than doing what you love and getting customers.
If you’re not prepared, having a business can be brutal on you and your family. Remember when you thought your time will be your own? No, your time will be for working on your business. You’ll be reading, learning, researching, doing, and more.
To give yourself and your business a fighting chance, you must get your mind right – you must believe that you can, will and deserve to succeed. You see, most of us have been playing below our potential for so long that having a business scares our minds, which wants to protect us by making us doubt ourselves – I know, it doesn’t make sense. So you need to study books on mindset, business strategy, marketing, etc.
You must have your goals – starting a business to be your own boss is great but you need more solid goals. Where do you want to be in 3 years, 5 years or X years’ time? Where do you want your business to be? What’s your Action Plan? How are you going to achieve those wonderful goals? The wonderful thing about conceiving and believing goals is that you’ve got to work to achieve them.
Whilst you’re reading about how you can be a success and what you want to achieve; you must also become mentally tough and resilient, so you don’t give up. This is very crucial because that day job will seem like child’s play compared to the challenges you’ll face as an entrepreneur.
Now we’re on to your business – yep, it’s where the fun starts.
How do you want your business to be? What’s the business structure? What’s the business model? Is it product or serviced based? Have you got a business plan – doesn’t need to be a War and Peace write-up. How much will it cost to set up? Do you need staff, will you outsource when required or do it all yourself? Are you self-financing, borrowing from friends and family, getting outside investors, or from banks?
How do you want to brand yourself, your business? Yep, branding is a must if you want your business to be successful. What about marketing strategy? Have you got one?
Are you going to leave your job or do both?
Being an entrepreneur is tough, with long hours and constant challenges. To be successful you must not only learn how to ride the waves but master them.
The above and more are the kind of questions my clients tackle in our coaching programme to ensure they’re well-prepared for the challenges ahead; irrespective of whether they’re already business owners or are about to take the leap.
The beautiful thing is that by the end of it, they all say the same thing,”I wouldn’t change it for the world “😊