I see them come and I see them go. It’s pure excitement during the consultation call. I get to hear all the things their going to do. I get to hear all the things they’ve started doing. I get to hear about “the grind” behind getting things started. It’s definitely good to hear the excitement behind someone’s voice that they are about to start a new business and this one, this business, is going to make them a millionaire. Unfortunately, six to nine months pass. Their business isn’t going as planned and the dreams of being a millionaire seem far and very distant. That’s when my heart breaks. All that hard work, those long conversation, and all that encouragement and the person now wants to quit? “It’s not really working out and I’m not making any money.” I hear it daily. Success doesn’t come immediately, so the only conclusion is to quit. (Taps mic) Success never come immediately in business. I repeat, success never comes immediately. I’m not even sure who told anyone that it did. In my consults, I go over three main things that it’s going to take to make sure their business is successful. I’m also blunt when I say, if you do not have one of these things, it’s not good to go forward. I would be absolutely wrong to take someone’s money when I know their lack of having certain components will make their business fail. I’m going to let you in one part of the conversation I have during my consultations. Let’s cover the three main things you need to have in order to have a successful business. I want to decrease the amount of people that quit after nine months of being in business. Let’s look at the 3 components you’ll need to be successful.
- You will need capitol. There is no way you can start a business on favors and a prayer. It takes money just to do a consultation with me. It will take money to brand. It takes money to build a website. You will have product overhead. You will have to pay for marketing. You will have to continue to front money until you start to profit. I can’t give you an exact amount of how much money you should have because every business is different. I can tell you you should be able to sustain your business for at least one year considering you may not make a profit until year two or three.
- You will need consistency. You are going to have to stay in your customer’s face consistently. Whether you are selling or not, you have to continually market and grow your business. Many people go hard for a month and expect everyone to know who they are. There are over 3 billion people in this world. Everyone will not know who you are in just a month. You have to remain consistent with your marketing, with your branding, and with your customer interaction.
- You will need clean marketing. I see many people try to get around paying for marketing by creating their own flyers and their own website. Often times it comes out looking cheap and unprofessional. Check to see if your marketing looks better than your competition. If it doesn’t, that’s a sure sign you are giving your business a bad look. People are going to spend money with companies they trust. Bad marketing does not build trust. Be careful about the stuff you put out there. It could drive your business right into the ground.