1. No Focus
It’s easy when you’re building a business to focus on too many things. This can cause you to be unproductive and waste time doing activities that don’t directly impact your business growth. Too many target markets, too many offers and too many market channels causes you to spread yourself far too thin. It’s very important when you start out to have a clear focus to help you build sustainably.
2. Lack of Marketing
Perhaps you’re spending too much time on your product and not enough time marketing. It’s an easy mistake to make yet what I see is too many people building their amazing business in the middle of nowhere where people don’t know about it. Now more than ever, you must create an online presence and have a brand that stands out from the crowd.
3. Analysis paralysis
With so much going on when you’re building your business, it’s easy to become stuck in analysis paralysis. Where you spend so much time planning and not enough time implementing what you need to move the business forward. You must make sure that you’re a leader, making key decisions that really move the business forward.
4. Lack of or No Delegation
Many entrepreneurs spend far too much time doing things that they aren’t skilled to do. Whether this is website design, accounting, sales pages, copywriting … the list is endless. Make sure that you hire people to fill in your weaknesses. The jack of all trades is not something that can help your business scale. You want to make sure that you’re working on the business expansion and not getting bogged down with day to day admin.
5. Non Scalable Business Model
You want to make sure that you have a business model that is scalable. Many entrepreneurs especially in the consulting training industry only have themselves as the product. If you’re only doing 1 to 1 coaching or training there is a limit on how much you can scale. If you don’t have a business model that works alongside yourself or without you, it will be very challenging to scale the business to a point where you can create the income that you desire.
6. No Mentor/Coach
No one is self made. Everyone has people that help them on their journey to success. Yet one of the biggest mistakes I see are entrepreneurs looking to reinvent the wheel and not having guidance to help them on their journey. It’s important to have a coach and/or mentor, on your entrepreneur journey so that you can build your business efficiently long term.
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