There are some bits of business advice I see floating around on the interwebs that drive me nuts! Really, really bad bits of advice that are not real-world-business-reality. Bits of advice that can (and have) done serious damage to the success of business.
Here goes…
1) You don’t need a business coach
I am a business coach so obviously I am going to have a little bias here.
A business coach is someone who can help you view your business in a different light, if you find a good one they will have worked with many other businesses and can bring a fresh approach to the way you do things. They challenge you to think differently. They poke and prod you (in a nice way) to help you become bold and brave!
Financial commitments get results, your business coach will charge you. It is a well known fact that when you have some skin in the game you are more likely to get results.
Saying business owners don’t need a business coach to get results makes the assumption that everyone is naturally focused, driven and self-accountable. That just isn’t human nature.
I get that not everyone can afford a business coach, A group coaching program is a great way to enjoy results while sharing the cost with others. It is a lot of fun too!
*I just happen to have one of those super fun Group Coaching Programs…. it is opening again in a couple of weeks!
2) If it’s not a “Hell Yes!” it’s a no!
So this bit of advice I believe was intended to be general “life” advice, not business advice. If you say no to every single thing in business that doesn’t light your fire you will go broke fast.
A lot of what doesn’t tickle your fancy, ignite your soul and dance in your heart is the stuff that makes a business work. It is the unsexy business stuff that helps you gain momentum and create an income. It is the reason I can work 30 hours and make $120K.
Sure, you can spend your days posting pretty pictures on Instagram and writing flowery blog posts but if you’re not actively trying to sell, learning how to calculate profit margins, seeking out new marketing opportunities, tracking your numbers etc… your business will stall, It will be nothing more than a pretty Instagram account.
3) Social Media Marketing is free
Nope. It’s not free. It takes time. Your time is not free. Every hour you spend in your business has a dollar value. Let’s do some quick maths to illustrate my point.
You want to make $50k per year. You want to work 30 hours per week and take four weeks holidays. That is 1440 hours you will be spending working in your business. If you earn $50k you would be paying yourself $34.72 per hour. Every hour you spend posting on social media has a cost of $34.72.
* Yes I know I oversimplified the calculations but not adding in expenses etc… but I made my point!
** Yes I know you might not be making anything from your business right now, but you should have an income number you’re working towards to help you value your time.
4) Outsource everything you don’t love doing
Oh no… No. No. No. This bit of advice will help you create a wildly successful business in the eyes of others. Your business will appear peachy to outside world, behind closed doors you will be frustrated and profit-less. Your business will exist just to pay the invoices of others.
Outsourcing is a fantastic business practice that can save you time and help you create serious profit. Like every thing in business it requires a strategic approach. You should not be outsourcing just because you don’t like doing the task.
You should be outsourcing because someone can achieve the same or better results as you in less time, which leaves YOU to focus on income generating. If you outsource a task you hate then sit on your hiney watching cat videos you will never make a profit.
5) Manifest customers fast!
I always wonder how many women in business have manifested themselves into a business disaster. Manifesting is one of my favourite business practices, I try to stick to a regular daily habit myself. I also know exactly how profitable every customer that comes to my business is.
If you spend a whole lot of time manifesting new customers I sincerely hope you have a really good handle on your figures. I worked with a lovely lady who celebrated manifesting 18 new customers, until we did the maths and I pointed out that she was working for $7 per hour.
Manifesting is awesome, just make sure you’re manifesting the right thing!