Launching a business is one of the most exciting and terrifying times of your life. Much like having your first baby, you’re executing a lot of “firsts” without a manual to guide you. You’re thrown into the deep end of the hardest job you’ve ever known, relying entirely on instinct. Basically, you’re blindfolded and lost in the woods, and there’s no one guiding you – except you.
It still astounds me how many businesses close within the first three years – 60% of businesses fail in those early years.
So why is that 60% of businesses fail before they even reach the three-year mark? It’s often WILDLY misunderstood just how much it takes to start, sustain and grow a business.
Here are some of the biggest mistakes I see in start-ups:
They don’t understand what they stand for
They misunderstand the YEARS that it may take to get their first sale
They misjudge the WORK that’s involved
They can’t fathom the financial sacrifices and investments they will have to make to grow the business
They don’t write a business plan
They don’t really believe in their product
They don’t really believe in themselves
If you’re in the start-up phase of your business, there is still hope. Here’s what you can do:
Look at your competitors and understand your market position
Look to the businesses that inspire you and understand the 20-year journey it took for them to get where they are
Map out your own journey
Be prepared to work harder than you’ve ever worked
Acknowledge that you’ll need to continually invest back into the business before you see a profit
Go into this with the mindset that you want to make a DIFFERENCE
This is not about the car you want to drive at age 33 – it’s about the work you want to be proud of when you’re 80
Enjoy the PROCESS and the journey
Connect to your product or service on a deeper level. What are you REALLY offering people and why does it matter to you and to them?
Don’t expect or rely on short-term wins
Write long-term goals for the next 30 years
Write a business plan (get your free template below!)
I’ve started and sustained/sold 34 companies in the last 25 years, so I’m living, breathing proof that it can be done, and I want to show you how I did it. Let Navig8Biz guide you through the woods. Remember this: the best time to plant an oak tree was 200 years ago, the second-best time is today.