IT 020: The HUGE Mistake That Almost All Intuitive Entrepreneurs Make (& What to Do Instead!)
Today’s episode is for lightworkers who are considering starting a business, have recently started a business, or own a side business that they haven’t been able to successfully get off the ground yet.
I’m going to show you where to focus your time and energy in the very beginning so you can avoid going broke or getting so discouraged that you decide to give up (by the way, please, don’t give up – the world seriously needs what only you have to offer!).
I decided to become an entrepreneur to serve the world and fulfill my purpose
When I declared that I was going to be an entrepreneur, everything felt so exciting.
I was the CEO, President, Owner, Girl Boss, (as a side note, I really did spend a lot of time and energy trying to figure out my title in the beginning so I could put it on business cards, which I didn’t even end up needing), and I just knew I was going to be of amazing service to the women who needed me most.
Then, I got really overwhelmed by all of the business to-do's, and began to really fear failing
But after the initial excitement that came with deciding to start a business wore off, I started to get really, really scared of failing. Overwhelm and fear kicked in, and as an energetically sensitive person, I didn’t know what to do! I had just spent a ton of money on branding and opt-ins, but was not making any money, or reaching… well, anyone.
The reality set in that, yes, I would need to make money to keep my business afloat, and that this needed to be more than a really expensive hobby.
I realized, my business needed to be more than a really expensive hobby - I needed to make money
In my own journey, this meant that I needed to go back into the corporate world so I could pay bills and rent, because I had exhausted my funds. Not ideal, but I had to do it!
The reality is, your business needs income to be successful!
I know this might sound obvious, but to me, it definitely wasn’t at first. I really just wanted to make a positive impact on the world by coaching other women!
Truthfully, my story is not unique. Many entrepreneurs throw in the towel after they’ve spent money on a website, logo, branding, professional photos, etc. because they feel like they’re way in over their head and don’t know how to get clients and customers.
They go back to the soul-sucking jobs they hate for a few years (like how I did), or worse, stay there forever. Or get a side job that isn’t nourishing, while their dream business fades away and loses momentum. They lose their light, their spark, and become a shadow.
If that sounds familiar, I’m so glad you’re listening in. I do NOT want that to happen to you!
I managed to get out of my corporate job after a year and a half, and change my mindset to match that of a real business owner (one who realized that money, in addition to being of massive service to the Universe, is the lifeblood of her business!).
If I could go back in time, I would tell myself this….
The HUGEST Mistake That Almost All Intuitive Entrepreneurs Make is to focus all of their initial time, energy and money into going after fame, visibility, and branding.
Now I want to avoid confusion right away and say this is NOT applicable to you if you have a huge amount of money saved away, have a large business loan or outside financial support that you can use to sustain yourself, or if your business is a side thing and you have a job you love that can financially feed your business. Again, if that is you… the rest of this Podcast is not for you, and you can tune out now!
This is applicable to you if you want your business to be a full-time, income-generating AS SOON AS POSSIBLE, and if you don’t have a few years of living expenses saved up that you’re ready and willing to dip into.
OK, so if you’re still listening, let’s dive in.
As brand new entrepreneurs, we have a limited amount of time, energy and especially money. And if our goal is to have our business be financially successful ASAP, it is massively important that we learn how to focus on what Darren Hardy (author of The Entrepreneur Rollercoaster) calls, our vital functions (and measure them by your vital metrics).
The vital functions can vary from business to business, but at the very beginning, your #1 vital metric to drive should be income generation.
It’s not having a nice website.
It’s not having a newsletter.
It’s not having gorgeous photos or super fancy branding.
It's not blogging.
It’s not any of the stuff that builds your online fame and visibility factor - at first.
Focusing on these things instead of focusing on the vital functions that drive your vital metric of income generated is a recipe for early business burnout and failure.
This is not to say that those things won’t come in the future! They are important, and should be focused on when your business is ready and sustaining itself.
But you do NOT need any of these things to start making money in your business. It’s definitely nice to have, but not necessary.
So what vital functions are necessary for you to focus on first? This varies from entrepreneur to entrepreneur, but the bottom line is that these vital functions help you generate income right away.
As you do this, you’ll gain confidence and momentum, because you will have early proof that your idea is viable and that you CAN make money doing what you love to do.
Everything else builds from there.
Focus on getting the “low-hanging fruit” of your business.
Here are two examples of vital functions to help you grow your income:
Offer your service or product to people who will likely buy your product or service now – friends, family, co-workers, acquaintances, people in your local community.
Get in front of a targeted group of potential clients who may be interested in your product or service through Facebook ads or online or in person joint ventures.
Get creative and be willing to put in a lot of upfront work.
This is where grit and your availability to hit the ground running is super important (which is why it’s really important to love what you do!)
Remember, energy flows where your focus goes! Focus on getting money in the door ASAP.
Alright, it's your turn to take action!
Identify 3 vital functions that drive your #1 vital metric (remember, at the very beginning, this is to make sales and generate income!) and let me know what they are in the comments below.