Site Navigation7 MORE Dumb Mistakes Rookie Entrepreneurs Should Avoid
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You may have read a previous blog titled "7 Stupid Mistakes Rookie Entrepreneurs Make to Mess up Their Profits," which I wrote for my buddy Chris McCombs to post on his blog.
Actually, it turned out to be one of the most popular posts in the history of his blog.
I decided to write part two: 7 MORE stupid mistakes rookie entrepreneurs make to mess up their profits."
Perhaps I should have just titled it "14 stupid mistakes" from the get go!
#1- Mr. Know-It-All: Out of all the dumb, profit-murdering, business bankrupting mistakes this is the most fatal, since it can't be fixed. It's not a mistake - it's a flaw in character. There's nothing worse than a know-it-all in life, but in business a know-it-all attitude is ultimately the kiss of death. (Unless of course, you really do know everything!)
You spot a know-it-all because they are too proud, stubborn, and dumb to ask for help and find out new information. They would rather continue doing the same stupid thing over and over, somehow expecting different results. That right there is the definition of insanity!
I know an "entrepreneur" like this (more like a wanna be entrepreneur). He owns a personal training studio in my area, and the place is a complete a train wreck. The studio was first located in a strip mall. As his profits tanked he had to close down, but reopened in an industrial location. Next, he decided to stop running ads because of the expense. Honestly, that really didn't matter since they were hugely underperforming anyway.
The list of mistakes I could point out here is a mile long.
Of course, he won't accept help. He has shown some interest in my products and services but decides against it in the end. In the meantime, another client of mine, Saman Bakhtiar, is pulling in seven figures a year from a studio in a less desirable location nearby! Even in this economy, he is running two page ads that are delivering endless leads, and he has at least five additional reliable fitness marketing campaigns running locally and online.
Before long, the know-it-all friend will be closing his doors permanently and of course, he'll blame circumstances, the economy, or his location. He will never question his underdeveloped entrepreneurial skills!
#2- Dollars for Time: It's 2009 people! If your plan is still to collect dollars for hours, then you need to stomp on your own food - hard! I don't care if you charge a premium or even if you deliver your service in groups rather than one-on-one, you still can't justify trading dollars for your time.
Right now, the most successful, profitable, lifestyle oriented, able -to-do-what- they-want-when-they-want entrepreneurs are effectively duplicating themselves and leveraging staff, systems and technology which allows them to work ON their business; rather than just working IN it.
#3- Kicking Tires: This is the person who cannot focus on one thing, so they are constantly flocking to the next shiny object in the distance. By default the tire kicker is never committed to finishing what he starts. While his business may generate some income, it will NEVER grow legs and prosper to its full potential.
#4- "But, My Business is Different!": I hear it all the time. "I can't raise my rate, put out info products, offer boot camps, open a studio, market successfully, use EFT, or sell big packages...because my business is different."
That's CRAP... your business is no different than mine.
There's not a single business, fitness related or not, that is incapable of raising rates, generating multiple income streams, selling bigger with long term programs, or creating continuity (EFT) income, info products, boot camps, studios, or anything else.
Limited thinking always leads to limited results. The formula is the same the world over--in California, Louisiana, New York and overseas. If you don't currently have the resources - find them. No matter what, I can tell you this with absolute certainty - YOUR BUSINESS IS NOT DIFFERENT.
#5- The Issue of Linear Income: My dad made his living off linear income. He was a tailor with his own shop. One job with a single income stream, and that was it. This is a new day. Linear income offers no security today.
When big department stores started offering alteration services my dad's income was cut by a third. Unfortunately, his bills and mortgage stayed the same but the income was no longer there. I remember those days... they weren't fun.
That's why you need DIVERSIFIED multiple income streams. I've created multiple streams for my business, such as continuity income from software and membership sites, big chunk income from coaching and consulting programs, consistent sales income from info products, equity income from rental properties, and dividend and compounding interest income from stocks and mutual funds (though they're in the crapper at the moment). I'm also extending my skills into other industries.
The big problem with linear income is breaking out into other things. If you're doing one-on-one training now, then hire a qualified employee and invest yourself in other income streams, such as starting up boot camps, opening a studio, developing info products, adding corporate wellness, affiliate programs, internet income, and so on.
#6- System Negligence: This is an easy, but often overlooked one. Your business must run on systems, rather than by random action. You need systems in place for marketing, appointment setting, selling, pre-selling, referral generation, retention, back end selling... you get the picture, right?
#7- Mrs. Slow Poke: This one makes me want to scream! Too many wannabe entrepreneurs take one step at a time...one S-L-O-W step at a time. That's NOT entrepreneurship...that's employeeism.
If you want massive success and you want it right now, you need to do everything simultaneously, rather than sequentially. Once you give birth to a great idea you have to start working on it EVERY SINGLE DAY, and right away!
Wealth is the reward for speedy action. The biggest determining factor between success and failure is the time wasted between idea and action.
True entrepreneurs do things simultaneously. Employees do them sequentially. Never forget that.
About the Author:
For more fitness marketingideas, tips, videos, and articles to grow your personal training business check out PTPower.com. Bedros Keuilian is a personal trainer marketing expert and author.
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