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  • The Top 4 Mistakes I Made In My First 4 Years Of Business

    updated 3 years, 2 months ago 0 Member · 1 Post
  • Luna

    Member
    November 30, 2019 at 9:11 am

    Quitting my job too early When building a business you need resources. It takes time, first of all, right? You need to actually sit down and with focused effort work on the system and build the structure of your business so it generates revenue. But putting in time takes effort, right? So you also need the energy to put in a certain amount of time. Then finally with money you can invest in your business and grow it even faster. Most think that time is the most important resource. The more time you have, the more you can work on the business, the faster it will grow. So logically you think you’ve got 24 hours in a day, the more of those hours you can give to your business, the faster it will grow. However time isn’t the only resource at play here, money and energy matter just as much. We often over emphasize time as a resource, forgetting about the money and energy aspect of building a business. But in reality you can have all the time in the world, you’re only going to be able to devote a finite amount of time to actually sit down and focus on the work. Not because you need more time, but simply because you only have so much energy to expend on going deep into a task. Then using money you can speed up the yield from that time and money invested. In terms of energy, it makes the total amount of time you can get productive work done each day finite. Because let’s say you do everything possible to maximize your energy, and your total productive capacity of focus is 6 hours. Well, freeing up more of your time, 8 hours, 10 hours, it’s not going to matter because at 100% of your potential you’re only capable of 6 hours of focused work each day. Instead of freeing up this time to do more of that work you could use it to make money doing something more mindless which you could then invest back into the business. So time and energy are equally important resources in building a business. Then you have money, you could invest $0 and 6 hours a day putting your offer out there manually yourself and you might get a sale here and there.But what if you spend $100 to have the same volume of offer>market going out, then you’d have more time to focus on the next marketing channel. Money speeds up our growth by allowing us to remove ourselves from the system and increase the volume of offers going out to the market. Which in turn grows our business that much faster. So time and money are equally important resources in building a business. With the right blueprint you don’t need much time, money, or energy. But you do need as much of each as possible to build your business at maximum velocity. You should base your decisions upon what will give you the best balance of all three. I thought by quitting my job I’d have more time to invest in my business. Because I was going by the assumption that the more time I had the faster my business would grow. I used my part-time job as an excuse or barrier to growth. But that wasn’t the case, as I simply had less money and could only get the same amount done with the time I had. In reality I just had less money and no extra time. Because more time is useless if you’re already at productive capacity, you’re already putting as much energy as you can into it, so more time just means more time to waste. I ended up making the resource balance worse by removing the side income completely. Parkinson’s law is true for anything that you can do. It’s the adage that states “”work expands so as to fill the time available for its completion”. What this means is that when you give yourself more time to complete a task, you’re going to end up taking longer to complete the task. You’ve probably noticed it at play when you only have a few hours to hit a deadline, you end up picking up the pace and getting the work done a lot faster Having a job is not an excuse, it’s a power position. If you have a part-time job you’re going to have enough time, 2 hours a day, to work on your online business. Along with that, you’re also going to have all the money you need to really fuel the growth of your business to cosmic heights. Once you’ve actually built the system, money becomes the more important resource. At a certain point, let’s say 100 hours in, your business will be fully built. The systems and structures in your business needed to drive 6-figures without you working in the business will be complete. So no more time will really be required to work on the business. At that stage it’s all about investing more money into the business to scale up the offers going out to the market. Here money is now more important than time and energy. Springboard your way from your job to your online business. Let’s say you need 100 hours to fully build the systems and structure at full capacity. Then, you have the energy and time to do 2 hours of fully engaged work on the business each day. Then after 50 days, less than 2 months, the business would be fully built. Then form there all it would take is investing money into the business to grow it, time and energy are no longer the bottleneck or thing constraining production, money is! And that’s why quitting my job early was the biggest mistake I made in building an online business. Not managing my finances well As soon as my business was making a bit of money I started spending right away. As if I needed to get rid of the money as fast as it was coming in. I didn’t track how much revenue, or costs, or profit, I had no idea what was going on. I travelled the world, spent money on clothes, partied way too much. And my business continued to make enough money to fuel this lifestyle. The problem was because I wasn’t managing my finances I wasn’t growing my business. Businesses need fuel to survive and move forward. The fuel of all businesses is money. So by spending your money on stupid things you’re not investing back into your business in order to grow. Which means you’re missing out on more money in the future, and I’m sure we’d all like to grow as we move forward. Cash is king for any business. It’s the lifeblood of business that allows it to grow and move forward. If you’re not tracking your finances then you’re neglecting your business and leaving it stagnant or worse letting it fail. Most ignore the financial side of business because it’s not sexy. They want to focus on getting sales and spending the money. But finances and accounting are like the doctor of your business, tracking it’s health and making sure it’s growing well. Finances are the key to success. If you fail to realize that then you’re setting yourself up for mediocrity at best and failure at worst. This was the second biggest mistake in the very beginning but luckily I learned from it pretty quickly and was able to move on to the next stage. Playing with things too much We are taught that the more hours we work the better results we will get. If we do more of the thing that gets the results then we will get more results. The trouble with this is we often mistake what actually brings the results. We focus more on doing stuff then the tasks that will actually bring us the greatest return on our time investment. Results are what really determine that something is working. Rather than focus on working for the sake of work we should be focused more on the result of the work. Before setting out on a task, determine what the outcome of that task should be. Ensure that the outcome actually contributes value and growth to the business, then you know it’s worth while. Often you can end up trying to fix what isn’t broken. Because we have this mindset of work for the sake of work, we end up playing with structures and systems attempting to remake what is already working. Which can lead to catastrophic results when the decision is made illogically and the changes are not made in a vacuum. I remade my website video 3 times, my website 4 times changed my offer multiple times. But in the end it was all the same, none of these changes had any real effect on results so in turn they were pointless changes to make. Instead I should have been focused on things that would actually grow the business. One time I even turned off the marketing channel that was working the best for 3 months whilst i tried to make it better but all I really achieved was making it worse. This is the greatest example of breaking something outside of a vacuum. Rather than testing my hypothesis with a brand new system to see if the expected results were true. I broke a system that was working and rebuilt it from scratch to test something. This set me back by 3 months! Whereas I would have avoided this setback by making these changes in a vacuum, without making and updates to the existing system, I would have seen the negative result and not messed with the working system at all. Not automating fast enough The entire reason we build these businesses is that dream of freedom. We find out the endless possibilities that come with being a digital marketer. But in the process of pursuing these possibilities we often forget that beginning vision that drove us. We get stuck in the grind of day to day work. Once our business starts getting results, we get stuck in believing we are the best at doing the things that get these results, so we don’t delegate those things. Because of this we never get to the end goal we originally had. This holds us back from attaining freedom, but also growing our business. If we don’t built the system, then automate the system, removing ourselves from it, we don’t have the time or energy to work on new systems! So we fail to grow our businesses and have effectively built a job for ourselves. The answer is to set up management systems so we feel comfortable that our team is handling the job and getting the results they should be getting based on the benchmarks that we set when doing those tasks ourselves. Conclusion Making mistakes is bound to happen when doing anything outside of your comfort zone. The trick is to fail fast forward. The more you fail and learn from your mistakes then implement those lessons the faster you will move forward. Hopefully you can take the lessons from my mistakes and implement them within your own journey. The worse thing is when you keep making the same mistake over and over again. The only way to get over that is to make sure you track that mistake down and make e a conscious effort to not make the mistake again then reward yourself when you don’t. Break down what causes the mistake and set up a system to keep track of whether you are doing the same things that lead to the mistake. – by /hq/Dylansigley – –

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