Tech professionals, it’s time to stop idling on your entrepreneurial ambitions. To get to six-figures in an online business, you’ve got to consistently make moves, not excuses! In my experience, there seem to be 5 prevalent myths that prevent people from building their businesses into the six-figure ranges. Today I’m going to cover each of these myths and how you can keep them from blocking business success.
1. If you try, you will fail.
The truth is, if you try you may fail. Small Business Association states that 30% of new businesses fail during their first two years, 50% fail during their first five years, and 66% fail in their first 10 years. So, being honest – having a business failure is a possibility.
Imagine earning multiple six-figures while working 30 hours per week (or less) from paradise.
As a way of preventing a business failure, I recommend you do both of the following:
- Do not quit your day job until you have your second income source built up enough that it can support you. Begin building your online business at night, while staying on with your employer. Slowly build your clientele, establish your brand and build your reputation. This will build your business and your new revenue streams until you feel comfortable leaving that day job behind. This is what I did, and I’ve never regretted it.
- Hire a darn business coach. I am not just saying this because I offer business coaching services (although I’d be delighted to coach you). I am saying this because of the crazy awesome impact that I’ve seen from working with business coaches myself. Imagine earning multiple six-figures while working 30 hours per week (or less) from paradise. Just trust me on this – totally worth it!
2. You’re not sure what you would sell, so why try in the first place.
Lots of us online entrepreneurs had absolutely no idea what we were doing at the beginning. That’s normal. Don’t let doubt and inexperience get in the way of pursuing your dreams.
To get through the slump of indecision, I suggest you do the following:
- Decide if you want to sell products or services.
- Conduct market research to determine the best products or services for you to sell
- Test the viability of your business ideas.
- Package and price your offers.
- Test and discover how best to market your product or service.
3. You don’t have time to build and manage a six-figure online business.
These days there are tons of different types of tasks that you can automate to save time in running your online business. You can automate blog posting, email workflows, and even analytics reporting. All of these types of automation decrease your workload and increase your productivity.
According to an article on soffront.com 63% of companies that are outgrowing their competitors use marketing automation. (The Lenskold and Pedowitz Groups, Lead Generation Marketing Effectiveness Study). That statistic alone should be enough to get you looking into automation as a regular part of your business. And in cases where you can’t automate, consider delegating instead.
4. You think you need a huge online following.
The larger your online following, the harder it is for you to cultivate meaningful relationships from within your audience. Ask any online influencer, as audience sizes increase, engagement with audience members decreases. And, to build a business, you need to cultivate those authentic relationships. This is more about quality than quantity. People will buy your product or service if they feel they know you, like you, and trust you.
The way to sign new clients, and retain existing clients, is to consistently add value to the lives of the people you serve (this is again, another place where you’ll probably find it challenging to make moves, not excuses). You don’t need 100k followers. To sign new clients, use social as a vehicle to cultivate authentic relationships with the right people. To retain existing clients, engineer an exemplary customer service experience and always over-deliver.
5. You think you need a private equity investor to start your online business.
What?!?! You want to sell out before you even started?!? I knnnoooowww that can’t be true! Look, it’s 100% unnecessary to pitch investors. Also, you don’t need a million bucks in the bank to start your online business. What you do need, however, is some SERIOUS DEDICATION. If you know for sure you want to build a badass tech business, now is the time to make moves, not excuses.
Start small, with a few products or services. After you’ve figured out what works best for your business, begin to look for ways to lower overhead and streamline your processes. Once that’s accomplished, begin to build, slowly. In this way, you and your business grow simultaneously, making the transition much easier and more successful.
Ready to make moves, not excuses? Get this…
You’re ready to take your online business ambitions to the next level, and get this – I’m ready to help you do that. Meet Clients+Caviar™. This is a 6-month group coaching program for tech professionals who are geared up and ready to build their own six-figure online businesses. In this program, I’ll walk you through the exact process I’ve used to build my own multi six-figure online business. We just launched this program, so early bird pricing of 15% off is still available. Act fast though, because prices increase on December 9th. Let today be the day you start to make moves, not excuses in the online business space.