3 MAJOR Business mistakes….

3 MAJOR Business mistakes….

Are you contemplating going into business for yourself?

Business ownership is one of the most gratifying and intimate relationships that you will have with yourself. You will have days that you’re dancing around through the house with joy and days where you wonder what the heck did you get yourself into?

I’ve created and started up 4 businesses. Some were a flop and some were a smashing success. Through the emotional rollercoaster I have learned quite a lot and would love to share with you what to avoid so you don’t fall down and hurt yourself during this fun and amazing journey.

Mistake #1:
Not knowing your strengths and weaknesses.

I am the perfect example of the big picture thinker, but terrible with details. I learned this the hard way, isn’t that the way we all learn? I’ve created business plans and spreadsheets filled with numbers and while processing this necessary business activity, I found myself angry and frustrated. You see, my weakness is details. I’m great at delegating, leading and inspiring a team to carry out the vision I see, which is why I’m aligned well with coaching. I finally figured out that I needed someone that was excellent at details to fill in that gap. Now I hire out the heavy detailed projects or I know in my heart, I would end up with brain damage. That is just how God created me. Overall…the sooner you find out where you struggle, the faster you can either strengthen that weakness or hire someone else to do it for you. If networking, relationship building and marketing is your weakness then find a way to increase your strengths… or outsource the activity needed in your business. The key to remember that it is almost IMPOSSIBLE to be everything in your business…so stop beating yourself up! Focus on what you’re good at and fill in the gaps where necessary.

Mistake #2:
Not knowing your purpose:

This one is a tough one. It’s hard to find exactly what your “purpose” is… The first step is to find what you’re naturally good at, then find a way to make a living, doing exactly that! No lie… if you’re really good at coaching, then narrow down your niche of where you’re best at coaching. Mine is natural health and business… no surprise that my journey of life has led me here… Literally coaching, Health coaches and clients.
Take a look at the hobbies you have or what brings you joy. From photography to delivering flowers to someone’s doorstep as a florist… you can turn it into a business. If it makes your heart sing…then THAT is the business you need to create, buy or join.
Always pick a business model that aligns with your spirit, what you naturally love…then you can’t help but be crazy successful at it! It’s what you were designed for!

Mistake #3:
Not knowing how much investment is required before jumping in…I mean ALL IN!

This is a big one… I really took a beating on this one in my online digital media company…many of you have already read that blog of mine. The key is I kept investing my own money, banking on the fact that capitol investors were going to help me recoup some of that money. When that didn’t happen, my bottom fell out…literally!
Create a cash flow business plan spreadsheet to figure out exactly what your overhead will be along with your cash flow necessities, aka living expenses. This is imperative to make it above water the whole way through. I can almost guarantee that you will not be a business success if you are focusing on keeping the electricity on instead of focusing on your business… So allow some wiggle room. Especially if you’re investing in a business purchase or franchise.

Remember…this is an INVESTMENT of time and energy. Make sure you will always get the RETURN ON INVESTMENT that you are looking for. Will this be fun, challenging, rewarding and exciting? If so… by all means… then JUMP IN…with your eyes wide open!

Cheers to your business success,

Karie Millspaugh
Wellness Coach