If you’ve worked with a business coach, or followed them on social media, you may have heard one or more of these myths – while sometimes these CAN be true, they certainly are not a one-size-fits-all solution.
4 Myths you’ve likely heard about your business:
- You have a money mindset issue
- You must invest in yourself
- It takes years to generate a profit
- The solution to every problem is to raise your fees
It takes a skilled and seasoned coach to be able to look at your business and diagnose the problem. Let’s dive in a little deeper into each of these myths and talk about some hard truths…
You have a money mindset issue.
That is probably false, and truthfully you likely don’t understand the numbers in business. “Money mindset issues” is a flawed excuse to doing the work and learning about money, finance, pricing, profit, and the mathematical side of running a business. It’s amazing how learning about all of this, cures that mindset issue.
You need to invest in yourself.
Of course, you need to invest in yourself! But when you’re starting out, don’t let anyone bleed you of all of your early earnings by telling you that you can’t do it without them. Invest a certain percentage of income, make the income you want to invest, but most importantly…do the math. Don’t blindly bleed your business because every coach and marketer says you can’t succeed unless you do this. It’s NOT true. My business did $500k before I invested my first $15k in a coach.
It takes years to generate a profit.
That’s a lie! You CAN generate a profit from the first year. The only exception to this is if you have a capital intensive business that requires you to invest heavily in equipment, leases, and overhead. If you don’t have a capital intensive business, and you don’t make a profit in the first year, you likely have a math problem and bought into myth #2 a little too much. Your business model should have profit margin BUILT into it. If it doesn’t, you have a problem, and growing that problem through top-line sales doesn’t change anything.
The solution to every problem is to raise your fees.
The solution to every problem is NOT to raise your fees. You need to understand supply and demand. If you ARE raising fees, you need to deliver value for what you charge. I’ve seen many people who have followed the “raise your fees” myth, only to find themselves with no customers and a bad reputation because they charge too much and can’t deliver the results that are expected. The more you charge, the more value you must deliver.
Do your homework before jumping onboard with any of these #business solutions. Click To TweetAs I mentioned in the beginning, you may very well need to improve your mindset, raise your fees, invest in yourself or be patient when it comes to making money – do your homework before jumping onboard with any of these solutions.
Leave me a comment and let me know what other business myths trip entrepreneurs up.
