Have you ever looked back at a situation and said “wow, I wish I knew what I know now, then”? We all make mistakes that are lessons learned, and hopefully don’t make that same mistake again.
Being an entrepreneur is not always easy. There are a lot of factors that can play a part in the success of your business. A lot of mistakes are common and easy to make, and could potentially sabotage your success. Some mistakes you just have to learn on your own, but luckily, some of them you can learn from other people.
When you made the decision to open your business, did you stop and think about what you would do if there was a crisis in that business?
You should expect that when you own your own business, you are responsible and accountable when things go sideways. In fact, when you experience a crisis in your business, if you are not prepared, it can cause your business to falter and maybe even go into bankruptcy.
She asked me, “How do you stop commingling your money and start operating your business the right way?”
I did a Shop Talk on one of the biggest mistakes that you can make in your business. It was all about commingling your money – that’s when you start a business and you mix your personal and business finances.
Not long after that post, I received an email from someone who said to me:
“I really, really liked your Shop Talk video blog on commingling your money. My question is, if you are someone who is doing that, what is the first step to fix it? How do you stop co-mingling your money and start operating your business the right way?”
Quantity versus quality applies to almost everything in your business. When you think of quantity versus quality what comes to mind for you?
When I think about quantity I think about things like McDonald’s – fast food, get through fast, inexpensive, fast paced, high volume.
When I think of quality I think about this like Hy’s Steakhouse – slow, nice high-quality environment, higher price point, more luxurious, more elegant.
The reality of those differences is what makes one a quality experience versus a quantitative experience.
Recently, I was in a Facebook group where someone posted something about 6 and 7-figure businesses and all the hype people use around that in their marketing. This person talked about how they asked somebody about the profit margin in their business only to learn that their 6- or 7-figure business had a profit margin of around 15%.
I wanted to address this because sometimes marketing is misleading. I am a big believer that success leaves clues.
Alright, let’s talk a little bit about trading hours for dollars.
When did trading hours for dollars all of a sudden become so taboo? It’s like people think that working one on one with your customers is a bad thing. “Oh my God! I’m doing too many hours for dollars!”
Can you imagine if every single hairdresser on the planet decided to move to a leverage model and the only way that you could get your hair done is if you took their online program and learned how to cut your own hair?
You’ll never, ever, ever eliminate hours for dollars.
I recall when I was working for a start-up telecommunications company leading a retail team. We didn’t have any reporting setup in order to see what was happening in the business and my boss gave the task of setting this up to me.
She said… “We need reporting on ALL of this!”
The moment is clear in my mind because it brought up two very different emotions for me.
Excitement and intimidation!
The idea of getting regular reporting was exciting and intimidating leaving me suddenly feeling exposed. You probably feel the same way. You’re probably thinking…
You may be thinking this article might not apply to you but the truth is, selling your business or having it go belly up is a reality for many business owners.
Why is it that some people are successful in selling their businesses while others just close up shop and walk away leaving their equity and goodwill on the table?
When you start a business, usually the last thing you think about is an exit strategy. You think you are in it for the long run and sometimes you have huge visions of growth.
But the truth is, you work really hard to build your business and when the time comes to move on, if you have something of value, you should be able to pass it on to someone else and pocket some cash at the same time.
When I started The Organic Basket Company back in 2001, it was a home based business. I aspired to be able to grow this business into a coffee shop model, to maybe franchise and have stores all over the place and to retail gift baskets in many locations.
Then the grind settled in and although the business was generating about $30,000.00 a year (with me only working one weekend a month), after a while, the work became boring and did not challenge me intellectually.
I tried to bring someone else in to help me with the business but my profit margins were not really big enough for me to pay someone to do the work and keep some money for myself.
Then in 2006, I opened Parlez Wireless, an Authorized TELUS Dealership. The basket business continued to exist but my focus was completely moved to the new endeavour.
Over the next year, the basket business pretty much dried up and I sold it for a very small amount of money, basically enough to cover the cost of the products I had on hand.
In 2012, I sold Parlez Wireless. This time things were different.
The most important lesson from The Organic Basket Company was this:
When you lose your interest in your business, your sales will go down and your profit will deteriorate
The moment you feel you are not as jazzed with your business, start to think about whether or not you should consider an exit
Always exit at the top of the game, not after your sales have slid to the bottom
Two years before Parlez Wireless sold, I had begun my consulting business. This time, there was a team who could operate the business without me and the business did not decline the way the basket business did.
Inside though, I knew this was not what I aspired to do long term so I started making plans to exit. The difference this time was I sold my on hand inventory and walked away with actual money for the equity I had built in the business.
In addition, the business had solid operating systems, sales tracking, cash-flow tools etc, all the things you learn in The Pilot Project. It was a profitable business ready to go without a new owner having to put a lot of time and money into it. This made it more appealing to buyers and allowed me to sell it at a price I was comfortable with.
Just because you may not feel the interest anymore does not mean that someone else wouldn’t be thrilled to continue to build up momentum from where you left off. Build something really great and sell it when the value is still there.
Check out this Shop Talk Video on When to Pull the Chute and Sell Your Business for more tips and share in the comments – Have you ever sold a business?
Allyson Byrd is also known as the “Profit Accelerator™ and she is celebrated as one of the world’s most trusted leadership advisors and sales experts for entrepreneurs and small business owners.
She exists to create inspiring moments that shock, awe, surprise and delight herself and others. This comes as naturally to her as breathing. She has used this gift to help 10,000+ students in 47+ collectively create over $330 million in sales! Her journey is incredible. But she hasn’t always lived life awake. It took her years to embrace the unexpected, and step fully into her power.
She worked for McDonalds as a highschool dropout. Yes, you read that right. After the first few weeks they placed her on a fast-track to management because they saw something in her…something she hadn’t yet accepted about herself.
We are all one shift in perception away from a mega miracle!
Your next-level shift will require you to see your reality with new eyes, just like hers did. It will require you to accept your past with love, and embrace new possibilities in your future.
You’ll be able to hear more of Allyson’s journey to success from an underprivileged life on food stamps, a dad in prison and single mom raising two kids to the ultra-passionate successful leader she is today and the undeniable stand she has for women rising into their greatness in her latest collaboration with Amazon Prime TV.
Allyson’s press features include CNN, USA Today, NPR, Time Money, Forbes, Yahoo Finance, Business Insider, CNBC, MSN, Black Enterprise, Essence and Entrepreneur.com.
Sara Yagoub
Sara Yagoub, The Intentional Entrepreneur, is a mother, wife, businesswoman, referral marketing expert, speaker, author, investor, founder of ‘The Referral Circle’, and Host of Renegade Radio Revolution™.
A former overworked corporate-yes-girl, Sara escaped the 9-to-5 grind using what she learned to build her own successful multi-million-dollar business empire. Through digital programs, workshops and speaking events, Sara empowers high-achieving female entrepreneurs to shift their mindset, up-level their consciousness, tap into intuition & live w/purpose.
She has been featured in Voyage Magazine, Glambition Radio, FDISM, Morning Laziness, and served as a keynote for many organizations and masterminds.
Ali Brown
Ali Brown is one of the world’s most recognized entrepreneur coaches. Ali Brown is the world’s most recognized coach for women entrepreneurs, host of the acclaimed Glambition® Radio podcast, and founder of The Trust — the new, private, premier network for 7- and 8-figure women leaders.
Ali’s coaching and consulting enterprise has ranked within the Inc. 500 list of fastest growing private companies in the nation. She has been named one of Forbes’ Women to Watch, is one of EY’s Winning Women Entrepreneurs, and was featured on the ABC hit primetime show Secret Millionaire.
In addition to leading The Trust network, Ali specializes helping female leaders who are making or on track for 7-8 figures strategize and realize their next level of leadership and revenues. Her coaching and mentorship have been featured on CNN on many other media outlets.
Ali and her family are based in Scottsdale, Arizona and travel often with their 8-year-old boy-girl twins.
SAMPLE INTERVIEW TOPICS:
The radically different mindset shifts it requires to break-through into 7-8 figures and beyond.
The big problem with how women network and with the existing business communities out there
How to stand out within the online mess and position yourself as a ‘category of one.’
Business trends for the 2020s to be aware of and critical pitfalls to avoid.
Why formulas are good for building your business, but they can BLOCK you from unlocking your personal genius.
SAMPLE QUESTIONS:
What was your background before becoming an entrepreneur, and then how did you become an entrepreneur coach and mentor?
You’ve shared that your experience on ABC’s Secret Millionaire was a turning point for you. How did that change the trajectory of your business… and life?
I hear you often give clients the opposite advice of many other business coaches. Can you tell us more about that?
What are some of the winning strategies your multiple 7-figure and 8-figure clients are currently implementing that we can learn from?
You use a term called ‘excellence burnout.’ Can you explain what that is, and how can we watch for signs?
Has having a family changed how you work and how you lead? And if so, in what ways?
Legacy and leadership.
Alan Weiss
Alan Weiss is one of those rare people who can say he is a consultant, speaker, and author and mean it.
His consulting firm, Summit Consulting Group, Inc., has attracted clients such as Merck, Hewlett-Packard, GE, Mercedes-Benz, State Street Corporation, Times Mirror Group, The Federal Reserve, The New York Times Corporation, Toyota, and over 500 other leading organizations. He has served on several boards of directors in various capacities.
His prolific publishing includes over 500 articles and 60 books, including his best-seller, Million Dollar Consulting (from McGraw-Hill) now in its 30th year and sixth edition. His newest is Your Legacy is Now: Life is not about a search for meaning but the creation of meaning (Routledge, 2021). His books have been on the curricula at Villanova, Temple University, and the Wharton School of Business, and have been translated into 15 languages.
Tiffany Peterson
Tiffany Peterson is a seasoned speaker and international coach guiding individuals, teams, and audiences in creating thriving personal lives and successful business results. Her podcast show ranks in the Top 1% of all global podcasts.
Before founding her own company, The Lighthouse Principles, Tiffany worked with and for many popular brands: Franklin Covey, The 7 Habits of Highly Effective People, the world famous Rich Dad, Poor Dad series, and Jack Canfield, creator of The Chicken Soup for the Soul series, helping each of these brands set new sales records and experience expansive new growth.
Tiffany is passionate about empowering others with proven, universal success habits and her tried and true sales strategies. She has coached people all around the globe to successfully create with intention a life and a business that they love.
For more information about creating your ideal life and results, visit www.TiffanySpeaks.com
Sigrun Gudjonsdottir
Sigrun is an award winning business coach, best-selling author, and multiple 7 figure entrepreneur. She is on a mission to accelerate gender equality through female entrepreneurship. She’s been called the leading business mentor for online entrepreneurs in Europe, is a TEDx speaker, and host of the top-rated Sigrun Show podcast. Sigrun has been featured in Forbes and numerous leading media publications in Europe and in 2021 she won 5 Stevie Awards; as the Heroine of the year, Entrepreneur of the year, Solo entrepreneur of the year, Manager of the year, and Sales Achievement of the year.
Tanya Dalton
Tanya Dalton is a transformational speaker, best-selling author, and nationally recognized productivity expert. She helps female executives and entrepreneurs step into purposeful leadership.
In addition to having her first book, The Joy of Missing Out, being named one of the Top 10 Business Books of the year by Fortune Magazine, Tanya’s podcast, The Intentional Advantage has received millions of downloads from listeners around the world. She is also a featured expert on several networks including NBC and Fox and is a VIP contributor for Entrepreneur.com. Tanya has been featured in some of the world’s leading publications including Forbes, Inc, Fast Company, and Real Simple. She has been awarded the elite Enterprising Women Award and has been named the Female Entrepreneur to Watch for the state of North Carolina.
Tanya is also the founder of inkWELL Press Productivity Co. a multi-million dollar company providing tools that work as a catalyst in helping women do less while achieving maximum success.
Her highly anticipated second book, On Purpose: The Busy Woman’s Guide to an Extraordinary Life of Meaning and Success, launched last fall through HarperCollins Publishing.
Lisa Larter
Lisa Larter has successfully built two businesses that generate in excess of seven figures and has helped many of her clients reach the same mark.
Founder and CEO of the Lisa Larter Group, she is a master strategist, author, speaker, podcast host, social media expert, consultant, and business coach. Lisa inspires entrepreneurs and business owners to see the possibilities for their organizations for growth and success. She deconstructs modern marketing and creates (and implements) strategies for businesses that are guaranteed to increase visibility, inbound leads, and revenue.
