They say 60% of businesses close within the first 3 years.
I’ll say that again….
60% of businesses do not make it through their first 3 years.
80% of businesses fail within their first year
Only 42.4% are still trading within 5 years!
And these are PRE-COVID stats and who knows what the stats are like now after Covid.
Can you see now why it’s so important to take your business seriously or you may just become one of the statistics….
Having a successful business IS ACHIEVABLE and AVAILABLE to you….
BUT you do have to put some effort into your business and building success.
Now success comes in many forms.
Success to you could mean tons of money, plenty of time, lots of holidays, being able to put your children through private school or buying a big mansion.
It really doesn’t matter what your idea of success is, but in order for your business to stay afloat, you do need to make money and be profitable.
I know teachers that have tons of money in the bank
Have absolutely no time for themselves or their families so does that still class as successful???
You tell me???
Money might be more important to them than time, but actually, you don’t have to choose…..
So whatever successful is you need an action plan to get from A to B and beyond!
And your ideas of success will change over the years.
As soon as you’ve reached one milestone, you’ll have soon have another goal on the go!
Here are a few things (in no particular order) you may want to consider when creating your SUCCESS PLAN:
1. What does success mean to you?
2. What is your breakeven point in your business?
3. How much do you want to pay yourself every month?
4. What method of marketing are you going to use to help you achieve your goals?
5. How many clients do you need in your business to achieve your financial goals?
6. What steps are you going to take EVERYDAY to move the needle from where you are now to where you want to be? (and here’s a hint – having a dedicated day off is part of this plan!)
7. What timescale are you going to achieve your goals in?
8. What help are you going to get in your business to help you?
9. Education. Doing whatever you can to learn about business.
10. YOUR WHY? Why do you want to achieve this – THIS IS SOOOOO IMPORTANT, as there will be days when you want to throw in the towel and your WHY is what will make you get up and dust yourself off and keep going.
Of course, this is only a small list of things to take into consideration, BUT you must be able to answer these questions to at least be on track to becoming a successful business owner.
Now can you see why I always say that being a teacher is the EASY part!
I was so naïve when I first started, I honestly believed that if I was a good teacher people would come flocking to my classes!
But how can people flock to your classes if they don’t even know about you!
This is a topic I love teaching my mentoring clients because sometimes the things you really desire are LITERALLY just around the corner!
When you can see how “easy” it is to create the income to help you reduce your hours or leave your job full time, it sparks that fire inside of you and helps you get motivated and taking action!
For example, one of my clients wants to reduce her hours by one day per week and she would need to make £500pm to make up for the missed income.
I’ve shown her a way to make £500 with only 10-15 people PER MONTH and packaging her services so that she doesn’t need to be chasing people for money every month.
It is not as hard as you think, or as far away from your current situation, as you think.
Get writing and share some of your answers in the comments below
Lots of love
Tanja Foy xxxx