I’ve been that small business owner, I have tried so many strategies, I’ve walked on so many bumpy roads just like you do now. And that’s exactly how I know the mistakes most small business owners make, without even knowing they are mistakes. That’s how I know the reason behind you not making millions yet. So, how did I hit my first million? My second million? And my third million? And so on? …You are about to find out!
Reason #1: You are not even thinking about making millions!
Just because you are a small business, doesn’t mean you have to shrink your thinking capacity too! Most small business owners’ minds are filled with smaller goals like paying bills and covering monthly expenses. That’s not what you are in this for! Think bigger! Dream about that first million, set goals for your annual target, your five-year target, make a plan to accomplish it and work for it!
And when I say work for it, I do not mean ‘working hard’. Most small business owners tend to think that the harder they work, the more they gain. For example, one might think, “I should double the workload I do now, to make my gains double”. So, if you want 10,000x your income now, are you going to work 10,000 times harder? See the problem? Throughout my journey, I’ve found it to be nothing more than just a myth! ‘Working smarter’ on the other hand, is what you should have been doing all this time!
Reason #2: Exchanging time for dollars
More time = more money?
It’s just like working hard. Many small business owners think they have to put in more time to generate more income. You could set a 10 year timeline to reach your expected income. But 10 years is quite a long period of time and the world we are living in throws us pandemics, recession, wars etc. from time to time. And those will make you go back to square one! And when you look back, you will see two things; lost money, which you can earn back and lost time, which you cannot earn back. So, no, time does not equal money. Quit exchanging time for dollars!
Start exchanging ‘value’ for money. That’s what B2G is about. Exchange less of your time + the value you provide, to get closer to your goals. Bill for the value you provide, not for the time it requires to get the contract done. That way, you will hit more targets than you could, when you were exchanging time for dollars. Otherwise, the time you put in won’t add up to that month-end pay check.
Reason #3: Are you selling to the right market?
When you are about to start a business, you usually have an idea about your target market and who you are going to cater. If you are directly targeting individuals and if your service or product is not a necessity to their lifestyle, amidst a situation like a pandemic or a recession, they are going to cut you off from their list in case times get worse. That’s the beauty of delivering to premium buyers, as in B2G and B2C, because they are in a contract with you! So, make long term, large contracts your target market!
Reason #4: Poor mind perspective
If you think like an average person, you will only make average dollars. For example, most small business entrepreneurs see investments as expenses. They see it as a cost, instead of seeing what it can bring them in return. It’s short run vs. long run. So, you have to start thinking things differently.
The same theory applies for when you hire someone to perform certain tasks. In the beginning of my journey, I planned to do everything by myself. I was doing tasks which I’m not an expert at. And it got me spending my energy not on the core of my business, but all these side tasks.
That’s because I thought hiring someone is a cost to me. But when I finally did it, it was an investment in my business. I could concentrate more on my core business rather than concentrating and wasting time on checking emails or sending out newsletters (there was a time I thought newsletters weren’t important too!).
Reason #5: Have you done the math?
What’s your target for this year? What should be your monthly gain to reach that yearly target? How many products should you sell, contracts should you land (always go for premium buyers!) to reach your monthly target? And what should be the worth of these contracts? That’s the math. It’s not about doing a random contract here and there. It’s about the accumulation, the broader picture.
Reason #6: Using credit
Most small business owners don’t see credit as a good thing, but in contrast, it is! People that are super rich take advantage of credit and why not you? It opens new doors and gives more chances for you to follow your inspirations.
But first things first, if you have bad credit, fix it and come back to the game! And start building business credit so that you can get access to business credit cards, loans and funding.
I was once near bankruptcy because of the overwhelm that comes along with credit. So, have a clear understanding of what you ‘need’ and what you do not. And use credit to thrive your small business.
Most small business owners make these mistakes, sometimes without even knowing it. I’ve made many of these mistakes too, but I got myself unstuck with these tips and my success went through the roof!
Your next six-figures or even 7, or 8 figures is right in front of you if you can change the game a little and practice these tips.
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Watch this YouTube video for more tips to elevate your small business.