Don't get stuck on your business model
Falling in love with your product, service or business model is a curse! We work so hard on our "baby" that when it stops working for us, we ignore that fact and keep on pushing.
I've worked with 600+ online entrepreneurs, and I have seen first-hand how powerful that "love" can be.
Many of those I worked with were sold on an idea, on a dream by the "internet fairies" who told them they would have $100k months in no time. They bought into the tactics, business models that no longer work OR that worked for the fairy and - as it turns out - nobody else.
You won't believe how many of my clients come to me with "I'm stuck, I need help" or "I'm still trying to figure it all out, I've got a lot of knowledge, but it is like puzzle pieces I'm trying to fit together."
They usually fall into one of these groups:
- In their assessment of the business model to implement, they forgot about one crucial element - themselves. They forgot to ask themselves, "Is this something I want to do?" The promise of results blinds them. So they learn all about the new business opportunity, spend time and thousands of dollars learning and implementing, just to find themselves stuck months and thousands of dollars invested later. They learn how to run a franchise or how to be a consultant or how to create an online course or run a marketing agency, or whatever the business model is without thoroughly assessing what they want and can do. It is often a result of them needing money, proving something to someone else, or having a business because there are no jobs out there in the market. Often tough decisions. But when they choose the wrong model, if there is no fit, it burns them out FAST, destroys their mindset and leaves them unhappy.
- They liked the business model, and it worked for them, but it no longer serves their purpose. The problem is they don't see it. It often happens 2-3 years in the business. The first year they are learning the ropes, they're getting their first ups and downs. They explain the downs with "I'm just starting." In years 2-3, they're more effective in what they do, but they still struggle to "get this baby off the ground. As a result, they start "accepting" that the downs are something that "comes with the territory." This is when it becomes a new reality. The reality of a business that doesn't bring results, a business that is draining, frustrating and overwhelming.
The solution? Pause for a second and re-evaluate your position. Look at your goals - what you want to achieve. Look at what you like and dislike (in my Revenue Masters program, we do an exercise that is called heavy-light and write down all the elements of the business that feel heavy and all that feel light and fun). Then look at what you have running, look at the business model you have. Look at it from a helicopter view, through numbers, through experiences but without the "romantic" attachment to your business. If it doesn't feel right, it is ok to let it go. If it doesn't serve your purpose, it is ok to change direction. You did not come this far to become a prisoner of your business.