Uncover the four of business success in this week’s episode of the Forever Cash Podcast, hosted by Michelle Bosch.
Why People Are Turning Their Backs on Corporate America
The Covid-19 Pandemic has had a dramatic and irreversible effect on the labor market across the globe.
With the sudden shift to a Work From Home (WFH) model, people who were numb to the pain and discomfort of an office job have experienced something different.
Working from home allowed people to stop wasting time and money commuting to an office. It eased traffic and provided a better opportunity for work-life balance.
Now that the pandemic is finally easing, and people are being asked to return to the ‘old normal,’ the vast majority of professionals are simply saying NO.
During the pandemic-related lockdowns, people had the opportunity to reflect on what is ACTUALLY important to them.
People want work-life integration.
They want to have the freedom to work according to a schedule that works for them, not the other way around.
This shift in mindset has resulted in the Great Resignation, where people are ready to quit their jobs rather than return to the discomfort of an office-bound existence.
The Shift To Entrepreneurial Freedom
Suppose you, like so many, found yourself re-evaluating your priorities during the lockdowns and discovered that your job causes you more pain than pleasure. In that case, you may be considering starting your own business.
However, you are also likely to know as many as 80% of startups fail in the first year.
So, how do you walk away from the pain of your job while ensuring your ability to provide for yourself and your family?
The answer lies in the following four pillars that you need to have in place before you walk away from your JOB into a life of abundance:
The Four Pillars Of Business Success
1. Uncover your WHY and commit to it
In my opinion, the number one reason businesses fail in the first year is that the founder of the company has not fully uncovered and committed to their WHY.
When you decide to start your own business, it is going to be difficult. It will demand that you stretch out of your comfort zone and challenge yourself in ways that you have never been challenged before.
When things get tough, you need to have a deep and gut-wrenching motivation to provide the necessary grit to keep going.
2. Decide on WHAT you are going to do in your business
For a business to be profitable, you need to buy and sell a product for profit or provide a service for a price the exceeds your costs.
According to research, the number one stumbling block for many businesses is providing a product or service that nobody wants or needs or entering a market that is already saturated.
Therefore, you must identify a business model with high market demand, low competition, and a proven and scalable strategy to maximize your profits – FAST.
You should aim to get your business to income generation as fast as possible. Once the money starts coming in, you can reinvest in the team and systems you need to scale your business to meet and then exceed your current financial needs.
3. Identify WHO you need to get you to success
You are the engine of your business, and, therefore, you must invest in yourself first.
However, building a business in isolation means taking longer to develop your knowledge and skills.
The first thing that you want to find is a mentor to help you compress time.
During the first few months, you will have to learn a whole new skill set, and having a mentor that is already where you want to be will dramatically accelerate the learning curve.
4. Make sure you know HOW your business is going to work
There are four phases that every company goes through as it matures:
- Build up
- Build out
In the first 90 days of your entrepreneurial journey, you will be laying the foundation for each step that follows.
The foundation is the most critical phase of your business development.
If you miss-step in the startup phase, every step that follows will remain vulnerable to failure.
Therefore, investing in a business coach, who is in the trenches and has made the mistakes before you, is a sure-fire way to ensure that your business is set up for success.
Find yourself in a position where you dread returning to the “old normal”, and are committed to building a future with freedom of cash, time, relationships, and purpose?
The Fall Intake for our Land Profit Coaching program is currently open. You can apply to become a part of the number 1 incubator of land investing businesses on the planet.
There are only a few spaces left, so be sure to book a call today.