Want a Successful Business? Avoid These 4 Mistakes!

Take a look at Forbes or a variety of other reputable sources and you’ll likely find this statistic … only HALF of small businesses make it past the 5-year mark. And even more startling is the fact that many businesses fail in the FIRST year.

With statistics like these, you might be wondering if building a successful business is even possible. But, I’m here to tell you the answer is a resounding YES!

That is, as long as you take the time to learn what to DO to create a successful business. And perhaps more importantly, what to AVOID.

Throughout my own business journey, I’ve had the opportunity to collaborate with a variety of exceptional professionals. I’ve helped Registered Dietitians, Nurses, Physical Therapists, Fitness Trainers, and more to grow and expand their online businesses.

But what have I learned through the process? Among other things, I’ve learned that there are 4 common mistakes entrepreneurs make when they’re trying to build a successful business. Instead of helping them grow their business, these mistakes actually hold them back.

4 Mistakes to Avoid If You Want to Build a Successful Business

1. Don’t be impatient - a successful business isn’t built overnight!

In today’s world of instant gratification, it’s easy to believe that business success can be achieved in just a short time. In fact, most business owners overestimate how much they can achieve in just one year. On the other hand, they underestimate what they can do in 5 years.

The reality is that building a successful business takes motivation to get started. Then, it takes daily discipline and determination to keep it going, even when the going gets tough.

Start your business with the mindset that you’re in it for the long haul. You’ll do whatever it takes for however long it takes to make success happen!

2. Avoid comparing yourself or your business to others.

Social media can be a great business tool. But it also makes it very easy to compare yourself and your business to others.?

First, remember that not everything you see on social media is an accurate depiction of real life.

Then, remember the old saying “compare equals despair”.?

When you compare yourself or your business to others, it’s easy to get discouraged and feel like a failure if you don’t think you’re getting the same results.

My advice is to take the time to truly dig deep and determine what success looks like for YOU. What does a successful business mean? And what will it take to make it a reality?

3. Don’t get distracted by new ideas.

Now don’t get me wrong here. I’m not saying new ideas aren’t a good thing. What I AM saying is that it’s easy to get distracted by them.

If you routinely jump from one new idea to the next, you won’t enjoy a successful business. Instead, it’ll be mediocre at best.

Rather than always following the next best idea, stick to what you know will move your business forward. Eliminate or delegate everything else so you can focus on what truly matters.

4. Remember to reinvest your profits.

Building a successful business that creates a significant income for you is great, but then what? How do you handle excess cash or the profits you enjoy from your success?

Regardless of how much money you make, you need to make your money work for YOU!

Here’s a personal story: I started my own online coaching business in 2016. Then, I learned how to grow and scale my business, leaving me with thousands of customers in over 20 countries. With the profits from this, my wife and I decided to start investing in real estate. Now, I enjoy a sizable real estate portfolio that continues to produce PASSIVE income month after month, year after year.

Investing in real estate enables me to further grow my income while also enjoying some pretty neat tax benefits. And, it puts my money to work for ME instead of me constantly having to work for IT!

Work With a Business Coach to Build a Successful Business

In reality, you COULD try to figure everything out on their own and by trial and error, learn how to build a successful business. But, that’s the HARD way to do it. And, it puts you at a greater risk for being one of the failure statistics I mentioned earlier.

Instead, I invite you to work with me as your business coach. I’ve already helped thousands of Registered Dietitians, health professionals, and other entrepreneurs to grow and scale their businesses so they could become more, do more, and earn more.?

I’d love to help you, too! If you’re truly serious about building a successful business, apply for private business coaching today.

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