If you already have one, why did you start in business?
Does being in business have the same meaning for you now as you thought it would when you started?
Would it surprise you to learn that around 95% of businesses fail within the first two to five years?
Ouch – those are scary stats, aren’t they?
Well, part of the reason for that high ‘drop out’ rate is that a lot of people who go into business think that it will solve a lot of their problems in life or that it will give them something that they don’t have now.
Surveys reveal that many people think business = ‘success in life’, or that business = ‘freedom’. (Some even think that business will be an ‘easy ride’.)
If you succeed, that could well be true.
So, why is that not the case for so many people?
Let me say straight away, that my intention is not to part you off going into business!
In fact, my role as a coach is to help people succeed in business by setting it up to create the kind of lifestyle and results that they want!
Iconic Aussie actor, Paul Hogan said, “You have nothing to lose by ‘going for it’.”
Well in business, that may not always be the case – if you go about it the wrong way, you could lose everything!
One of the joys of my business life has been the excitement and satisfaction of launching new businesses, of turning a concept into a working reality. I’ve set up businesses in tourism, retail, transport, direct sales, service industries and now coaching others to succeed.
I can tell you from personal experience that in business, just as it was when I worked for ‘the faceless corporation’, there will be ‘good days’ and there will be ‘bad days’.
Believe in and Plan for the Best, but Also Have a Contingency Plan for the Worst
On one of the many occasions when I ran the Perth ‘City to Surf’ a few years ago, my training partner, a Canadian girl named Sophie gave me a quote from a marathon-runner. I paraphrased it, as it applied equally to business I thought, and I stuck it on my office wall as a reminder…
“There will be days when you will wonder if you can run a business…
there will be a lifetime knowing that you did.”
Tony Inman – Now a Business Coach and Life Coach
It’s So Important to Have a Strategic Plan
The thing that will keep you going when you strike a rough patch, or perhaps a business downturn, is maintaining a positive attitude. The key to keeping up your spirits is to have a clear understanding of why you are doing what you are doing.
It is important to know what you want out of your business and where you are heading.
Without a clear direction, you could be like a ship that leaves port without a destination in mind. It could drift endlessly on the choppy seas and risk running aground, leaving you in peril.
I have a maxim that, in business, you should ‘start with the end in mind.’
You should at least have a rough idea of how long you intend to run this business; when or if you may sell it; how much money will it, or must it, make for you to warrant going through the stresses and strains. Your plan doesn’t have to be set in concrete – in fact, it’s important to be flexible, but it’s good to have an idea of what the endgame is for you.
I remember a time in my early days in business where I was working about 100 hours per week for about $50 per week! Had I not kept my vision for success in mind, I would have easily been one of those statistics, but my motivation overcame any thoughts of quitting.
Need some help?
Strategic business planning is just one of the things that a business coach can help you with.
If you’d like more information you can contact me with no obligation to commit to anything. I only work with people who genuinely want support and who are ready to make improvements and changes.
If you’d like to assess your business situation, check out this free quiz.
Or, if you have been considering talking to a business coach and life coach, contact me, Tony and I will get back to you for a no obligation chat about how we might be able to help you.
Until next time, remember to focus on those rewards that all of that hard work will bring.