Let’s talk about the number one reason why businesses fail.
If you have done the research before becoming an entrepreneur, you might know that 20% of small businesses fail in their first year and up to 50% of them fail by year five.
I’m going to tell you exactly why that happens and how to make sure it doesn’t happen to you.
My name is Ryann Dowdy and I am a sales coach. I help brand new entrepreneurs build a six figure foundation in their business by mastering their sales conversations and are mindsets. I am the host of Uncensored Sales TV, and I’m super excited that you’re here to have this conversation today.
I’m usually one who tries to be positive. I don’t love to talk about failure, but I think it’s super important because I think there is one big thing happening that why so many businesses make it never make it past that fifth year.
I think impatience kills more dreams than anything else ever will. Yeah, we get inpatient working for whatever it was we thought we would have when we started a business and we quit, and we give up.
Hopefully, you’re reading this thinking, that is not me. I am not giving up. And thank you. Thank you for not giving up on your dream. But I truly believe that impatience and expectations kill more dreams than sales and marketing problems ever will.
So many of us are out there looking for solution to our sales and marketing problems. And we’re not checking in on that patience and expectancy problem. So many of us expect that we should open the doors to our business and have immediate success. It should be easy to get clients.
It should be easy to be able to quit our full-time job and pursue our dreams. It should be easy to do these things. And we expect that. And when we don’t experience that immediately, we get impatient and we stop showing up consistently. We stop doing the money-making activities in our business every day. Then, we stop, and we start and we stop and we started, and we never hit that level of success that we want.
And then we quit, and we give up because we’re being impatient and because we’re not giving any one strategy enough time to really work. I think is why most businesses fail – because we don’t stick to the plan.
So, what is the plan and what plan should we be sticking to?
The number one, things that you need to have a successful business is to learn how to sell.
There are a lot of people that disagree with me on that. Many of you think that you should need marketing, branding, a logo, a mission statement and an offer that makes you a lot of money.
I am going to make your argument as a sales coach, that the most important thing that you need in your business is sales. You need to make money. You need to learn how to have a conversation with another person about your service and ask them for money.
Because once you learn how to sell everything else, my friends, can be outsourced. If you want it to, if you learn how to sell, you can outsource your marketing. If you learn how to sell, you can outsource fulfillment. If you learn how to sell it, you can outsource the other things in your business like the tech, the website, the funnels, the emails, all the other stuff that everybody tells you that you need.
If you learn how to sell human to human and solve problems, then you will have enough money to outsource the rest of those things. You will have a business that continues to persist despite challenging times. Because once you learn how to build relationships, solve problems, talk to strangers, generate leads and run productive sales conversations, you will never struggle to make money ever again.
Your business will never struggle to succeed because those are the fundamentals of money making. Those are the fundamentals of business, right?
What I see happen so much and why we’re talking about failure today, as we go out into the world, you’re networking, you’re talking to people, you’ve run a handful of sales calls and maybe you got no, or I can’t afford it. That’s not in my budget right now.
Maybe you can’t even get somebody on the phone with you to have a sales conversation.
And so you stop networking and you chase another bright, shiny object. Then that one doesn’t work as well as you thought that it should. So then you take a week or two off, and then you come back with a vengeance because you don’t quit. You’re not a quitter, you don’t fail. Then, you chase down another path of bright, shiny objects. That one doesn’t work either and you stop and you start and you stop and you start and you’re beating your head against a wall and you’re frustrated and you’re mad and you’re angry and you cannot figure out why this thing won’t work for you.
And my friend is your impatience.
And I can say this with a hundred percent certainty, because I was you, because I did this early on in my business building journey. I kept looking for the magic bullet, the secret sauce, the thing that was going to work for me, the thing that was going to make it easier.
And what I found is that that thing does not exist. Business is built in building relationships with other humans.
And we build relationships with other humans by going out there and talking to them. We can do that in all the different places. We are so lucky to live in a world where you can do this on Facebook. You can do it on Instagram. You can do it on LinkedIn. In a post COVID world, you can do this in person. You can do this at your kid’s birthday party. You can do this at church. You can do this at a networking event, go out, serve people, solve problems, be a problem solver, and the money will follow.
But the problem is, is we are trying to solve problems behind our computer screens without actually talking to people because we get impatient that it takes time to build relationships and build trust, and have people feel really comfortable giving us their money to solve their problem for them.
Everything takes time. It takes consistency. It takes patience. It takes learning, and trial and error, and getting it wrong, and falling on your face, and doing all sorts of other crazy, ridiculous things to get success.
I truly believe that there are no overnight successes in the world. I think if you went out there and interviewed any person in the world that you deemed successful, and you asked them to tell you their story, it wasn’t because they showed up and on day six became super successful and had all the keys and had all the information that they needed.
- It takes time to build a business.
- It takes time to build relationships.
- It takes consistency for people to trust you and to be able to invest in you and your services.
The stopping and the starting of the inpatients is killing your dreams.
Am I struggling because what I’m doing is not working or am I struggling because I am impatient that it is not working as fast as I want it to?
I keep stopping and starting and stopping and starting and never building enough traction to have the results that I want, which is a business that makes money.
Take a step back, be patient. Stick with a plan – that is what will keep you from failing.