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7 Mistakes, Missteps, & Muck Ups That Cost A Business Coach Big (And How To Avoid Them)
As the old year comes to a close, I always look back to see what I did well and what could be improved. Below, I’m sharing with you my mistakes, blunders, and make-ups that I’ve experienced in my business over the past year.
Many of these mistakes, blunders, and mock-ups cost me money, so I’ll share them with you so you can avoid them if you make your own New Year’s resolutions.
Mistake, Mistake, and Muck-Up #1 – Spending too much time on my computer instead of meeting people face-to-face. Networking online is great, however, it will never replace meeting face-to-face or having a conversation on the phone. Sending emails is easy, but I find myself overwhelmed by the convenience of this technology. I had a huge argument with one of my vendors because I tried to “break things off” with him via email. I should know better.
Lesson learned – Complement online networking activities with face-to-face and phone meetings.
Mistake, Misstep and Muck-Up #2 – Spending too much time on the technical side of my business. I’ve worked in the tech field for almost 10-years and I pride myself on being a techie chick. However, my digital knowledge kept me up late at night as I took on the responsibility of updating content on my webpages, creating new autoresponders, and creating new HTML pages for new products. For every new product or teleclass I launch, it takes me 8 hours to prepare all the technical components.
Lesson learned – Hire a techie expert to manage my website. Let it go.
Mistake, Misstep and Muck-Up #3 – Not delegating my administrative tasks. There are a few things in my business that I hate – updating documents, making them look good, writing content and writing sales copy for new information products. I can’t stand doing these things and it takes me ages to write a single sentence. Then, I have to rush and write something quickly because I’ve been sitting for too long and the deadline is an hour away.
Lesson learned – Hire a virtual assistant or copywriter to do it all for me.
Mistake, Misstep and Muck-Up #4 – Spinning my wheels targeting the wrong market. When I first started coaching, I was on a mission to inspire women to create the careers they deserve. Although I was making money, I wasn’t passionate about helping women climb the corporate ladder. It wasn’t until my mother came to one of my speaking engagements that she gave me the clarity I needed. Her wit and her keen eye for helping business owners make more money using online media helped me create my current mission.
Lesson learned – Really listen to what my clients (and mom) tell me about the problem they are facing.
Mistake, Misstep, and Muck-Up #5 – Creating a bunch of awesome information products all at once. Just because I can bang out 5 special reports in a weekend doesn’t mean I have the staff or energy to promote them all at once. I realized that in order to make sales on an information product, I needed to actually market them. Until I do that, they will sit on my website, looking pretty and getting old.
Lesson learned – Focus on one product for at least 3-months and use my affiliates to help promote the new product.
Mistake, Misstep and Mock-Up #6 – Attending Networking Events That Don’t Produce Results. While networking is all about building relationships, it can also lead to some quality contacts. Unfortunately, I attend too many networking events where everyone is just like me – an entrepreneur looking for a business. Although I made some great contacts, after 12-months of attending the same networking events, I noticed that my networking circle was stale and lacked energy.
Lesson learned – Stick with a networking event for no more than 4 events in a row, analyze the results, then move on. Also, attend more networking events that keep me in touch with my target audience.
Mistake, Misstep, and Muck-Up #7 – Not Spending Enough on My Education. As an entrepreneur, it’s easy to forget that I should invest in myself by taking courses that help me learn how to do things better. In the first half of the year, I didn’t spend a single penny and my progress showed for it. However, in the latter part of the year, I started spending some time educating myself on new techniques and processes. Doing this introduced me to how to do things better in my business and met some extraordinary people and trainers. Additionally, I noticed an increase in sales.
Lesson learned – Set aside at least 10% of total business income in a savings account to spend on educational materials.
These are the 7 mistakes, blunders, and muck-ups that cost me money, and I hope that by reading this, you can avoid them when you’re making your New Year’s resolutions.
Better yet, if there are any mistakes, mistakes, or blunders you’ve experienced in your own business, list them down and write down the lessons you learned from that experience.
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