The Top 5 Problems Business Owners Face
1. I've hit a plateau in my business revenue.
One of the biggest hurdles that business owners stumble on is getting past the six figure revenue mark. Once you surpass $100,000, your first million is just around the corner.
Being "stuck" comes from being unable to see operational choke points in your business processes—you’ve been too close to the business for too long. And you've got a lot already stacked up against you—employee wages, fulfillment expenses, taxes, etc.
You need a fresh set of eyes to identify where you're stuck and create strategies for growing your business.
2. I’m struggling to find, and convert, clients.
Millions of business owners struggle with these two vitally important processes. And lot of people who struggle to find clients usually think they're not cut out for business—which isn't the case at all. You just have a severe marketing, branding and value proposition challenge.
At the end of the day, sales are king and are necessary to run your business. If you don't sell well, your business will suffer. You not only need to be great at selling, you need to constantly be increasing your client base.
You may be thinking, “But I hate feeling too sales-y”.
Here’s a life-changing tip; once you turn your approach from a sales-based mindset ("How much money can I make from this client?") to a service based mind set ("How much can I help this client?"), the result is a night-and-day difference.
3. I wear too many hats in my business.
The answer is simple—you need a team. As a business owner, you're forced to play many roles. But you'll never expand, and reach the personal freedom you desire, if you don't grow a strong team.
We all suffer from it, the “But no one can do it better than me” mindset—which will only keep you from scaling, keep you doing all the grunt work, and eventually crumpling under the workload.
Expanding your business, and keeping you sane, requires you have the right team in place.
4. I don’t know how to invest my money safely AND get high returns, so I have ended up keeping my revenue in a savings account.
If you're keeping your money in a savings account, you might be losing money. Many APY rates at big banks are a measly 0.01% – that's $10 for every $100,000 you have in your account. To be frank, you'd have to try really hard to not grow your $100,000 savings into more than a $10 return outside of a savings account.
Yes, some savings accounts offer higher interest rates, but here at Live Out Loud, we believe in activating your lazy assets. Instead of parking your money and praying someone does something with it, we educate you to take control and lead your wealth.
The truth is, potential risk and potential return are directly correlated.
The more risk you're willing to take on, the higher returns you're likely to get. But if you're risk averse, the returns will be much lower.
While there are no completely safe investments, there are those that can provide high returns for an acceptable level of risk. Where does your risk tolerance come from? Your money rules.
And if you have made bad investments in the past and are hesitant to get started again, take it as a big lesson learned and get right back on the horse. You mishandled your money; now you know better.
We understand the risks associated with growing your wealth and starting new investments. With new territory comes new challenges. That's one of the major differences between Live Out Loud and a lot of the other "wealth-building" companies or "entrepreneurial" organizations out there. This isn't theory for us, it’s our own experiences systemized into a model that you can replicate for your success.
If you’re interested in off wall street investment opportunities, increasing cash flow and tax strategies, you’re lucky you’re reading this right now—because the Wild Card Shuffle is happening as we speak! We are giving away over $100,000 in prizes ranging from a 1-on-1 coaching session with Loral Langemeier on her private plane, a VIP money makeover, a Big Table membership, our mentoring mastermind and community of millionaires, plus many more. Head over to wildcardshuffle.com and play for free every day until January 9th!
5. I can't take time away from work—my business would crumble.
This is the biggest sign that your business needs processes that can function without you.
Creating a monopoly around yourself so that you're absolutely needed for things to run is the easiest way to become an employee of your business—not a leader of it.
The ultimate goal is to create systems that generate passive income. You create the structure and your team creates the money.
Systematizing your business is necessary in order to run a business that you’re not a slave to—that can run without you while you’re on vacation in the tropics, for example.
Remember, don’t minimize and restrict your desires—grow your wealth to meet them. By focusing on acquiring assets that produce income, and downsizing those that don't, you can easily afford any lifestyle you want. And run a successful business that doesn’t sacrifice your quality of life—only improves it as you scale.
If you're interested in taking your revenue from six figures to a million dollars, learn more about Wealth Training with Loral and Live Out Loud.
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