Do you really own your business? Or do you have a glorified job? Michael Conway of Conway Coaching and Consulting discussed the very important topic of a job vs a business at our recent Living North Phoenix bi-weekly business networking meeting.
Why Do Most Businesses Fail?
Mike brought up how about half of businesses fail within 2 years. Why is that? Of course there could be many reasons but was it lack of lead generation, not having the right systems, the wrong reasons for entering that business, or something out of our control? Or was it all of them?
When starting out is important to lay that correct foundation to build up from, having the right systems and tools to properly maintain and sustain growth. Without those things, there is a high risk of failure.
Leverage, Leverage, Leverage
Without leverage you are likely to run yourself into the ground. Leverage can mean so many things to so many different business owners and types. Conway comes from a real estate background so it could be having someone install for sale signs, a person doing his social media posts. It could mean using an existing home for sale to obtain other clients from (buyers or sellers). And don’t forget with the recent AI revolution, leverage has become a lot more affordable and convenient.
Are You Your Own Assistant?
Conway also brought up a very important point: without an assistant you are one. This goes back to leverage and without having someone helping you, you are the one doing the daily tasks that someone else could be doing. This takes you away from the business activities that could allow you to grow to the levels you want. There are virtual assistants and local ones. Choices are plenty. Choose one, remove the tasks and grow!
Conway also discussed an example that was easy to understand. It was about his landscaper and how if his landscaper was injured, ill or on vacation–does he have something in place to make sure the business is still running? The answer is usually no. Thus, all there really is is a job. One that can cause burnout and a higher likelihood of failure.
What Do I Do Next?
Michael suggested 2 books that have helped him accomplish his business goals: The EMyth by Michael Gerber and The Lazy CEO. For questions about coaching call Michael directly at 602-451-3607.