You don’t know, what you don’t know!
When I first heard that phrase, I said to myself . . . huh??? I had to think about it. It’s really true. You and I don’t know the concepts that we need to know. The strategies we don’t know.
Are you trying to learn everything about everything in an effort to save money? Sure, it’s tough to admit you need help but if you continue being everything to everyone, you’ll burn out and resent your business.
How do you avoid entrepreneur burnout?
Years ago when I first started my online business I was in a conversation about the importance of choosing a niche for your business. Many others said, “I want to serve EVERYBODY.” I thought to myself, they don’t know the tighter the niche, the more you get rich.
Since they want to make money, they tell themselves it’s better to appeal to more people than a selective few. But somebody in our conversation responded by saying . . .
“Do you want to be known as Walmart or do you want to be known as Neiman Marcus?”
The point is Walmart appeals to everyone, but they depend on the sheer volume of customers to make their profit. Neiman Marcus, on the other hand, appeals to a very specific demographic which has the disposable income to spend. They don’t shirk at high retail prices. Neiman Marcus can make the same profits as Walmart by serving a more selective customer base.
A similar argument can be made for why business owners should work with those who are already successful: owners can’t possibly know EVERYTHING there is to know about business AND know everything about their chosen niche. There’s just not enough time in the day and you’d stretch yourself too thin.
Owners are more focused on their business niche and rightfully so.
You provide relevant services and products for your customers, whereas business coaches & teachers have a greater understanding of business practices overall. Coaches work with businesses, like yourself, in many different niches to help you be wildly successful & avoid entrepreneur burnout.
If you’re trying to learn everything you can about efficient back-end processes, for example, you’re taking time away from your money-making marketing efforts to your niche customers. This could negatively affect your profits.
Whereas, your business coach can give you advice about efficient back-end processes, plus help you implement them while you continue with your marketing efforts. It’s a win-win!
Think about large corporations.
Does the company president know everything there is to know about the inner workings of the company and the daily processes?
Probably not. That’s why they have a CFO and department heads. Each one focuses on their own specialties and advises the president, who then makes decisions based on that input.
The same can be said about your company. You’re the president of your company and your business coach can advise you about which steps will yield the most profits & avoid entrepreneur burnout.
If you’re ready to work with a business coach, I’ve got some openings in my calendar for new clients so call or email me to book your discovery call.