The One Thing I Wish I Knew When I Had No Sales In My Business
No, it’s not time to give up.
I had just quit my corporate job unsure of what was next for me. With a dream to always become an entrepreneur, I decided to ignore the job interviews coming my way and build a company from a mere idea I had. Days passed, I built a business plan, studied the market and found a niche within the market, which I was sure was underserved. Sparkly-eyed and supercharged, I thought this is it, I can make a few thousand dollars right away. And as things would have it, I made a whopping $0. Here I was, having walked out of a six-figure job seeing no sales in my business. What was I doing wrong?
This feeling of failure, self-doubt and uncertainty is bound to hit every entrepreneur at the early stages of their business. But what business school had failed to teach me was that no sales do not equal a bad business idea. Sure, through testing and beta customers one may come to that conclusion but typically the real issue is far deeper than that.
A business without sales is just a hobby.
Having every business guru out there tell me that “a business without sales is just a hobby” had me feeling even sicker to my stomach. I was hardly doing this as a hobby with every day and night of my life consumed by this idea for a technology platform, which thousands of users would love. So what was the problem?
Building a business foundation
Every idea at its inception is shiny and exciting. But what most entrepreneurs often forget is that before a business can ever make any sales, there is so much foundational work that has to be set. Whilst this may not equate to dollars in the bank account, it is important nonetheless.
Strong businesses are built on strong business foundations. If you are a new business owner, chances are you have not done the necessary market research, competitive analysis, pricing analysis and other factors required to really understand your market. Often not seeing any sales is because you are in the foundational stage of your business, which requires you to set up a plan to get visible and attract your ideal customer.
Honing a rock-solid mindset
The other big piece I was missing was the mindset. In order to get to a position in my business where I was making sales, I’d have to learn to believe, be consistent and have patience. Again most MBAs are rarely patient so I can hardly blame myself here. Corporate America had got me accustomed to seeing results quickly as opposed to learning to nurture a sustainable business model over the long term. Consistent small efforts are highly underrated in the business world. And in life for that matter. Yielding the biggest results are often from a strong daily regime of moving the needle further each day, even on days when you feel you are getting nowhere.
Consistent small efforts are highly underrated in the business world.
And this is why often entrepreneurs think it’s time to give up and call it a day when in reality their business idea may be great! They just haven’t stuck with it long enough. There are so many factors that drive a business to success — the right team, the right investors, the right strategy, the right mindset, the right mission, and the right mentor.
As I look back years later having made consistent 5 figure sales every month, I wish I had invested in myself sooner. Every small step you take will give you the courage to tackle every big goal you have. It’s just a matter of starting. Every great business starts at zero.
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