There comes a point when every business owner will find themselves in a troubling situation.
Revenue goes down. New clients become scarce. Profits start falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
That’s when the fear of entrepreneurship sets in, and everything you had tried to ignore at one point or another comes to the surface.
Is it really worth it? Becomes the daunting question.
Unless you’re Mark Zuckerberg or Bill Gates, chances are you’ve experienced that sinking feeling of a business that’s trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Here’s where a lot of coaches get it wrong. They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, but—maybe more importantly-on morale, too, settling and accepting what they otherwise wouldn’t. Maybe you know what I’m talking about.
You start doubting the value you give and start selling yourself short.
When doubt creeps in everything becomes a second-guessing game. The knowledge, training, value and results you can get others and have got others become almost irrelevant, and you start selling yourself for peanuts. Now the problem with that is you end up doing twice the work, for less than ideal clients for barely what would cover your costs, putting you in a never-ending circle of just staying afloat.
When doubt begins to show its head it’s at that moment imperative to go back to basics and really realise your worth and the reasons behind having your own business. Selling yourself short, stretching yourself too thin and inevitably putting more stress on yourself when going through a dip won’t serve you or your clients.
You start people pleasing.
Becoming a ‘Yes’ person when you’re going through a dip is by far the worst thing you can do for your business. By not being able to say no to opportunities and people that don’t serve your growth, goals and long-term plans, just because you feel you have no choice can mean you saying no to yourself in the long run.
It can be easy to become sidetracked, especially if those opportunities have short-term benefits (shiny object syndrome comes to mind); but it’s through saying no that you can truly prioritise and take the opportunities that are best aligned to getting you out of that rut.
You Start Taking On The Wrong Clients.
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
- Aren’t willing or able to do the work required
- Spend all their time telling you why your ideas and advice won’t work
- Drain your energy and make you dread your office
You Stop Creating.
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new programs, so you recycle the ones you’ve already produced.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a group coaching course? Perfect! But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same product again, so I don’t have to have new sales copy written or record new videos.”
And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your self-esteem.
Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. Better (much better) to hold out for those ideal clients and opportunities.
And while you’re waiting, take what you’ve learned from your drop in sales and create the killer program your audience is clamouring for!