According to 2021 data published by the U.S. Bureau of Labor Statistics (BLS), approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
And in the aesthetic industry, a hyper saturated market with an influx of business owners selling the same services as their competitors, these numbers are even higher.
And I don’t share these statistics to scare you, but instead to reinforce how critical it will be as you advance in your business to become intimately familiar with your value currencies and to stand as guardian of them. Period.
Think about your business. What is your biggest barrier to growth? So often when I ask this question the response I hear is “I need more patients” or “I need more team” or “I need a bigger space”. Yet at the same time we have solopreneurs in our POP leadership academy who are independently making their way past their first million dollars because they have applied disciplined constraints to their growth model.
They don’t spend more than they have, they invest first in themselves and their development and second into their client experience. The rest is extra. And if you can’t run your business from an excel spreadsheet quite frankly it’s too complicated. It does not have the efficiency to scale. And what happens is we get stuck in the overwhelm trap and instead of slowing down to fix what’s broken we look to add more. Or we listen to voices telling us that we need more data, more analytics, more training, more services, and more technology.
What if what you needed wasn’t more at all? But instead less? What if the one thing that would help you break free from the shackles of your business was simplicity?
I have seen countless business owners go broke trying to look rich. Trying to expand too quickly and running out of cash.
You have the choice to follow the crowd or to blaze your own trail.
Every single podcast you listen to, webinar you attend, vendor you work with, conference you travel to will become a distraction if you don’t have a clear vision and plan for how you will apply what you learn or a resource to keep you accountable to your goals.
Remember that no one will love your business as much as you. And no one is going to protect your time, money, and energy unless you do.
At the end of the day success begins and ends with you.
I recorded this episode to help you stimulate some thought around the value of your resources to include financial, time, and physical and emotional energy. Enjoy!
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