Entrepreneurialism

7 Mistakes, Missteps, & Muck Ups That Cost A Business Coach Big (And How To Avoid Them)

As the year ends, I always reflect on what I did well and what can be improved. Below I share my mistakes, missteps, and muckups from the past year in my business.

These mistakes, missteps, and muck-ups have cost me a lot of money. I’m sharing them with you to help you avoid them as you set your New Year’s Resolutions.

  • First Mistake, Misstep, or Muck-up: I spend way too much time using my computer to meet people face-to face.. While networking online can be great, it doesn’t replace meeting face to face or having a conversation over the telephone. Although sending emails is so easy, I was too caught up in the convenience of this technology. I had an argument with one vendor because I tried to “break them off” via email. I should have known better. LESSON LEARNEDComplementary online networking with face-to–face or phone meetings
  • #1 Mistake, Misstep, and Muck-up – I spend way too much time on technical aspects of my business. I’ve been in the technology industry for almost 10 years. I take pride in being a geek who knows her stuff. My digital knowledge kept my awake at night. I updated my webpages, created new autoresponders, and created new HTML pages for new products. I didn’t have to outsource these tasks. Each new product or teleclass would require me to finish the technical pieces 8 hours. LESSON LEARNEDHire a techie specialist to maintain my site. It’s okay.
  • 3. Mistake, Misstep, and Muckup #3 – I am not delegating administrative tasks. Some things I dislike doing in my business are updating documents, making them pretty, writing content, and writing sales copy. It’s something I hate doing and it would take me hours to even write one sentence. I was forced to write quickly and rush because I had been putting it off for too long, and I had an hour before the deadline. LESSON LEARNEDHire a virtual assistant, copywriter or web designer to handle all of this stuff.
  • Fourth Mistake, Misstep and Mistake – Targeting the wrong market. I had a vision to help women achieve the career they deserved when I began coaching. I wasn’t passionate about helping women climb corporate ladders, even though I was making a lot of money. My mother visited one of my speaking engagements and gave me the insight I needed. Her wisdom and keen eye helped me to create my current mission, which is to help online media entrepreneurs make more money. LESSON LEARNEDListen to my mom and clients about their problems.
  • Making a variety of cool information products simultaneously – Mistake, Misstep and Misunderstanding #5. It doesn’t matter if I can write 5 special reports in one weekend. That doesn’t mean I have enough energy or manpower to promote them all. I learned that I must market information products in order to sell them. They will sit on my website, look nice, and become stale unless I do this. LESSON LEARNEDFocus on one product and promote it for at least three months.
  • Mistake, Misstep and Mistake #6 – Attending events that aren’t producing results. Networking is not only about building relationships but it should also bring you quality contacts. Too many networking events were attended by people who were like me, an entrepreneur seeking business. Despite meeting some wonderful people, I found that my network was weak and had lost any power after 12 consecutive months of attending the same events. LESSON LEARNEDYou should not attend more than four consecutive networking events. After that, you can analyze the results and then move on. Attend more events that put me in touch my target audience.
  • 7th Mistake, Misstep and Mistake – I am not spending enough time on education. It’s easy to forget as an entrepreneur that I need to invest in myself. This means that I must take courses that will help me do things better. My progress was evident in the first half of the calendar year when I spent very little. In the second half of the year, however, I began to invest a little time in learning new processes and techniques. This helped me to learn how to improve my business and meet some amazing people and trainers. Also, sales increased. LESSON LEARNEDSave at least 10% of your business income to open a savings account for educational material.

These are my 7 biggest mistakes, missteps and muckups that have cost me money.

You can also list any mistakes, missteps, or muck-ups you made in your business and then write down the lessons learned.

molw.net

We are a team of professionals with each having two decades of experience in start-ups, sales, marketing, finance, HR, large scale project and profit centre management and running mature cross functional operations. At Molw.net we are big believers that knowledge transfer is critical to our industry’s evolution. We love to share our experiences and learnings through our online resources.

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