In October, I took on a new mentoring student.
A lovely young girl from WA who had been listening to the podcast but not enjoying her business.
She was experiencing a huge amount of frustration and challenges:
• Wanted to start investing but wasn’t producing enough income from business
• Feeling a lot of pressure and stress to earn $$ as she wanted to start a family
• Struggling to get new clients
• The clients she did have were churning
• Burnt out from working insane hours
As someone who has done some grinding in my time, it was evident she was doing the same.
She was working incredibly hard for very little upside.
I could see it in her eyes.
The frustration of working so much harder than those around her, only to be making so much less.
Feeling like a failure.
Whenever I take on a new student, the first thing I do is a diagnostic.
Think of me like a mechanic.
Listening, tapping, and checking over a car to see why it is making a funny sound.
I’m looking over this business, trying to find the root cause of the challenges.
As often, there is a core problem that leads to many symptoms.
As I popped the hood on this business and looked around, it became clear to me what the real problem was.
(but it wasn’t so obvious to her)
She has great skills and a good product, but…
Was offering it to the wrong industry.
There just wasn’t enough demand for this product in the industry she chose.
They don’t NEED what she has to offer.
Kinda like selling ice to Eskimos instead of people needing to keep their drinks cool on a hot summer’s day…
I asked her if she would be open to going after a new industry.
One that has much more demand.
An industry that’s going to grow over the next five years.
Initially, there was some resistance as all her experience was in the industry she had been serving.
Nonetheless, she agreed, as the pain of things staying the same was high.
After a month of going after this new industry
Not only has the business completely changed, but so has she.
She is excited about her business again.
The spark is back.
She is finding it easy to bring in new clients.
She has people hunting her down to know more about what she does.
A very different experience than when compared to the previous industry she was in.
I suspect she is about to have a huge 2023.
The point of this story?
It can be easy to fool yourself that your product or service isn’t good enough.
Or that you just need to work harder to achieve your goals.
When in reality, things like who you serve can play a huge role in the success you achieve.
Anyhow, in this episode of the podcast, Grant and I do a community Q&A.
A big thank you to those who submitted questions for this round.
Here are the questions we covered:
• How do you improve your business model?
• Is buying a place to run your business from a good idea?
• What’s the difference between prioritisation and sequencing?
• When to double down vs when to look for another opportunity?
Number 4 was my favourite.
Tune in now!
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business and Investing
02:38 What does a business model look like?
08:11 The struggles of improving your business model
12:17 Setting a realistic goal
19:35 Suggestions on how to improve your business model
23:21 Where do you run your business from?
25:34 Working from home vs working from the office
27:08 Renting vs buying a place of business
38:35 What are prioritisation and sequencing in business?
43:23 The high-achiever syndrome
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