Online entrepreneurship is evolving the business world. It's tech is evolving too. That means businesses need to pay close attention to the technology and software that's driving their financial vehicle.
If you told me 10 years ago, that I would need to monetize all of my coaching, courses, and programs for a world-wide quarantine, I would have laughed at you! Many other business owners feel the same way. so how do you ensure that every step is taken correctly to keep your business front-and-center online today?
One of the biggest assets business owners have is their tech. Get a great platform to guide people to your paid content and maintain a steady flow of customers. Tech, software, and different tools are out there in the thousands. Tens of thousands honestly! So with the wide range of choices, don't you think that it might be easy to make some pretty big mistakes? I do, and I've seen others make even bigger mistakes with their software! Let's talk about the four main mistakes you might be making, and what to do instead:
1. Scaling your software too soon
Many more people are trying to start up a business today and others still never learn how to start first. Some "business coaches" haven't made their first $1,000 and they are preaching to others that they know the secret to making 6 or 7 figures. This causes a lot of issues with the naïve new entrepreneurs. They get bad advice or not enough advice, and then pass it down to others trying to make money in a new coaching niche because theirs didn't work. These people often times buy hundreds or thousands of dollars worth of software, equipment, and tools ready for a magical influx of customers. The problem with this is many of them can't afford it. Because they've dumped all of their money into the top software options before the business is profitable, they don't have enough money to maintain what the business actually needs until it starts to produce. If their money runs out too soon, there are little options available to save the business, which crashes and burns before it had a chance.
What To Do Instead:
Scale your software and tech as your business grows. As a coach, I could start making money simply using an email subscription. I wouldn't need to pay for a website, landing pages, automation tools, social media schedulers, virtual assistants, etc. If I were just starting out from scratch with no list of ideal clients, I would only pay for an email service such as Mailchimp. As I start getting clients and making money, I would invest into a course or membership platform such as Kajabi, and launch a flagship program. There are also ways to get a podcast and blog up and running for free that you could start before investing into those.
2. Using The Same Software From Five Years Ago
On the reverse side, falling behind on the times technologically speaking, can bite your business in the butt as well. The businesses that failed quickly when the 2020 pandemic started, were the ones who couldn't evolve and adjust. Getting trapped in the mindset of "We've always done it that way" is the biggest killer of businesses that I've seen! My grandfather was a business turn-around expert, and I followed in his foot steps for awhile. Accumulatively, we saw more businesses go bankrupt than any other problem, because of this one mistake.
What To Do Instead:
Just as staying with the same plan for years, causes businesses to fail, the opposite creates the most successful businesses.
Innovation and evolution.
Your niche, customers, and market are constantly changing! They always have and always will. So, if you don't continually change with them, you will drop out of the "best in field" spot within a blink-of-an-eye. Make sure to follow the market as new and better software programs become available to you. Something may be a better fit for you and your business. Don't get stuck using old tech because it can hinder your business results quickly.
3. Not Prioritizing Software That Has Great Tech Support
A friend of mine once vented to me about her website host. She had been using this host for the last three years and knew it well. The problem was when she had a glitch within the system, the tech support took on average two weeks to fix it! That meant two weeks of her clients and customers waiting and watching for their issue to be resolved. In the business world, that's as good as waiting a year. I can just picture the hundreds of clients who left my friend for her competitor because of these issues.
What To Do Instead:
You will lose a large number of clients just like my friend did if you don't make the difficult switch to finding a better software provider. It may not be comfortable learning a new system and transferring it over. I equate it to moving my house each time. It sucks! But the outcome is worth the trouble because you could be talking about thousands of dollars walking away if you don't. Additionally, when you are keeping up-to-date on the new tech rolling out, watch and study how their customer service and tech support is. That way you can potentially avoid any sudden and necessary changes that uproot your work.
4. Failing to use software automation for daily tasks
As an entrepreneur or start up owner, you are the magic! As a coach, my magic is coaching. Not social media content, accounting, payroll, or tech support. The more time I have to coach or leverage my coaching time to reach more people, the more money I can make. Many people online today, still don't automate their solo businesses and find themselves giving up on their dreams, falling behind, not being consistent, and not growing. When people put too much on their plate (especially if they have a family and 9-5 job on top of a new start up), they easily become stressed, overwhelmed, not performing at their peak, and losing confidence in their abilities.
What To Do Instead:
I'm a strong believer that you should never start an online business with a team. However, outsourcing is one of the first things I'll do to keep my time focused on what matters most. As a solopreneur, before I can hire a team, my first step to any venture, course, program, or new launch is to automate as much as possible with software and tech. There are many tasks that a computer can do for you from keeping and updating your schedule, to answering messages on social media. I will ensure that everything is automated quickly to avoid burnout and stress.
I hope this article helps to guide and help you achieve your dreams! If you haven't signed up for my free training, I study and write out weekly lessons for coaches to help grow their businesses. So if you liked this, and you want more, then click below to sign up for my free weekly training!