Time stamped show notes:
This week I want to talk about something that I think we’ve all done it, but I’m not sure whether we’ve all done it at the same scale.
Who has gotten on board with a strategy and been like, “yeah, I’m gonna implement that.” And then done it for a week, and then they’re like, “oh, it’s not working, doesn’t work, it’s crap, got no sales, haven’t really increased my list that much, haven’t really achieved ‘xyz’.”
1:40 - I had someone email me this week and they we’re like, “I’ve been working really hard, I have been implementing this business idea for about three months and it’s just not working. I’m only getting one or two clients a month and that’s just not financially feasible for my business and so I’m thinking about giving up.”
1:58 - We see a lot of overnight success stories. And I love a good overnight success story, especially the real ones. Like somebody locked up and they created this super innovative products - like Facebook. And I think it still took about four years to actually really grow and scale Facebook.
2:30 - The thing is, overnight success stories, are never usually “overnight success stories.” That person did not just woke up with a business idea and then six weeks later, they made a hundred thousand dollars. They also probably spent quite a lot of money to get to that hundred thousand dollar gross revenue mark.
2:56 - Implementing strategies and then overnight success stories, are not really real, sadly.
The average business in the UK and US, last year, they decided that the average startup, was about 98 percent likely to fail in its first year. How depressing is that statistic?
3:37 - They have this mentality that they have to be an overnight success story.
And if they’re not making six figures in a week, after setting up their business on Google, and doing the relevant legal stuff, that they are a failure. Or that strategy doesn’t work.
4:15 - There are different phases to your business.
You have your Startup phase, and in your startup phase, your job is just to make money.
4:41 - And then you have your Development phase.
It’s where you start to get it. The aim of your business is to make money and to grow.
Grow your audience.
Grow your scale of offerings.
Grow the variety of products that you have.
5:17 - Then you get your Scale phase.
That’s when you’re making six figures or more, but it’s starting to become a bit of a job.
You’re feeling like you want to automate some things and you want to focus on the impact that you’re making, rather than the money.
Then you refocus on your mission, rather than making money.
06:30 - The hard truth is that they didn’t just wake up yesterday and start a business.
The likelihood is that they’ve been working on their business and they worked through all the phases, and they’ve probably done it over the course of a couple of years. It’s just that you are seeing the end product.
8:25 - Overnight success is not a thing.
And haphazard strategy that isn’t implemented during a long enough period or isn’t given enough time to actually ferment, and solidify your business, is not going to work.
9:13 - The danger of looking at these overnight success stories, or idolizing overnight success stories, means that sometimes we perceive ourselves to be failing.
We’re criticizing ourselves for being failures when in fact, we’re not. We’re just taking the natural journey. The natural journey is about being consistent with the one that you choose, and picking the one that feels right, and it feels good for you.
10:14 - There is literally no magic strategy.
12:10 - There are going to be times when you have to look at the short term and the long term strategy.
Sometimes the short term strategy, is not sexy.
13:27 - Yes it can be difficult and frustrating.
But when you keep looking at the outcome, keep aligning yourself with the long term goal of, “but I want a hundred people in my course,” or, “I want to have a hundred thousand dollar launch.”
That’s when it starts to become easier. When you connect your strategy to the goal.
14:02 - Just think about three things:
1) Set a goal - in order to make sure that your strategy really works.
2) Break that goal down into mini milestones
3) Comparing yourself to somebody else’s journey or outcome isn’t helpful
Yes there are things you can do to help you speed up results. But ultimately, you want to be thinking about every strategy that you implement in your business as being 90 days of implementation and consistency, before you start seeing results rolling in.