This blog is about why people fail at becoming financially successful. If you are ok with just getting by or just paying the bills you may want to skip this blog post. It is only intended for those who are looking to become financially successful in their business.
Most videos, articles, blogs, consultants, coaches and supposed experts are constantly telling us how to succeed because that is what we really want to hear. The problem is we have probably heard all these solutions many times and most people still fail. I believe this is because we don’t look at what is causing the failure first. The fact is it is difficult to fix anything unless you understand why it doesn’t work and accept that you may be doing it wrong or at least some things wrong. It is my guess that when you visit the doctor he doesn’t start writing a prescription or telling you what you need to do until he finds out what the problem is. If he or she does this you need to find another doctor! Why is your success any different? Not everyone makes the same mistakes the same way so it is important that you speak with a consultant that understands that you are unique and that not every solution will be the same for everyone. If you would like a free consultation to discover your specific business challenges and how to correct them you may contact me directly at: info@SuccessBuilders-Tampabay.com .
There are some common mistakes that cause financial failure. Below are just some of those that I have discovered in consultations over the last 16+ years.
Wrong Product or Service
One sure way to fail is to pick a product or service that will not sell. I constantly hear “I have a great product/service and I don’t understand why it isn’t selling”. News flash: Just because you feel it is great doesn’t mean everyone feels that way. In fact, unless you have found a cure for cancer or something so unique that the majority of the world needs you may need to find something else to sell. If you think selling beepers is a good idea, you might find out that that technology is old and may not be the best business to start. Before selecting any product, service or carreer do your homework! With Google you can research anything to find out if what you want to sell is wanted or needed.
What Business Are You Really In?
Believe it or not to become financially successful in business you are in the same business as everyone else. SALES & MARKETING! I don’t care if you are selling candles or cars everyone is in sales and marketing. If you think people will buy your product or service because you have “the best possible product or service” you better think again! The “build it and they will come” philosophy does not apply! You better be the best marketer and salesperson around if you want to become financially successful. If you are not good at sales and marketing you will either need to learn how to become good or hire others that are good. There just isn’t any other solution!
Another way I see people fail is they don’t utilize all the tools available to them. There are many free and low cost marketing tools like “The Money Tree” that if used can increase their chances of success two to three times. I am not a big social media fan but even this can be used as a great branding tool if done properly. This being said if you are only using free marketing solutions you need to understand that you usually get what you pay for and you can waste a lot of time wasting time. Analyze your time value vs what you are getting out of your marketing solutions and constantly look for new ways to market your business.
Passion Alone Doesn’t Work
How many times have you heard “If you are passionate about what you do the money will follow”. I am sorry but this is B.S.! Passion alone will not make you financially successful! Why? Just because you are passionate about your product or service doesn’t mean others will feel the same way. It will take hard work, many hours, risk, investment, sacrifice, education plus passion for what you are doing. If you want to choose a career that is all about passion join the military, peace corps, or volunteer at your favoritenon-profit.
Shiny Object Syndrome
Have you ever known someone that everytime you run into them they are selling something different? “Direct marketers” (MLM) are famous for this. Everytime they hear of a new way to slice bread they jump on it hoping to become successful. The next time you meet them you hear,”That was a scam, didn’t work, or is so diluted you can’t sell it”. That is not the problem! The problem is these type products and services are designed to make the people at the top successful not the distributor. The distributer is actually their product and that is how the few at the top become successful. Only those who can afford to stick with it for the long hall and have realistic expectations for results have a chance of surviving. The developers of these type businesses know the statistics and also know that there are many people who have “shiny object syndrome” and they pick another “wonder product or service” and do it again. This syndrome is not exclusive to MLM! many people jump from one thing to another and always fail because they don’t stick with it, discover how to sell it, or research to find out if people really want or need it.
“You Can’t Fix Stupid”
I don’t know how many times I have heard,”I have tried that and it doesn’t work”, “I already know how to do that”, “I have been in business for years and don’t need help”, “It’s everyone else’s fault”, and other stupid statements that people who fail use to justify their failure or lack of true success. Don’t waste your time trying to fix stupid. The only thing these people will ever succeed at is failure! When you are close-minded or think you know everything you are guaranteed to fail. I have been in business for over 35 years and I am still learning. Remember, your mind is like a parachute, It works best when it is open.
Why Savers Fail at Financial Success
People who constantly fail are people who are constantly trying to save every penny. A penny saved is just a penny, a penny invested in one’s self or business can create a lot of pennies! People who fail are always saying “I can’t afford that”. They should be saying “I will figure out a way to afford that”. People who fail are always looking at “cost” vs “investment”. It only costs if it has no potential return. Many people have the potential to double or triple their income by investing in valuable information but would rather have a guaranteed loss by saving instead of investing. They will constantly think they are getting ahead by saving when in reality they are destined to fail. The question is why don’t they invest? It’s because they have made bad investments that cost them and they are afraid to make another bad investment. before investing you should always research and verify before making the investment. Will you always make a good investment. No, but overall you will usually discover tools, tips and techniques to make a profit from all your combined self improvement. The only guarantee in life is a guaranteed loss by not doing anything to learn and grow to become successful.
Work For Others If You Want To Fail
People who rely on others or sell something for someone else usually fail at financial success. Why? Because the success formula is “Those who do the work never become financially successful, those who have the work done become successful. Example: If you own a MacDonalds franchise and wait on the customers, flip the burgers, do the accounting you might make a few bucks. And because you didn’t hire people to do the work for you you might even “save” a few bucks. The question is, does this make sinces. It surely won’t make cents! What if you invest in the franchise, hire employees to do the work and become a business owner instead of a worker? What if you then buy a second, third or fourth franchise? Now you have people doing the work and you are making the money to become financially successful. Thank goodness not everyone knows this or will do this. We need those who are satisfied with just making enough to get by or do not have the will or burn to truely become financially successful.
Follow Conventional Wisdom
Unfortunately most people will either fail at business or will just get by. One of the biggest reasons is they follow “Conventional Wisdom” which is the first discussion in the Success Builders blog. If you do the math over 90% never become financially successful and over 90% follow conventional wisdom. If Christopher Columbus followed the conventional wisdom that the earth was flat who know how long it would have taken to discover that it is round. if you want to fail you should never question anything you are told, never try things that are outside the norm, don’t take any chances, and listen to those who tell you you can’t become successful. FYI: You will notice that those who tell you you must follow conventional wisdom are not financially successful in their business. Misery loves company!
There are many other ways to fail that are better explained in a workshop or personal consultation. Many people just don’t know if they are doing what it takes to become financially. As I always say “You don’t know what you don’t know” until you ask. If you would like a free personal consultation or would like to attend a “Irefuse2Fail” workshop in the Tampa Bay area contact me:
info@SuccessBuilders-Tampabay.com or go to our Irefuse2Fail Workshops website.