Written by: Magdalena Hanah, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
To say “being a business owner requires a high level of discernment” is an understatement. In today’s world, you need to become a master of focus to avoid time-consuming, or costly mistakes.
Throughout the time I’ve been in business, there were always new rules showing up as to what garners the best results.
As soon as I’ve jumped on a trend, there were some alternative, better rules of engagement available a month later.
But comparing the time when I was starting out my entrepreneurial journey, to what business owners face today, I must honestly say it is, without doubt, much more confusing to figure out what works then it ever was before.
To give you some context for this opinion, and such a harsh conclusion – I’ve had the pleasure to be in business before social media, and before online business was “a thing” to do, and my God, what a blissful time for business that was.
It is, without a doubt, a very exciting and interesting time to create your own venture with the perks of a worldwide online presence, or to tap into one of the multi-billion-dollar industries available today. But, as all things satisfying, it comes with a less glamorous, darker side of things, which in this case shows itself in damaging myths entrepreneurs believe, that keep them running in circles for months and sometimes years with little results.
Let’s look at five very common myths of the online world you’re likely believing, that might be causing plenty of stress and slowing down your growth.
1. THE HUSTLER MYTH
Probably one of the most toxic of all myths available. It’s all about the notion of being on top of your game 24/7, sacrificing your life for the sake of business and its success.
Because that’s “the only way”, and you need to commit 200% if you really want to make it, right?
No fun, no sleep, and surely 5am clubs, hours at the gym (to wake up your body), and let’s not forget – seeing family only when you can (rarely!), and ditching friends who “don’t understand your journey”.
When did we get to the point of bragging how many hours we spend on the phone with clients, or that we worked through the night again this week, because who needs sleep…?!
If working hard was the magic pill to business success, over 60% of service-based business owners wouldn’t be out there practically begging people to become their clients, arguing on the morals of their competitor’s tactics, or burning themselves out to the point of depression.
That last point is almost an inherent part of any business. According to Google “trends data” burnout symptoms increased a whooping 75% since last year (yes! More than during a global pandemic!). Top it off with a 38% increase in stress, anxiety or depression, and there you have a sure-fire recipe for zero growth, no satisfaction and a clients’ repellent.
2. ORGANIC IS THE ULTIMATE WAY
Even though, it is all businesses’ aim to cut costs and increase profit, the almost cult-like attachment to growing your business only by utilising organic marketing (meaning no paid ads) created an environment where lack of professionalism and pushy tactics take away from value each, and every day. Not to mention, it opened us up to scams, as we believe everyone is now an expert, an artist, or a specialist in the field.
Finally, it led entrepreneurs to believe it is the “only rightful way” to do business and that if you don’t spend your time spamming Facebook groups, or posting ten times a day, then how do you even own a business?!
It’s not to say that organic marketing is not a great way to go about things if done right, but it DOES take time and effort to be effective, so there’s nothing quick, or superior about it. And if someone tells you otherwise, run for the hills!
That leads me to my next point.
3. ADS ARE FOR THE RICH ONLY
Ads and “expensive” seem to become almost a synonym at some point and I can’t blame it.
“I spent X amount on ads (put in a high amount for X) and that makes me an expert” is a slogan we’ve heard or seen few times too many.
The fact of the matter is, ads CAN become pricey if we don’t know what we’re doing, but if you understand the basics of specific social platforms advertising rules, you can successfully run campaigns with a lower budget and a high ROI (return on investment).
One thing’s for sure – ads are still the quickest way to get your offers in front of the right people, and the number you reach far exceed those of the organic methods.
Another pro? If, like me, you’re not a fan of spending every day on socials, automating your lead generation with paid ads is a great go-to strategy.
4. MINDSET IS EVERYTHING
How many times have we heard that success comprises of 80% mindset and just 20% strategy?
Yes, you do need the right mind frame to be a successful entrepreneur (read. result getting) but undermining WHAT you physically need to do daily for it to happen, is like going on a trip without choosing a destination – you will get somewhere, but that place won’t necessarily be the one you wanted.
Becoming clear on the massive end goal is important, but if you want your results quicker than years from now, you better make sure you have a concise action plan too. You can’t wish your way to success, but you can most definitely work it.
5. YOU NEED A NICHE TO GET HIGH VALUE CLIENTS
This one might challenge your approach significantly. After all, niching down is something we hear left, right and centre, but is it necessary?
And what about the people who don’t want to, or are not ready to marry one specific specialisation just yet – do they need to force themselves into something for the sake of getting clients?
Not only is this not a good idea before validating your offer or business model, but it leaves no space to adjust or pivot, which in business is the best way to avoid failure. But hey, we are after all encouraged to “fail forward” instead of mitigating.
Going forward without a niche doesn’t mean you’re free to sail around all topics though, but it does allow for a bit more freedom of how you market.
There are many more myths perpetuated by the online space, and it is completely understandable from a marketing point of view. After all, if there isn’t an issue then you don’t need to solve it. Overcomplicating things, nevertheless, is not working in your favour, if you got into business because you had a huge passion of helping others with your area of expertise, as well as high hopes of supporting yourself financially doing just that.
The conclusion here is, there definitely is a better, easier way, so free yourself from the mainstream opinions and focus on diligently fulfilling your own clear plan.
Magdalena is a business consultant helping online entrepreneurs simplify marketing and clarify the strategy for maximum results, with the least amount of effort. Get her tips on growing your business, attracting high-value clients, and power positioning.
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Magdalena Hanah, Executive Contributor Brainz Magazine Magdalena is a serial entrepreneur, an award-winning business productivity coach, business consultant, host/producer of the rapidly growing "Habits Of Influence" podcast and creator of the A.I.P.D productivity framework for coaches, consultants, and freelancers.
She spent some 16 years dedicated to studying and actively pursuing two of her biggest passions: Neuro-anthropology and Marketing. After building two international businesses and gathering her sales and marketing expertise from a multitude of industries, she finally decided to take the leap, and create a business, that would help entrepreneurs all over the world achieve bigger results in less time.
Her clients call her The Marketing Rebel, as she stands against the typical flashy marketing styles promoted online, and believes every individual possesses a marketable set of traits and skills that can position them to build a strong brand authority and influence online.
What makes Magdalena's programs incredibly powerful is that strong emphasis on the personalisation of each client's path, so that they get exactly what they need from a coaching experience based on their level of skills, status, and unique talents, regardless of whether they're receiving one on one mentoring, or study in a group.
