Written by: Deborah Lynch, 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.
‘Entrepreneurship’ was already a twenty-first-century buzzword before the arrival of the COVID-19 pandemic.
An unexpected side effect of the subsequent lockdown was that thousands of employees found they absolutely loved working from home and making tons of money into the bargain. Thus, many were increasingly attracted by the notion of entrepreneurship and being their own boss. Result: a whole list of potential new business ideas springing up for consideration and development.
Indeed, wherever we go these days we encounter people dreaming about running a new business… Countless websites feature ever more articles crammed with guidance on developing an upcoming initiative… Platforms like YouTube host thousands of start-up advice videos… Business development gurus are inundated with approaches from those who joined The Great Resignation revolution…
However, there are 4 rather uncomfortable truths that these articles, videos, and gurus often don’t disclose…
1. Only three topics make big money relatively easily.
Consider this scenario: Would-be entrepreneur Robert asks the following question of a guru/business coach: “My business idea is to teach people how to play chess. Will this idea work?”
The guru, keen to land Robert as a new client, will likely answer: “Yes, I’m sure there are many people who want to learn how to play chess. Let’s take it further. “
This is obviously true. Many non-chess players who enjoyed The Queen’s Gambit on Netflix would undoubtedly love to learn the rudiments of the game. However, there already exist numerous chess-based websites (not to mention many books published on the subject). Don’t get me wrong. I’m not saying Robert absolutely won’t make money by teaching people how to play. I‘m simply surmising that he will find it difficult to establish his business and turn a healthy profit in a crowded marketplace.
Because in reality, only three topics make real money relatively easily:
Health: Businesses that teach us how to lose weight, offer fitness programs, and sell nutrition plans generally do well — because health is vitally important to practically everyone.
Wealth: Businesses that help us to invest correctly, teach us how to manage money, and offer us career coaching programs usually make large amounts of profit — because most people are willing to invest in their own wealth creation.
Love: Businesses that provide speed dating services, teach romantics how to find true love, and run online dating sites/apps are highly profitable — because most people want to fall (and stay) in love.
In other words: enterprises that promote and sell Health & Fitness, Money & Business, Dating & Relationships are often wildly successful — because they directly affect people’s happiness.
Does your potential new business have the kind of emotional connection that will appeal to lots of people?
2. Creating and running a business is extremely hard.
Many people harbour an ambition to set-up their own enterprise. They attend business development seminars, read business books and hire mentors. Yet, despite all that learning and research, these aspirational types can be divided into two distinct categories:
A. Self-help junkies who eagerly attend every business coaching webinar and buy every business development course available — yet don’t take action when it matters. Everything they do is an avoidance activity.
B. Switched-on executors who diligently learn from every available opportunity. More importantly, they are always thinking of ways to assimilate this new learning into their own reality.
Before proceeding with your new enterprise, you need to recognise which category you fit into. Are you a passive A, or a positive B?
Having decided on the positive path — because frankly, the negative one leads nowhere — you need to accept that building a successful business is not an overnight thing. It takes a tremendous amount of time, effort, and resources. It is hard work: period.
As well-known businesswoman Lorna Jane, famously said: “It takes everything to run a successful business.”
And as Gary Vaynerchuk once observed: “Entrepreneurship is lonely, difficult, and stressful. Your employees are not working for you. You are working for your employees.”
While many well-established gurus will tell you that you simply need to rock up and make consistent content to be successful — that is not the reality.
In its early days, for instance, a new enterprise is often unable to generate sufficient money for its needs — your brand will likely be chasing funds enough to survive for at least two years.
In truth, establishing a new enterprise takes time. Hence, listening to well-established gurus sometimes isn’t a good idea, they are often too far removed from your reality. Ideally, you would be well-advised to find a role model or mentor just a few steps ahead of you, simply because their reality will be closer to your reality, and it is significantly easier to learn from someone with resources similar to your own.
3. Don’t try to please everyone with your messaging.
In business, a polarising message aimed at your core market always works better than a catch-all message that tries to appeal to everyone. In truth, if you are talking to everybody, you are talking to nobody.
For example, successful Australian fashion brand Dangerfield aims its messaging at young people who love alternative, unique clothing and want a quirky, unusual style. Such specific marketing automatically excludes those outside that youthful demographic, thereby effectively streamlining the company’s supply chain.
Furthermore, your messaging isn’t simply your slogan. It’s your shop window displaying your brand image, your products and your services, along with regular updates. And when the messaging is polarising enough, the conversion rate is always higher.
4. Followers don’t dictate your revenue
These days most people assume a large social media following equates to lots of business revenue. Realistically, that is a myth. I have personally witnessed the following:
Martin is an artist who has more than 20,000 followers on Facebook. Sadly, he doesn’t make any money whatsoever from his Facebook page.
Marilyn is a writer with 2,500 Facebook followers. She makes approximately US$ 110,000 a year.
The real difference between Martin and Marilyn lies in their business models.
Unsuccessful Martin doesn’t have a proper business model. His followers don’t buy his art — they can enjoy it on his Facebook page. So why would they pay him?
Successful Marilyn’s business model is mature. She not only sells eBooks to her community, she also edits her followers’ books. In addition, she has an online program that teaches people how to publish their eBooks on Amazon. In essence, she monetises her followers by selling both products and services.
That is to say, the number of followers on your social media does not determine your income. Rather it is a well-considered business model that will dictate your revenue stream.
As Tim Ferriss asserts: “Having more than 3,000 followers on social media often brings more problems than benefits because fame is a burden that most people are not aware of. If someone only has 1,500-3,000 followers on social media, they can do whatever they want and make enough money — they get all the benefits of having a social media presence without the stress.”
By the way, not every business needs a social media presence. While having a professional and credible social media presence can help, some businesses become wildly successful simply by leveraging their network!
Deborah Lynch, Executive Contributor Brainz Magazine
Deborah Lynch is THE global expert on embodying your personal presence (both online and offline) to achieve your dreams, influence hundreds of thousands of people, and achieve self-actualization.
Her mission is to help you build a thriving personal Presence that helps you succeed in business, in relationships, and in every area of your life easily – almost effortlessly!
She has built a successful speaking business, a successful coaching company, a successful Youtube channel, a successful eCommerce store, and specializes in helping entrepreneurs succeed in today’s presence-driven online landscape.
Deborah’s Story
Deborah’s story is one of overcoming poverty to achieving triumph – and it is still evolving to this day! If she can do it, anyone can – including you!
At one point in her life, Deborah even found herself homeless, with nothing but a can of carrots to eat. At that point, she found a mentor who trained her on a specific set of skills and began her journey to success.
Deborah learned how to become a success both as an entrepreneur and in the corporate world, and eventually discovered the great power of Presence, which she used to become a professional speaker and present for over 150,000 people in 70 countries for 48 different luxury brands, including Dolce & Gabbana, Hugo Boss, and Gucci.
Upon reaching the height of her career, she realized she wanted something more. She wanted to use her Presence as a way to help others in every area of their lives – from personal to professional, and beyond.
That’s when Instant Wings was born, and along with it her Youtube channel Instant Wings1, where she now has over 51,000 views and over 5,000 hours of play time (and counting!)
Today
Now, Deborah has turned her attention to helping you discover your presence. Because people with a powerful, magnetic Presence – and a message that turns their adversities into a superpower – can experience nearly overnight success in almost endeavour.
Your powerful personal presence can be used to transform your business, your relationships, your results, your health, and your happiness. Because all of these things depend on how you show up. And that’s exactly what Deborah is here to teach you.
Ready to master your Presence?
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