92% of Businesses Fail; Don't Let Yours - Lesli Bitel Coaching

92% of Businesses Fail; Don’t Let Yours

All right, I’m gonna tell it to you straight:

Entrepreneur Magazine says that 92% of service-based businesses FOLD within the first 2 years because the business owners don’t understand the business of business!

(OK, I’m paraphrasing… they said it more eloquently).

All too often, solo entrepreneurs, coaches, consultants, experts & more – who may be truly outstanding at what they do — simply DON’T know how to attract the paying clients they need to stay afloat!

When it was time for me to build my business and take it to the next level, I invested in getting the expert guidance I needed. And that is truly what made the difference between amazing success ($100 K in 10 months!) and bankruptcy.

I want to share with you the 5 CRUCIAL building blocks that you need to understand and master to create a business that’s both sustainable and lucrative – especially if you want to cross the 6-figure mark!

  • You need to know exactly who your ideal clients are (your “niche”) AND that they’ll pay for your services.  Do you know exactly who they are? If not, that’s a must have – that’s your starting place. And you must make sure you’re addressing the specific problems and struggles that they’re so frantic about that they’ll PAY for help!
  • You must package your services and programs (even 1:1 services!) so they are irresistible and inspire your ideal clients to buy.  Do you have this in place?  If not, that’s another must have to grow a successful 6-figure business. You’ll want to stay away from the old “hours for dollars” model and instead create a comprehensive solution for your ideal clients.

  • You need to be able to find your ideal clients, establish yourself as an authority, and consistently get in front of them, engage them, and create a real relationship with them.  In this day and age, you need to employ both online and offline (local) strategies that get you out there. People need to see you, meet you, and hear you to know what an authority you are and to recognize that you provide the solution they’re so desperate for.  And once you meet them, you need solid systems to nurture those relationships and gracefully turn those “interested” in your work into paying clients.  If you don’t do this, your business will not grow and it won’t last very long.

  • Of course, you must be able to easily enroll your potential clients in your services (“close sales”), and set your prices in line with your value and worth.  Most service providers “fall down” right here, at this point. It’s imperative to understand the psychology of what makes people take action, and to help your prospects understand the true cost to their lives if they don’t get help, and get it NOW!  Plus, you must be sure that you’re services are priced appropriately.  Typically, we worry about pricing that’s “too high,” but did you know that under pricing can actually turn off your perfect clients? 
  • Finally, you need to start leveraging your time (create multiple streams of income) so you can reach more people, make more money, and enjoy true freedom and flexibility for the things that are most important to you.  You must eventually go beyond just one-on-one clients in order to make the exponential income you desire, plus help a bunch more people, too. Also, having multiple offers and various price levels accommodates all types of clients (some will want your most expensive service right away, others will want to “dip their toe in” to your work first before investing further). It’s through learning to scale your business and leverage your time that you assure you’ll avoid burnout and have time and energy for a wonderful life. 

These are the building blocks I’ve used over and over again in a step-by-step process that’s grown my business to multiple six figures and allowed me to help more people than I ever imagined.

“When you have the desire, the opportunity and resources to fulfill that desire are close to you.”

And I mean very close. Perhaps in the same room, right under your nose! All you need to do is reach out and grab them. 

And I know that these strategies are “tried and true,” as I’ve coached hundreds of my own clients to do the same!

So get out there, embrace the “business of business,” and help those people who need you most!

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