786 The Rites of Passage of Every successful Business Owner

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Let's go. Welcome back to 5 Minutes of Momentum. The other day I was sitting at a networking event And I was in the middle of a conversation with quite a few different women, all sharing their stories, their horror stories about how much money they had lost by investing in a marketing agency. And it was so funny because I had a story to tell as well.

I lost around $4,000 in a marketing agency running Facebook ads when really they didn't understand my coaching business. And it was a big lesson that I had to learn. And after listening to that conversation, I'm like, yeah, It's like a rite of passage that we all go through it. We don't ask the right questions.

We don't find out whether these people have the right experience to support our style of business and we lose money in it, right? So I thought I would do a little episode on the different rites of passage that all business owners experience because I just love these conversations to make us feel less alone and also realize that it's not us. It's not us. It's just part of the process of achieving and succeeding in business.

I also love this because with the conversations that I have within my Unstoppable Women collective and my masterminds. It's one of those things that once we hear other people share about it, we're like, oh, it's not me. It's not me. So I want to share with you a couple of things that I've experienced that I'm sure that you have experienced or will experience in your time in business Having no one show up to your webinar Obviously if you run a webinar a masterclass a workshop every business owner experience is where they have no shows where they have people just not show up and you end up having an empty webinar room.

Now, I've probably had this happen twice. And each time I still made sure that I recorded it. I went live and still recorded it and sent out the replay. Now, every single business owner has this experience.

And so I didn't make it mean anything bad. I just recognized like, hey, there was something that didn't land here. I either didn't have enough emails to warm people up to join us live or I didn't promote it enough. I didn't have enough registrations because there's always a show up rate.

Not everyone is going to show up unless they pay for it. And even then sometimes they still don't show up. The next one, a tax scare. Like absolutely every single person has this where they maybe haven't set aside as much tax as they had hoped or they didn't set aside tax at all.

And then they get told by their accountant that they have to also pay PAYG and it's scary. And that conversation they have to have with your accountant or maybe with the ATO, it always comes loaded with those emotions. So everyone has it and then you get better at it and you're like, okay, now I know what to do. Figuring out the different types of terms that your accountant uses or lawyer uses or whatever other service that you need within your business.

Sometimes there's so much jargon that gets used. And sometimes we go through this phase of like, should I ask, am I going to seem dumb? And every single time I'm like, I don't care if they think I'm dumb. Like I've done this with event organizations and venues.

Like I want to know what's in that contract. I don't want to get caught out. Right. And so we always go through that process of not knowing jargon.

You cannot expect yourself to know all the jargon that every type of industry uses. And it's just a rite of passage that you either ask the question or you feel dumb and then you learn the lesson. Another rite of passage is checking seek because you about to give up on your business every single business owner has these moments those doubts those fears those oh God is this worth it Not making enough money, having a low month and then being like, oh, I may as well just jump on seek and see if there's a job that I can apply for.

And then getting on there and realizing you're either unemployable or like, there's no point. Like why? Just go back to doing your business as much more enjoyable. And, you know, and then actually sometimes people do get jobs and that's also fine because it depends on their financial situation, right?

So whatever works for you, everyone, everyone has this experience where they have those low moments and then go, oh, I'm going to get a job. We all go through phases where we don't have any engagement on social media. We feel like no post is landing. We feel like no one's responding to my stories or my polls or even just any other posts.

I'm not getting any comments, any likes, nothing. We all go through that until we realize that it's all data. We've got to learn from it and get better at it. Recognizing that you need to increase your prices, right this is a really interesting one that often happens where you're like feeling resentful or feeling like you know you are worth more and recognizing it's time to raise your prices we all have a bad hire like I think every single person goes through this when you start to hire unless you've learned to hire in the past and get really good at asking the right questions to find the right person every single person has that first hire that just doesn't go well or maybe it's a second hire that just doesn't go well that then tightens up your ability to interview more effectively and onboard that person more effectively, communicate more effectively, be a better leader.

So then you have a better outcome. We all have an unhappy customer once in a blue moon. Hopefully it's not very often. We all have some type of customer complaint that we got to deal with It right of passage A refund request is another one like that A no sales call I sure you had that before Marketing feeling like it an absolute overwhelm hill that you just never ever going to get over A family member or a friend that doesn't support you.

Absolute rite of passage. Losing money on marketing. Like I mentioned at the beginning, absolute rite of passage. Realizing that you cannot do it on your own and that you've got to hire and you've got to learn to delegate effectively.

launch something to absolute crickets. Like this happens to everybody. Getting a no in some type of rejection in your business. Like if you're not getting many no's and you're probably not pitching yourself enough and you're probably not putting yourself out there as often as you could or having as many sales conversations as you should be because no's are part of the process.

Another rite of passage is being presented with an opportunity to either stand your ground or give in. I think sometimes as women, we can quite easily give in and this could be in backing your price. It could be owning your worth. It could be asking for what you want, like whatever it might be.

But I think we always go through something like that where we have to have that moment where we go, no, I'm not going to give in this time. I'm going to ask for what I want and I'm going to back myself. Tech issues. Oh my God.

Like absolute rite of passage. Every single person has them. Like especially sometimes in launches where it's just like a nightmare. So, I mean, I could go on and on and on about rites of passage, but I honestly want you just to take away from this episode that you are not alone.

We all go through it. And if we look at these as lessons and we look at these as opportunities to get better, then that's all that means, right? Because all of these often rites of passage are just things that we've never experienced before. And then when we experience them, we then can decide how we want to handle them.

And then we can learn from them to be better for it next time. So hopefully there's something here that resonated with you, but I'd love to hear if there's any that I haven't mentioned that might be one of your rites of passage, please DM me. I'd love to hear it.