How do you know when it’s time to pack it all in… Jump off the entrepreneurial rollercoaster… and start something new – or heaven forbid – return to a J.O.B.
Failure, mistakes & missed opportunity is normal. It’s part of the entrepreneurial journey and part of your story.
I want you to know that creating a successful business doesn’t happen overnight.
In an effort to be completely transparent and authentic, I want to share MY failures with you – more specifically – my 3 FAILED attempts at starting a business!
ATTEMPT 1.) NETWORKING MARKETING
When I was pregnant with my first son I signed up to be a make-up consultant for a very well-established Networking Marketing Company.
I was SO inspired by the stories I had heard of other consultants earning a great income from home, whilst being able to raise their young children.
The opportunity was exciting and timely.
I’ve always loved make-up and really loved their products and the ability to earn a commision from sales ‘seemed’ relatively easy.
However, at the VERY FIRST training event, the presenter said “You have to wear make-up everywhere you go – even if it’s just a trip down to bunnings. Everyone you meet is a potential customer and you’re selling yourself”
I quickly realised that I couldn’t sell a product or a business opportunity to women when I was not aligned to the core values of the company.
So I walked away.
- Don’t compromise on your values
- Find a business that suits your personality & lifestyle
- Even network marketing requires #hustle, don’t be sold on a quick money making opportunity
ATTEMPT 2.) POM POMS?
This one’s funny.
Post-baby #1, I was still on the hunt for side hustle in an effort to avoid having to return to my J.O.B after maternity leave.
I remember watching a Today Tonight episode interviewing a man who had built a successful e-bay store selling imported products from Alibaba.
With a small budget, and a big desire I hunted for low-cost products that I could import and sell online…
… and I found these tissue paper pom poms! 👇
I researched the market and found a few other Australian e-bay stores selling them at over 10x the cost of the imported products.
I imported 1,000! We uploaded the products to e-bay and… CRICKETS!
What I didn’t realise was that e-Bay had its own ‘algorithm’ and you had to be a very experienced (and popular) seller to become top of the search.
So with slow sales and a lot of pom poms, we tried:
- Creating a website
- Starting social media
- Attending markets
I quickly realised that this little venture would take a lot of time & money to get off the ground and I didn’t have the passion to spend years building a Pom Pom business, so I quickly moved on.
However, this did spark my desire to want to learn about DIGITAL MARKETING! 💥
- It’s not JUST about your product, it’s alllllll about your brand.
- When selling products you need reach & traffic, without it – no-one will know you exist.
- You have to have a PASSION for your product/service in order to not give up in the early stages of ANY business.
ATTEMPT 3.) BLOGGING / AFFILIATE MARKETING
In a desire to learn all about digital & affiliate marketing I then become a student and affiliate of the Six Figure Mentors.
They taught me the foundations of digital marketing, and I immersed myself in learning how to build a website, start a blog, and advertise on YouTube, Google & Facebook.
They also had an affiliate opportunity where you could promote their program to your audience and get a commission.
I invested a lot of time and money into advertising & promoting their program…
But there was 1 BIG problem.
I didn’t truly believe in it.
The promotion of their program was all about the ‘laptop lifestyle’ and how to earn a lot of money, through Affiliate Marketing – without having to do much work.
Whilst the income opportunity was lucrative, the marketing felt borderline false. I could not physically be comfortable with selling a dream that I knew would be impossible for most to achieve.
Really? no-ones working on white sandy beaches within months of starting an online business!
- You have to believe that your product is the BEST solution for your customer. If you don’t believe it, neither will your audience.
- Be grateful for everything you learn from each failed experience.
- Digital Marketing is a BEAST and every single business owner should invest at least 20% of their time in constantly learning new ways to spread the word about their amazing products & services.
What happened next?
I listened to an audiobook by Louise Hay and she said:
Focus on how you can HELP people. If you go into business just to make money, you will fail.
So I took her advice and I started using my newly found digital marketing skills to teach local businesses how to promote their products and services online.
Moral of the story…
You need to know when to move on.
- Are you at a standstill in your business?
- Maybe you’re not 100% sure that what you’re doing is *right* for you…
- Perhaps your start-up is growing at a slower rate, and you’re losing hope…
Deciding on whether on not you should pack it all in really depends on WHY you’re feeling that way.
❔Is it because you don’t believe in your product/service? or you’ve lost your passion for what you’re doing?
❔ Or is it coming from a place of fear, frustration & doubt?
If it’s the latter – you can get through it! You just may need some help, a fresh perspective or a digital strategy!
I hope this blog helps.