Success or Failure
Make Millions or Be Broke. The Choice is Yours!
Ever wonder why some medical spas or spas succeed and some fail? What really separates the two, and how can you make sure you succeed and make millions with your medical spa or spa?
Fact: The failure rate of all U.S. companies after five years is over 50 percent, and over 70 percent after 10 years
(Source: Entrepreneur). Why do so many fail?
The Top 10 Reasons for Businesses to Fail:
- Poor overall planning
- Lack of focus – too many bright, shiny objects and distractions
- Unwillingness to listen and learn from experts
- Taking advice from the wrong people
- Not having a good mentor
- Lack of general business knowledge: finance, operations, marketing and sales
- Not building and training a great team
- Compete on price and deplete profits
- Bad guest experience
- Run out of cash
The Top 10 Reasons for Businesses to Succeed:
- Founders are driven, passionate and committed
- Develop a detailed business model
- Do their homework
- Willingness to learn and listen
- Develop the right mentoring relationships
- Overall business knowledge
- Understanding marketing
- Financial discipline
- Investment in team training
- Focus on sales and the guest experience
Failure is costly. Though no one sets out to fail, usually their actions lead them to it. As a business advising firm, my team and I meet many people who are starting new med spa or spa businesses, or already own one. Here’s what we discovered. There are two types of entrepreneurs:
The Know It All
They want to do it all themselves. They resist guidance, don’t seek out professional help, they have big egos, and they think they can figure it all out on their own. So they are constantly reinventing the wheel. Paying for big mistakes. Won’t listen or try effective strategies. Won’t invest in business education or business programs to help them succeed.
We try to help those types of people, but they refuse it and come up with all sorts of excuses as to why they should not get involved or get the help they need. They usually wait until they are in intensive care mode before they ask for help. And sometimes that is too late. Those are the people who represent 50% of businesses failing. Tara, my office manager, was talking to a caller who is in bad need of business survival infusion. Tara shared the different ways we can help them, and the person said, “I’m sorry, I can’t purchase anything now but please ‘pray for us.’” I’m all about praying. I go to church and pray for all of our clients, but praying alone is not going to turn a failing business around. You know the phrase “you can lead a horse to water but you can’t make him drink.” That’s why 50% of businesses fail in the first 5 years.
Hungry for Success!
The second type of entrepreneurs are the 50% who succeed. They recognize what they need to do to succeed. You know the phrase “when the student is ready, the master will appear.” Those people never stop learning and looking for ways to improve their business model. They are driven, motivated, and believe in strategic planning and implementing. They’re smart, they go to seminars, they read books, they belong to mastermind groups, they attend conferences, they are always sharpening the saw and investing in their business education and growth. They don’t waste time reinventing the wheel. They find a blueprint and they implement. They are my kind of people!!
I want to introduce you to Carry and Monica Fourman. They called our office because they were thinking about purchasing a new spa. As we started talking, we found out that they own a large business and they are already super, super successful. They’ve had their current business for years. They decided to become CoachMe Titanium members and learn the spa and medi spa business from us. They also hired us to do all their branding and marketing.
They understood the importance of having a guide, a blueprint to avoiding costly mistakes and reaching success in the fastest way possible. They could have said “we know how to run a business, we are already millionaires, we have a successful business.” Instead, they made a smart choice to have a successful blueprint they can follow and implement. I wish the world had more Carry’s and Monica’s in it because we would not have a 50% business failure rate.
I love people like them, not because they invested with us but because they value the importance of business education and how it relates to success. Just like I value it and invest in it myself.
So which type entrepreneur do you want to be? The first type who knows it all and fails 50% of the time? Or the smart type who is open to learning and charts a path to millions, guaranteeing their success?
The choice is yours.
If you are ready to elevate your success and join the smart entrepreneurs, we will see you at the next Leap Ahead seminar. Let us arm you with a successful blueprint that will transform your business and allow you to live the life you deserve.