Ready to Fail
Start your own business and prepare to fail. I know that’s an awful thought! Who would start a business knowing there might be a failure?
You should. Now let me tell you why.
If anyone is telling you that when you start a business, everything will go smoothly and perfect, at this point, you should already know it’s simply not true. I don’t need to tell you they are delusional. But, if it’s your mom who said that - she’s great! She just wants the best for you. She does! But she’s not being completely honest.
Even if you come from a family of successful business owners and you’re going to piggyback off their success, you will definitely make your own mistakes. It’s human. You will encounter situations that no one in your family has ever faced before, and nothing they have ever experienced will give you guidance on how to approach the problem. The world is always changing, and every generation experiences new things. That’s just life.
But if you don’t come from a family of successful business owners, you might be the first one to dip your carefully manicured big toe in the water of uncertainty. (Can you feel me celebrating you right now? I am!) That first step into the unknown, no matter how small, is terrifying. But you’re taking a chance and doing it. Yes, you! (Hug yourself for me. If I were with you right now, we would be hugging. Seriously. I’m a hugger.)
Okay. Now, let’s discuss why and how you should prepare to fail. It’s all going to be good, I promise. (I’m still cheering for you!) These are three things that come up repeatedly when people are first starting out:
Find the right product and service that fits you. It has to fit you before it fits any industry, or your target client. You need to love what you do. Don’t choose something just because you’re good at it. Choose something because you love doing it. Can’t think of anything? Let me help you a bit. Do you love working with your hands? Do you love being around children or adults? Do you like being around people? Do you like working alone? Is there something you used to do all the time as a child or as a young adult? Is there something you decided to give up because it didn’t make sense in the ‘real world’? (Was that something from one of your parents or a mentor? Can we ignore them just for a moment?) Is there something that you enjoy AND are really, really, really good at? Still stuck? Last suggestion - go zen. Sit still. Quiet your mind. Let the answer come to you. You may have to do that a few times to get there.
It can happen that the first thing you pick doesn’t work out the way you had hoped. It’s your first ‘fail’. Be glad the first one happened so quickly, and get it out of the way. What did you learn from it? I am serious! Take a step back and analyze what went wrong. Try to be objective and figure out what you underestimated or overestimated. Write it all down. Journal it if you can. This experience will help you build a strong foundation for what you do next. Do you have someone who can provide you with honest feedback? Ask their opinion and be open to it. Don't be too hard on yourself. Take a break and give yourself time to recover. Remember, you will bounce back.
Find the right price. A couple of juicy ‘fails’ to make here. Charge too little, and you attract clients who won’t value you, and you won’t be able to afford the lifestyle you want to have. Yes, you deserve that lifestyle. It should be your mantra. How do you fix this? It’s a simple trial-and-error process. I have had several clients doubting themselves when raising prices. They feared no one would pay THAT much for their services. Believe me, with the right approach, you can raise prices from 20 EUR to 80 EUR per hour. (Shea, that’s crazy! I can’t do that! No one will work with me. I’m not worth that much. - Exact words from a client of mine who worked with board members. Today, she charges over 100 EUR per hour for her services) Of course, there’s also the danger of charging so much for services that others don’t see the value in the price. This can mean that the market isn’t ready for what you have to offer (yet!) or you haven’t shown the actual value in what you have to offer. Consider those options before giving up on your business.
Failure is a good thing. It means that you are trying. And trying is good because it will ultimately bring you to success. Don’t be afraid of it. Take your lessons, write down conclusions, plan the next steps, and try again. You got this!