After spending 25 minutes coaching the major issue surfaced. Jana thought she was the only one who was spending thousands of dollars with too few results. She was feeling ashamed and guilty. Like something must be wrong with her
At first, I was stumped. I knew that we had created a powerful plan. Jana was in my coaching program and also had an excellent marketing mentor. Her product was excellent. So what was the real problem here?
program or her strategies. The truth was Jana didn't have realistic expectations of the product launch lifecycle.
Jana had fallen prey to following in the footsteps of so many “rags to riches experts” who forget to share the real truths of starting a new venture. It's like there is a dirty little secret that no one wants to talk about but everyone is suffering from.
I decided right then and there to let the truth out. Here it is.
It can cost a lot of money to launch a product (and run a business!)
The truth is you have to spend money to make money. But at some point, you really must identify HOW MUCH you are willing and able to spend. If you are struggling with these issues, let me give you a few pointers:
1. Get crystal clear about your high payoff opportunities – and clear your calendar of the rest (at least for now.) If you are trying to get 5 products launched at the same time, I guarantee you will spend way too much time and money and will get frustrated with your lack of results. Pick one venture; get it making money, then move to the next.
2. Before you launch a new venture, map out your revenue projections AND your potential costs. It's important to know when you will start making money and how long before you recoup your costs. I know it's not sexy to talk money when you are excited about your idea, but hey, I'd rather you know now than when the debt collectors are at your door.
3. Set realistic expectations of what it really takes to launch a new product, service or marketing tool. There is more to making money than finishing the product. If you need help in this area, listen to the Myths and Reality of Passive Revenue Products in the ULTIMATE Wealth & Success Circle library (visit ultimatewealthandsuccesscircle.com.) You need to know there are at least 3 stages to building wealth with new ventures – if you miss one, you will be frustrated!
4. Get into financial integrity. Don't let yourself off the hook. Every month set a date to review your financials. Look at what's coming in, what's going out, and how much your campaigns are really costing you. It can be very enlightening!
Just remember, you aren't alone. There are thousands of entrepreneurs every day finding out that it's costing a lot more to run their business than they ever imagined. But it doesn't have to be painful. Growing your business can be fun and exciting if you know how to handle cash flow and planning for your success.
