Small Business Coaching On
How to Be In the 5% of Small Business Owners Who Succeed

By Allison Babb

A lot of people throw in the towel at hearing that 95% of small businesses fail within the first 5 years. They think, "Why bother." Those determined to be in control of the own lives, and those with an unstoppable entrepreneurial drive think "I'll beat the odds."

I'm in the unstoppable crowd, but when I started my first business years ago, I had no clue what I was doing. I had a full time job and I was a part-time entrepreneur doing Life Coaching on the side. If I had remained clueless, I would not be in the 5% of businesses that make it. Here are some key reasons why 95% of businesses fail within the first 5 years and how you can be in the 5% that make it.

It's not what you're good at

Most small business owners start out focusing on what they're good at and creating a business with it. That's OK, but it's risky to keep thinking that if you get better at your chosen field, you will make money and you will be hugely successful. That couldn't be further from the truth. Yes, you must continue to grow and get better at your skill, but that's not what brings you increased business. Many new entrepreneurs struggle with grasping this reality. More on what matters most below.

You can't wear all the hats

To achieve success as a small business owner, you simply cannot be the engineer, the salesman, the accountant, the administrative assistant all in one. Not for very long anyway. Sure, you may start out doing everything yourself, but as your business grows, you soon begin to feel burned out by having to do it all.

The myth is that if you delegate then you have to pay someone and if you pay someone, you get less money. Wrong. You can pay someone a couple hours a week and delegate so that you can spend your precious time only on things that bring you more sales. Delegation increases your income.

Every 6&7-figure entrepreneur I know has people to whom they delegate things. Your business simply cannot grow without some help at some point. Embrace that reality and plan for it.

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WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Allison Babb is an author, speaker and Small Business Coach to solo entrepreneurs. Allison publishes the "Small Business Success" weekly Ezine on how to create a steady stream of clients for your small business at: www.GreatSmallBusinessAdvice.com

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Small Business Coaching On How to Be In the 5% of Small Business Owners Who Succeed

Small Business Coaching On
How to Be In the 5% of Small Business Owners Who Succeed