Top 3 Reasons Why Most Entrepreneurs Will Never Make 6 Figures in Their Businesses
by Darnyelle A. Jervey, MBA
Today, as business owners we have access to so much to make building a business easier. But why aren’t more of us building businesses which thrive? According to the Kauffman Foundation, only 6% of all entrepreneurs ever achieve 6-figure business success, only 2% ever achieve 7-figure success and more than 50% of all business owners never exceed $25,000 each year. Why do you think that is?
Mindset, Market, and Message. These are the top 3 challenges that stop service-based business owners from ever achieving their goals of having a 6 figure or more business.
You are selling yourself short and letting fear stop you from moving forward. You give in to your sabotaging beliefs, staying in a comfortable place and not investing in yourself. When you don’t believe in your ability to build your business, you make careless mistakes and those mistakes cost you your confidence, your content, your connection, and your community. Now most business coaches and mentors won’t tell you this but I personally believe that 95% of your success or lack thereof is tied to the 6 inches between your ears.
You are trying to sell to clients who can’t afford to hire you. Not taking the time to get crystal clear about who your ideal clients are and not creating a diversified client mix. Trust me, in the early days, I fell victim to this one as well. It’s so easy to do unless you get clear. When you don’t attract the right clients for you, you set yourself up to fail because you are not able to give your clients true transformation because you’re stressed out, burned out, or checked out on the level of service you want to be known for in the marketplace. You’re not focused and when your market isn’t right, your money won’t be right either.
Targeting the wrong clients can be the difference between being broke and bubbling over with income. When you don’t know your value and your worth in the marketplace, you start discounting your incredible factor which puts you in a horrible position because you can’t build your business, get access to what you need to grow, and invest in yourself and your business. So many entrepreneurs just pull prices out of their back pocket and that is not the way to build a 6-figure business.
You’re unclear about how you are different than others who offer the same type of service as you. Social media makes it so easy to jump on a bandwagon and become the next so and so, but you weren’t born to be so and so. You were born to be you and there are people right now who are waiting for the real you to show up with the solution they are craving to solve their problem. When you aren’t clear about HOW you can help your ideal clients, you become a commodity. A dime a dozen. And you blend in instead of standing out which means you get limited opportunities and that creates a vicious cycle for you and your business.
While the internet has brought us some of our greatest opportunities for leverage, it also brings us tons of chaos that is distracting and causes us to easily lose focus. Today’s entrepreneur is caught off guard and not focused on what I like to call PPAs or Profit Producing Activities. You know those things that lead you to new clients and income. Regardless of how you are building your business, on or offline, these challenges are most likely the reasons why you’re not experiencing life and business that brings you joy.
In my upcoming event, Unleash Your Incredible Factor, I’ll share my PROVEN system for breaking through to six figures in 12 months or less. You don’t have to remain in that 94% of entrepreneurs who never make $100,000 or more in their business. You really can create a thriving and profitable business that serves you. THIS YEAR.
Darnyelle A. Jervey is an award-winning author, sought-after speaker, award-winning certified business coach, and marketing consultant, Darnyelle A. Jervey, MBA, is the CEO of Incredible One Enterprises, LLC, a full-service consulting firm that specializes in offering business leaders marketing and business optimization strategies, empowerment and executive coaching solutions to individuals and organizations worldwide. Darnyelle offers her clients the accountability of a coach, the business acumen and example of a seasoned business professional, and the customized marketing consultation and proven strategy to grow a business in record time. Darnyelle is known for her enthusiasm, contagious energy, and passionate delivery and becomes the catalyst for transformational change and goal achievement in the lives of her coaching clients, audiences, and workshop participants because she doesn’t just inspire, she also imparts success skills, tools, strategies, and effective solutions. Darnyelle is the head coach, consultant, mentor, and speaker at Incredible One Enterprises, LLC.