“There is still a widespread desire to get rich quick” – Pam Underdown
Businesses rarely turn a profit in their first 4 years…
According to one of the largest studies ever done on entrepreneurship and business mastery, it takes 2 years to learn your business. It takes 2 more years to pay back the debts that you accumulated in the first 2 years. Then in the 5th year you’ll start to make money. And in 7th year you’ll break through.
2-4-7….it seems to be consistent. Either 7 years or 10,000 hours.
Bill Gates took more than 7 years and 10,000 hours. So did Michael Dell, Sam Walton, Richard Branson – the list is endless. The plain and simple fact is that it takes a long time to learn your business. And during that time it’s hard, it’s painful – with seemingly endless setbacks, difficulties and obstacles.
When I heard that I said, ‘no way, I don’t want to wait 7 years to make a profit!’ Some of my clients insist it won’t happen to them. I’ve even heard some practitioners say they would rather go back to being an employee than wait 7 years to be successful. The expectations of some people are very unrealistic, and perhaps a sign that there is still a widespread desire to ‘get rich quick’.
So what do you do if you don’t like the statistics?
Put your head down and just keep going! 7 years is going to pass ANYWAY. The only question is, are you still going to be struggling after 7 years because you didn’t focus? You didn’t learn? You didn’t implement? Or are you going to be on top of the world?
Remember that ALL BUSINESS SKILLS ARE LEARNABLE; marketing skills, sales skills, planning skills, they are all learnable. You (the owner) can learn any business skill you need that is necessary for success. You could actually be one business skill away from doubling your profits right now, and you probably know what that skill is. If you had that skill you could double your profits in the next 12 months.
So what is the one skill that if you were absolutely excellent at it would help you the most to double your profits?
I encourage my clients to ask that question all of the time because that is the key question for the future. If you don’t know the answer you can’t make any progress, but if you do know the answer and you focus single-mindedly on developing that skill you could completely transform your whole business.
If you’re serious about growing a highly profitable and successful aesthetic practice filled with your ideal patients, you’re in the right place.
Our online training programme teaches you everything you need to generate a steady stream of new patients, avoid peaks and troughs in bookings and maximise patient retention. Click on the image below to learn more.
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