[Podcast] 4 Costly Business Owner Myths | Build a Business, Not a Job Podcast

The 7 Major Benefits of Taking Your Business to Level Three

It’s well worth investing your time, energy, and resources to build a thriving Level Three business.

When you do, here are the seven tangible benefits you’ll get:

1. It gives you control over your financial future.
2. It will massively increase your net worth.
3. Your business is much easier to scale.
4. You earn your freedom from your business.
5. A Level Three business gives your staff security and growth opportunities.
6. Your business is dramatically more stable.
7. You have a greater impact on your market.

So, let’s look at 4 myths that hold people back building a level 3 business

Myth 1: It’s too risky.

Is starting your own business really so risky?

Let’s look at the facts.

Fact: According to most credible studies, a generic business start-up that has at least one employee has a roughly 70 percent chance of still being in business after two years (the way most studies define “success” for a start-up business).

More than 50 percent are still in business after five years.

And these numbers are misleadingly low in most instances.

Why? Because the data doesn’t account for businesses that close for legitimate reasons other than “business failure”— reasons such as health issues, the desire to start a new business, or other personal reasons.

These statistics are a source of encouragement.

After all, if 70 percent of new business owners can succeed through the first two years and at least half make it through year five, imagine how much better your odds are when you tap into the support, training, and input from resources such as the Business Accelerator Mastermind community.

Myth 2: It will consume your life.

Yes, launching a new business is intense.

So are the Level Two years of establishing, grooming, and growing your company.

But when you understand the Level Three Road Map, you see that as you grow your business, you not only can but must build it to be increasingly less dependent on you.

That's why we're encouraging you to build a business, not a job so that over time you can transition your business away from needing you on a daily basis.

Myth 3: You’ve got to stay in control.

Control is a trap that will wrap your business around you, making it grow progressively more dependent on you.

Instead, learn to build your business with the systems, team, controls, and scalable solutions in place that enable it to operate independent of your autocratic control.

Myth 4: It takes a lot of money to launch a new business.

In the past it did take quite a bit of capital to establish a new business.

But technology has changed the playing field, giving new-comers easier and less expensive access to businesses than at any other time in history.

Fact: According to studies, most new businesses are launched with less than $10,000 of start-up capital. One study from Wells Fargo con-ducted by the Gallup Organization found that 73 percent of new businesses were launched with no outside funding of any kind and that the average business start-up used less than $10,000 of launch capital. While most new business owners wish they had more money at the start, by keeping their expenses to a minimum and being creative, they’re able to launch their companies on a small amount of money—making launching a new business accessible to almost anyone. Of course, some businesses do require large capital outlays (usually for expensive equipment, extensive facilities, development costs, or required staffing), so these new business owners must raise outside funding.

Fact: If you require outside funding, you can bootstrap (fund out of sales), raise private capital (from family, friends, angel investors, or venture capital sources), borrow through SBA (Small Business Administration) loan programs, or create a joint venture to launch your business without a lot of personal capital.

Remember, in life you can either buy your excuses or buy your dreams—but you can’t buy both.

A hundred years ago, it did take quite a bit of capital to establish a new business. But technology has changed the playing field, giving the new-comer easier and less expensive access to the great game of business than at any other time in history. And the trend is accelerating. Never before has it been easier and less expensive. So, don’t let lack of funding stop you from launching your dream business. You can and will find a way to access the capital you need.

Links and Resources:

Metropole’s Business Accelerator Mastermind

Mark Creedon – Business Coach to some of Australia’s leading entrepreneurs

Some of our favourite quotes from the show: 

“I am still involved, because I enjoy it, because I’m having fun.” –Michael Yardney

“I guess one of the reasons many of us get into business isn’t just to have a job to get money, but to leave an impact, leave a legacy on your community and on the world.” –Michael Yardney

“Hard work isn’t going to be enough to get you out of the rat race.” –Michael Yardney

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