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The $100 MBA Show
MBA2637 Did You Start The Wrong Business? How To Know & What To Do
00:09:52
Ever find yourself second-guessing your business idea? Dreading your daily grind? Wondering if all the effort you’re putting in is actually moving the needle? If those thoughts have been swirling in your head, it might be time for a reality check—and this episode is here to help.
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Here's a gut punch question you may be afraid to ask yourself. Did I start the wrong business? It's a scary thought. You've put in the time, you put in the energy, you've put in hard earned money. But something feels off today. I'm gonna help you figure it out and we're gonna get honest and we're gonna find out what to do next. Whether that's to pivot, whether that's reposition or power through where you are right now. There is a way forward. We just gotta figure it out together. Let's get into it. Welcome Back to the $100 NBA Show. I'm your host, Omar Zenholm where I deliver practical three times a week, Monday, Wednesday and Friday to help you start, grow and scale your business. Let's take a time out and get really real for a moment, okay? There are some red flags that something's not quite right in your business. I want to go through them. There's five red flags we need to discuss. Number one, you dread the work. Listen, you don't have to love every second of your business, but if everything feels like a choreography if you're constantly forcing yourself just to show up every day, that's a signal you need to pay attention to that. Number two, you're not solving a real problem. If your product or service isn't a must have for someone, it'll never scale, it'll never take off. I know this from experience. You might have started something interesting, but it's not a must have. It's not something incredibly valuable to somebody that they're willing to do anything to get your product or service in their hands. Business is as hard as it is. So having a product that's not really something that people crave is making things harder on you. The third red flag is that you can't sell it even after trying everything. Listen, great marketing can't fix a bad offer. If you genuinely tested the pricing, the copy, the channels, and nothing sticks, nothing makes a difference. It might be the business model, it's not the marketing. Right? You can't market something that people don't want. That's the bottom line. And I'm gonna stress this a little bit. I spend a little bit of time explaining something that gets looked over a lot in business, which is the fact that you can't have a bad product. That's just the bottom line. Your product has to be exceptional. We often take this for granted. We often think this is a given, but it's not a given. A lot of people try to have a successful business, have a successful offer with something that people don't actually genuinely want or need. And there's degrees to this, meaning that if something is really something people want, people really crave it, are dying for it, are willing to do anything for it, this makes your life so much easier. It makes your business so much easier. It makes everything so much easier. Now, if you're on the other side of the spectrum where people kind of like, okay, this is cool and everything, but I don't really need it. It's not a must have or it's not something that I really want or crave, then it makes your business a whole lot harder. And a lot of businesses are just like trucking along, not really making any kind of real progress because they just don't have a good enough offer, enough product. Now, there's a difference between a good offer and a good product. Okay, so you can have a great product, but a bad offer, right? Meaning that you can have something that is unique, interesting, something that people need, but it's not worth the money they have to spend. Now, a great offer is something that's A no brainer that like, wow, this is such a great product and it fulfills everything I need and everything I need to get. The actual result is included and therefore I think the price is well worth it. This is good value, this is a good offer. Think about it. When you went to a really good restaurant and maybe it was an expensive bill, right? You got a big bill and. But you paid it gladly. Cause you're like, actually the service was amazing and the food was excellent and that dessert, I'm gonna be talking about it years. So that's a good example of a great offer, meaning that it was expensive, it was a great product, but it was well worth it. So if you have a bad product or offer, that means you need to change those things because you can't out market a bad product or offer. That means fundamentally being honest about what you are giving the world in exchange for their hard earned dollars. So you have to really think about, hey, is this really compelling enough? Is this something that really is going to move the needle and make my life a whole lot easier? Because everybody just is clamoring to get it. This might mean going back to the drawing board. This might mean tweaking, improving, changing, you know, leveling up as a person so that you can create something great. And that's sometimes hard to hear, but the truth is that most businesses fail because they don't have a compelling enough offer or product in the marketplace. Number four, the margins just don't work. If you're selling but you're still not profitable, that's a math problem. And if you can't raise prices and you can't really cut costs that much, that might be just your signal that you're in a dead end, right? That this business model, this product or service or this whole concept is just not viable. And number five, you can't see a future you want. Even if you grew 10x, would you want the business it becomes? Think about that. What would your business look like if it grew 10 times tomorrow? Do you like the way that looks? Managing all those people or dealing with all those customers? If not, that's your intuition trying to save you. And often business owners, because they know the future looks like that they will sabotage their own businesses so it won't grow. Spring is the perfect time to reassess your goals, like learning a new language. And Rosetta Stone makes learning intuitive, efficient and actually enjoyable through immersive lessons that fit into your schedule. So if you're setting new goals this spring, invest in yourself with Rosetta Stone, with 30 years of expertise and millions of learners worldwide, Rosetta Stone offers immersive language training in 25 languages enhanced by True Accent technology that helps you perfect pronunciation and speak with greater clarity and confidence. I use Rosetta Stone to practice my Italian because Nicole, my partner, is Italian and when I have dinner over her mom's house, my mother in law, I want to know what she's talking about behind my back. No, I'm just joking. I'm learning so much Italian. I know that she's saying all good things. I'm also picking up some other phrases like paciamo all' alecione dioge which means let's get into today's lesson. Don't wait. Unlock your language learning potential. Now the 100 omnib a show listeners can grab Rosetta Stone's lifetime membership for 50% off. That's unlimited access to 25 language courses for life. Visit rosetta stone.com mba to start and claim your 50% off today. This episode is brought to you by square. Your favorite neighborhood spots run on Square. Did you know that Square can help you turn your small business idea into a huge success? Even that genius idea for Moving with Monkeys, the pop up workout class taught by yes, real monkeys, Square isn't just a point of sale for local businesses anymore. What began as a little white card reader is now a behind the scenes powerhouse, helping you manage finances, schedule your team and cover cash flow gaps when they come up. With Square. You can keep things moving with Monkeys running smoothly even if one of your instructors won't stop flinging bananas at the clients. And whether you're expanding to new cities or growing your loyal following of primate loving fitness buffs, Square is with you every step of the way. Square helps you tackle today's to do's and and dream big for tomorrow. Go to square.com go mba to learn more. That's s q u a dot com g o mba square. Meet you there. So what do you do if you recognize these signs in your current business? Well, here's what most people do. They panic. They quit. They beat themselves up. Does this sound familiar? Right. Here's what you should do instead. Step one. You want to just pause and zoom out. Ask yourself why did I start this business? What parts do I actually enjoy? What have I learned about the market that I've been serving? Sometimes the business isn't totally wrong. It just slightly misaligned. It needs a few small tweaks that will change everything. Step two Reposition or pivot. You don't have to blow it all up. Okay, maybe you can keep the same audience but offer a different product. Maybe you can keep the product but target a different audience. Maybe you could narrow the niche a little bit more. Maybe you could change the business model from services to products or a from one on one coaching to group coaching. Small shifts can lead to big results and give you the type of business you want. Step three. This one's tough, but it's essential. Don't let your ego keep you stuck. Sometimes we stay in the wrong business because we're afraid to admit we made a wrong turn. You didn't fail. You're just gathering data, right? You've gathered data about what you don't like and now you're smarter even if you scrapped your entire business. Listen, I've scrapped entire businesses and started all over. Those experiences that I had where I created businesses that didn't work out and failed were the foundation for my trajectory for the Hunter RBA or my software company Webinar Ninja. And everything I do today. Listen, I'm not afraid to be a little bit vulnerable and share from my own experiences of when I went through this. In 2009, I started an e commerce business called Zenome Design. It was a custom tailored men's clothing line. We had sales, we had warehouses, we had one of the most visited websites in our niche. But we had nearly no profit, very low margins, massive overhead, constant headaches. It took me a while to admit the fact that I started the wrong business for me. I realized that my customers, the people that were consuming my products were more passionate about my business than I was. That was a sign for me that I had to close up shop. I'm so glad that I walked away because that created the space and the time and the freedom for what to come next which was my service based business. I had a business consulting firm. I built websites for people. It really built the foundation. But what I knew was a successful business and the rest is history. What I learned from that business allowed me to build a stronger business with a hundred mba. What I learned from that also allowed me to build a stronger a software company with Webinar Ninja. I really believe that there is no failure in business. There's only feedback. The only way you could fail is when you give up. Don't give up. Before you go, I want to leave you with this. If you feel like you started the wrong business, you're not alone and you're not doomed and you're not a failure. You're just early. Use what you learned. Make adjustments if needed. Move forward with intention, not ego, and use what you learned today in today's lesson. Sometimes the best decision is to quit, but sometimes it's just course correction, right? Shifting a little bit. And I've done that as well. Thanks so much for tuning into the $100 MBA show. If you want me to keep helping you build a business that is actually right for you, you want to join my three Things newsletter. It's absolutely free and it's my way to coach you from afar. Every week I send you a email with three things. Number one Something to think about, something to grow your mindset. Number two Something to do so you're getting wins week after week. And number three Something to learn so you're scaling up as each week goes by. It's absolutely free. Just go to 100mba.net and sign up for any of our guides and you'll get added to our newsletter automatically. If you're still listening to this episode towards the end of the episode. Thank you. Thank you for being a listener and a subscriber and part of this community. I think of you every time I step up to the mic and record a new episode. I think of you as a completionist, somebody who's a hard worker, somebody that wants to keep growing and learning and keep building their dream business. So I appreciate you being a listener as well as the fact that you're my kind of person. Love it and I'll check you in the next one. Take care.
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Jen's the mother of two teens. Her online shopping cart is always full of amps and auxiliary cables, so you might think she's funding her kid's garage band. But what you don't know is she's actually the one shredding on stage. With TransUnion's 360 degree view of consumer identity, you can get a clear picture of your marketing audience and reach people like Jen with messages that are more headbanger, less homebody. See how TransUnion is bringing clarity to marketing chaos through deeper insights, smarter reach, and precise measurement at transunion. Com clarity.