How To Be PREMIUM Part 3 - Limiting Beliefs & Long-Time Business
The Premium Series
There’s two types of business owners - the first is a business owner who just launched their company, and the second is the business owner who’s been in the game for a long time.
Today, I’m talking about the seasoned business owner who STILL hasn’t experienced continuous momentum in their business.
As a long-time business owner, you may have experienced some growth at times, but you’re not building the solid momentum you’ve truly been seeking.
You should have the ability to retire, take vacations or just hang out at the beach whenever you like...even though there’s a myth that it’s not possible.
Are you the business owner who’s been working for many years and still struggling with the same problems, unable to create the success you envisioned?
Maybe you’re struggling with:
Cash flow problems
Inability to find the best staff
Retaining customers
Managing overhead
Responding to competition
If this is you, and you're trying to cope with these and other types of problems within your business, you’re most likely struggling with LIMITING BELIEFS.
Limiting beliefs are a very foundational problem when it comes to why you’re not where you want to be in business.
What are they exactly?
It’s the narrative you tell yourself and something you believe, which directly corresponds to your actions in the world.
Ex: Your competitor charges a higher amount than you, but you don’t believe you can, for fear the market will never pay that for your products or services (limiting belief).
Another limiting belief example is a service provider who depends on bid-work. They may have a belief that if they’re not the lowest bid, they won’t get the work.
What happens if they continue to have this belief?
They take the lowest bid and everyone gets paid except for them because there’s possibly errors on the job that weren’t accounted for, they’re not as valued and have more aggravation with their client. This takes more time and money, eating into their pockets and taking away from profits. They may even lose money and pay to work the job, all because they chose to be the lowest bidder.
If their beliefs changed and they would’ve known their value and charged premium, they could’ve had a better margin and clients who valued the relationship, making the work go smoothly and earning a nice profit.
Limiting beliefs play a HUGE part in your momentum and success.
Have you heard of the Pareto Principle?
The 80/20 Rule, or the Pareto Principle, which states that 20% of any activity will produce 80% of the results. Peak Performance and Human Behavior Expert Tony Robbins suggests, “80% of success is due to psychology - mindset - and only 20% is due to strategy - the specific steps needed to accomplish a result.”
I had a friend who went to a jeweler to buy a gold chain. The jeweler pulled out about twenty chains and showed him one that was $3000. My friend told him he wanted a deal that day and asked him, “is that the best you can do?”. The jeweler quickly responded, worrying about him walking away, and gave him the chain for only $1000. Even though he had all those chains in his inventory, probably costing him 20K, he decided to just recoup his cost for that transaction.
This is a simple example of not building momentum, and someone who has limiting beliefs about scarcity and just getting by.
Can you relate?
I want you to take a moment and write a list of everything you’ve tried and spent money on over the years to make your business successful. Write it down now.
Maybe it looks like this:
$ Consultants
$ Team members/Manager
$ Trainings
$ Seminars
$ Online courses
How many hours have you wasted? Have you got what you’re looking for? My guess is you haven’t found the solution, even after so many years in business.
Let’s say you’ve been in business for 10 years, and you spend 10 hours per month trying something to gain momentum in your business. That’s 120 hours per year. If you charge $75 per hour, that’s 9K you’ve spent on tactics per year and 90K if you’ve been in business for 10 years! Add onto that if you’ve paid a consultant - 10K, 25K, 50K or 100K. That’s A LOT of money and time to waste!
Why do you think you’re getting the same results, even if you’re trying different strategies? You cannot blame the courses, consultants or team members.
Sometimes it’s difficult to see and no one wants to tell you, but the real problem = YOU.
A lot of these courses that promise the world and their strategies as the solutions are missing the true problem. You need to look within yourself and see what limiting beliefs are holding you back.
Trust me, I was guilty of this and can definitely relate. I still have to work with and shift my limiting beliefs as they come up in my business.
Pain always shows up in the same areas when it comes to limiting beliefs:
Long hours
No business exit strategy
Loss of hope
Lack of energy
Frustration with team
Stress at home
Sales issues
Staff retention problems
Fill in a challenge here
You know exactly what I’m talking about! These challenges you're facing haven’t gone away.
You’re the only common denominator and it’s time to take a deep dive into your mindset so you can truly be successful.
What is really keeping you from WINNING and living the life you DREAM about? When you first started your business, what did you envision for yourself as a successful business owner?
It’s possible and I can help.
What I offer is not magic, it’s fundamental. It may be so simple that you haven’t even thought about it working.
I know for a fact that you have limiting beliefs holding you back. I know this because I’ve had them and am still working through them on a daily basis. When you commit to evaluating and seeing what narrative you’ve been telling yourself, you set yourself FREE!
You will be in a position to accelerate your business at a rapid pace.
Everything you’ve learned and spent time and money on is not lost. All you need to do is unlock it. The key is understanding yourself and your mindset, and shifting those limiting beliefs.
If this connects with you, I really want to help. Reach out and let’s have a conversation.
I also have some resources you can check out to help - you can watch my webinar here.
I’d really love to jump on a call with you and uncover what’s holding you back from an abundant business and life...I’ll bring everything I have to help you.
Looking forward to connect soon!
Seth
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Check out www.startthemo.com for more about what we do.
Seth Lewis is a serial entrepreneur and Founder of Momentum U (www.momentum-u.com). Seth and the team help business owners understand the parts of momentum so they can leverage it in their business. His approach is the perfect blend of mindset work combined with a strategy in an 8-week online course that includes LIVE coaching. Seth holds an Executive MBA from Villanova University, is a mentor to MBA students, board member, and author to the upcoming book (Dec 2020) Momentum: The Investment You’ve Been Missing.
Check out my PODCAST HERE
Check out my BLOG HERE
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