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On this episode, we are confronting the F-word taboo—no, not *that* one—but the one we, as entrepreneurs, fear most and often shy away from talking about: failure. Unfortunately, the harsh reality is that a large percentage of businesses end up having to close their doors—and yes, that does include course creators.
So, today, we’re running through eight of the most common reasons course creators fail in the hope it will keep those things from happening to your own business. Then we can all sit back and enjoy long, profitable, healthy businesses that not only help us as the business owners, but all of our audiences, too!
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[2:09] Unfortunately, the reality is that a lot of businesses do not succeed, including course creator businesses. Nicki and Kate are going to dig into some of the most common reasons for this.
[3:53] Make sure your course delivers the transformation you promise. Take a fresh look at your marketing materials: Are your promises aligned with what your program offers? Have you accurately represented what’s needed to experience the transformation?
[7:35] Another way entrepreneurs can get themselves in trouble is by not investing in the tools and resources that will help them grow or stabilize as a business.
[11:49] Setting deadlines for your team and yourself is crucial. Set your deadlines in a way that prioritizes what actually matters and brings in revenue.
[15:47] Even if it makes you feel uncomfortable, there may be times when you have to switch the focus of the team. Explain to them why you’re doing it, e.g. you have more information now than when you planned the quarter.
[17:55] To avoid failure, you need to have a solid understanding of your numbers. Regularly review key metrics like leads and conversion rates to help inform your actions.
[22:19] One of the mistakes business owners often make is not clearly differentiating themselves from the competition. If you can’t explain to someone why they should buy from you instead of from someone else, they’re not going to.
[24:21] Selling too late and holding back your offer can also hinder your success. You don’t have to wait until everything is “perfect” to sell your course. Nurturing customers on your list before selling to them will only burn up their motivation to purchase from you.
[27:53] Making mistakes is absolutely part of running a business. But business is a matter of inputs and outputs—if the results of your actions weren’t what you wanted them to be, you have to go back and take different actions.
Mentioned on this Episode
- How Much Money Can You Make Selling Online Courses?
- The Investment Philosophy that Will Save (Or Kill) Your Business
- When Should You Start Selling Your Online Course?
Related Links
- 3 Must-Monitor Metrics to Increase Sales on Autopilot
- The Overlooked—But Obligatory—Entrepreneur Mindset Shift
- 12 Sales Funnel Mistakes That Cost Course Creators Money
- 4 Lessons Learned from Starting a Business
Must-Hear Takeaways
As with every episode, we highly encourage you to listen to the entire conversation! But, here are a few of the highlights:
“Making mistakes is absolutely part of running a business and none of us is going to do everything perfectly. The problem comes in when we have mistakes and we just keep running with them, when we keep focusing on things that aren’t bringing in revenue. They’re busy but we like them and they make us feel comfortable and we don’t have to get out of our comfort zone when we do those things. When what really needs to be worked on is a different project, we need to pivot and work on a different project.” – Nicki
“Letting that interest disappear, not setting deadlines, not taking your business seriously, not learning your numbers, any of these if you dig in too deep into them, any of them can have a massive, negative impact on your business that it either keeps you from growing, keeps you from hitting your goals or, worst case scenario, keeps you from being able to keep your business open. Business is not easy, but it’s absolutely worth it. The freedom, the fulfillment, and the impact we have is absolutely worth it but it’s not necessarily easy.” – Nicki
“If you’re running ads, you need to understand what is your cost per lead, what percentage of people are clicking through, what percentage of people are opting in on the landing page, all of these things. And I know it sounds like a lot but once you understand what they are and what they’re supposed to be, then you can take action on them. Trying to run a business without understanding your numbers is like trying to fly an airplane without being able to see any of the dials.” – Nicki
Watch the Episode
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About the Energize Your Online Business Podcast
Are you sick of the stress, chaos, and risk of trying to keep up with the next big thing in digital marketing? And what about the confusion of trying to scale, build a team, and still try to make sure your business is worth the effort it takes to run it? You are not alone.
Join Nicki Krawczyk, a 20-year marketing veteran and owner of a multi-seven-figure-per-year digital training company and her co-host Kate Sitarz as they bust through the online business industry echo chamber to talk about how to make consistent, predictable sales and how to scale your business with simple and stress-free systems.
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