There’s so much to be prepared for – both mentally and emotionally – as entrepreneurs. There will be failures along the way. It’s inevitable. And rather than let it stop you, you can see setbacks as opportunities to learn from as you go forward. With that in mind, I’m opening up and sharing my biggest business failure and what I learned from it.
LISTEN TO EPISODE 70 OF THE FED AND FEARLESS PODCAST
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About My Biggest Business Failure
A little over a year ago, I launched my signature Fed and Fearless™ group coaching program for the third time. Despite my high expectations, months of preparation, and a great deal of initial interest in the program (I had 1600+ people participating in my launch!)…
… Only 4 people actually signed up.
I had spent close to $5,000 on ads to market the program and just barely made it back thanks to a few great customers signing up, mostly at the VIP level.
Months of work and preparation. $0 to show for it.
Feeling confused and shellshocked, I was left wondering where my business was even going.
I had spent close to a year developing the program, had totally rebranded my business to support the sales of that program, and at the time, really believed that program was my “purpose” as a business owner.
And yet I was staring a complete failure in the face, making me feel that all that work had been for naught, at least from a business perspective.
In theory, I’d done everything “right”. I had taken the right steps and followed the launch plan to a T. So why did I only have a 0.25% conversion rate? (A “good” launch is about 3-6% conversion!)
I had to do some soul searching and make some tough decisions to figure out why the launch (and ultimately the program itself) didn’t work the way I hoped. This led me to dive into how this could be a learning experience that I could share with others.
Foundations of Your Business and Your Inevitable Success
The first big lesson I learned is that business foundations are more important than specific strategies. For the launch itself, I did everything “right”. Yet, I was missing some important foundational pieces about my business that I can now see were a large part of why this program flopped.
As entrepreneurs, we have to be clear on certain things, such as what your specific niche is and the problem you’re solving for your clients. Now I know that before doing anything else in our business, we must be crystal clear on these core and foundational principles.
I also came to realize that the concept of “failure” is merely a belief. If there is something you are truly called to pursue, your absolute commitment to it will likely be enough to get you there. When looked at this way, a failure is merely a step on the journey to success.
Even though it may seem like a terrible setback when it happens, there are lessons to learn that will take you that much closer to achieving your goals.
Setbacks as Part of the Long Journey to Success
Setbacks are part of the long process that takes us to where we’re meant to go. In truth, it’s likely that every successful entrepreneur has experienced major setbacks and disappointments. It’s not that successful people don’t fail.
Rather, successful people allow those experiences to become part of their journey to success, as long as they choose to learn from them rather than numb them out or define themselves by those experiences.
Finally, I learned to believe in the inevitability of my success. That means coming to realize that results won’t always be immediate… and frankly, they’re often not.
The things you do today for your business may not actually show results for years. That doesn’t mean that you’re not doing it right, or that you’re not capable. It means that you may have to be patient to see the results. It’s so important that you don’t give up when something doesn’t work right away.
Have you experienced a major setback in your business, or even a business failure? Tell me what it taught you in the comments below!
Got a question you’d love to hear me answer on the show? Leave me a voice message here!
IN THIS EPISODE
- Reflections of my biggest business failure [4:00]
- The learning opportunities that come with failure [16:30]
- Why business foundations are more important than strategy [20:18]
- Why failure is merely a self-defeating belief [27:51]
- Understanding that failure is a natural part of the entrepreneurial journey [32:47]
- Having faith in the inevitably of your success [40:32]
QUOTES
“We all experience situations where we thought something was going to go one way. We were hoping something was going to go the way we hoped it would and it didn’t. We have to be able to recover from those experiences in order to really make the most out of life and to be able to approach life in a fearless way.” [3:19]
“A business failure is a symptom. It’s not a root of the issue.” [17:11]
“These things that we experience as failures, they’re only actually a failure if we choose to interpret them as a failure.” [30:48]
LINKS
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Review Fed and Fearless on Apple Podcasts! Send a screenshot of your review to hello@lauraschoenfeldrd.com or send me a DM on Instagram and I’ll send you my Overcoming Undereating eBook. If you post your favorite episode in your Insta stories and tag me @LauraSchoenfeldRD, I’ll also send you my 14-Day Calorie Challenge Recipe Guide!
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