There are many reasons entrepreneurs hit The Wall, but regardless of how we get there, every one of us eventually stands in the same place. Tired. Overwhelmed. Discouraged. Unsure of how to move forward. You’re still reading in hopes that I will offer sage advice culled from years as an entrepreneur myself and from coaching multiple businesses across different industries. There’s so much that could be said; fortunately, I can sum it up in just one word: Congratulations!
Yes, I want to congratulate you on hitting The Wall because, believe it or not, what you now see as a frustration or hindrance, very likely means you’re doing something right! Step back with me for a moment and think about it. While there are different reasons a business owner might reach this point, I want to focus here on what I think is the most common reason.
In my experience, the most common reason for hitting the wall is that you’ve reached capacity. This is the tipping point where the business you have coming in has begun to exceed the resources you have in place to manage it. This is where the congratulations come into play. Make no mistake, this is a great problem to have, because it means you are doing something right. You are running a successful business! However, it does come with a flip-side. As successful as you’ve been up to this point, reaching capacity also means your continued success hinges on your response to the wall. You might as well imagine a sign on the wall that reads “Decision Point,” because that’s exactly where you’re standing.
One of the reasons we become entrepreneurs is our independent spirit. We have the vision, we have the will, and we’re ready to go. We do not, however, usually like to ask for help. But standing at the wall, feeling the strain of your business against the boundaries of your capacity, is an important point to acknowledge the fact that we all need a little help sometimes.
So, there you stand, “Decision Point” in bold, black letters, and your options are pretty clear – you either press on or turn back. Ultimately, it’s that simple. Then why do we make it so difficult? Because you know breaking through the wall will require change. But is it worth it? Maybe you don’t know what’s on the other side of the wall. I’m going to tell you five things you’ll find there that will make it all worthwhile.
1. Personal Freedom. There’s no denying that owning your own company is hard work, but like all the good things hard work brings, you will find that it’s well worth the effort! The benefits of your entrepreneurship will be obvious almost immediately, and over time they will increase to become the lifestyle you have dreamed of. Complete control of your schedule is not a fantasy; it only requires having the right support systems in place. Set your own hours, take as many vacations as you want. This life is possible and within your reach!
2. Greater Control. Where others must seek the approval or permission of supervisors, as an entrepreneur, you can independently determine what products and services you will offer. You get to choose who your ideal customer is, who you want to do business with, and how that business will be conducted. And, yes, you do have the right to turn away customers, if they do not fit the culture, mission, or vision you have laid out. For better or worse, your decisions will determine the growth, direction, and definition of success for the company.
3. Unlimited Income. Yes, you now control how much money you make – and best of all, the sky is the limit! Unlimited income is simply a reflection of the fact that there is no predetermined cap on your success. Most entrepreneurs set their goals way too low and settle for “good” instead of pushing themselves to achieve greatness. That’s why we are always be learning, always growing, and always moving forward. What you’ve been doing to this point has been good – maybe even very good – but it’s time to press on toward greatness.
4. Expanded Reach. One of the best things about working in a service industry like real estate is the opportunities we have to affect the lives of our clients. Whether you work with buyers or sellers, for many people, the transition is more than a change of address, it’s turning to a new chapter in life. When you expand beyond the wall, you expand your ability to reach out to the larger community and serve more families.
5. Work-Life Balance. The greatest benefit of being an entrepreneur may be the opportunity to achieve a balance between your work and personal life. Let me start with the end in sight: you get to attend every important event – for your kids, your spouse, family and friends. You don’t have to submit a time-off request or wonder if you have accumulated enough PTO to take a vacation. You just simply go.
It’s interesting how different people will respond to the same concepts. Some of you read the list I just gave, rolled your eyes, and thought, Sure, that dream sounds nice. Now, let me tell you about my reality. Others read that list and wondered how I knew exactly what your vision of success looks like. Write this down somewhere: The mindset you maintain will determine the outcome you achieve. The life I described absolutely is possible. When you master the mindset, time management, team building and the art of delegating – you are free to play just as hard as you work.
Push past your fears, check your negative mindset and poverty mentality! You are a millionaire in the making, but if you don’t have the mindset to get from here to there, then you might be better suited for an 8-5 job. Leave the entrepreneurial opportunities to those with the hunger and drive to dominate their industry.
Now, don’t get me wrong. There is a certain level of success that a Solopreneur can enjoy and maintain. Some people are happy there. I’m not here to tell happy people they shouldn’t be happy. If you like what you’re doing, and don’t feel the pressure of greater ambitions against your back, then you should keep doing what you’re doing. You do YOU!
Then there are some people that just like working on their own. They genuinely enjoy the long hours and personal sacrifices of life as a Solopreneur. If that’s you, great! I wish you all the success you can manage – on your own.
But for the rest of you…
DECIDE. Recognize your situation for what it is and check your mindset by becoming honest with yourself about your strengths, weaknesses, and needs. If necessary, evaluate and redefine your definition of success. Rip that sign from the wall and keep moving. The moment you do, your decision point becomes just another step in your journey.
ASK. For many, this is the first real test of your determination to succeed. Remember, the mindset you maintain will determine the outcome you achieve. Asking for help will either require you change your mindset or be the catalyst to help you change your practices. Either way, it’s a great step along the path of success.
COMMIT. Let’s be straight. No amount of support – in the office, at home, or from any coaching program – is going to help you make it, unless you’re ready to do what it takes to make next-level success a reality. We are here to advise, assist, encourage, and correct, but the final decision and responsibility is yours. Are you in?
Let’s bust through that wall.
Bubba Mills is the CEO and owner of Corcoran Consulting and Coaching, an international Real Estate, Mortgage and Small Business coaching company committed to helping clients balance success in business, while building value in life. Bubba Mills is a nationally recognized inspirational and education speaker, coach and mentor to the top real estate agents and mortgage companies. To find out more about Corcoran Consulting & Coaching, call 1-800-957-8353 or visit us at www.CorcoranCoaching.com.