What happens when you fail in business? Things may not work out. Sales don’t support your business to stay afloat. Investments don’t work. Companies go bankrupt. Something happens and you have a business shut down. It’s tough; I get it. But, there is a better way!! Failing forward can actually be the answer to all of your sales woes!
You might be worrying what are those people watching or thinking about me? Do they think I’m defeated?
When I closed FITzee Foods, I faced those thoughts. I knew that others were watching to see how I would handle the situation.
I had some of the same questions! What would I do next? What was coming up next? Would I be able to overcome my struggles with by deciding to move forward despite being unsuccessful and having this failure under my belt?
Since my “failure,” I’ve been able to help teach others how to be better at sales and close more deals. I’ve been able to share unfiltered success stories with YOU about the journey of successful entrepreneurs, and how they became who they are today from their own failures. How THEY are failing forward!
I dare say that I have found success beyond my wildest dreams, and I still have a lot of big plans and goals here in the near future!
The reality is, for many of us, what comes next could be our big success! It’s all about what you do when you “fail.” In fact, your “failure” may be the key to your greatest success!
Dan Fleyshman, a guest on the Success Unfiltered Podcast, was a leader in the online poker space. He saw all of his competitors shutting down, and knew that he would probably have to shut down too! Instead of waiting to be forced to shut down, he went ahead and closed on his own terms. By doing that, instead of being seen as a failure, he was able to leverage that experience by failing forward!
Listen to the Money Talking
In business, money talks. If you can’t hear what it’s saying, then you’re going to struggle as an entrepreneur.
People talk with their wallet. If they want something, they’ll buy it. Someone may tell you that they like something (your product or service that is), but if they truly like it, they’re going to buy it.
One of the keys when working in sales is that you need to be able to hear the money talking. If people aren’t purchasing, that is a loud and clear NO!
Dan shared his thoughts on this, comparing this struggle to a bad relationship.
You can hold on, and try to make it work, he explains. But in the end, if you’re not right for each other, it’s all going to fall apart.
He’s right, you know. When you listen to the money, you can let go and close your business knowing that it was the right choice.
Knowing When to Let Go
Hearing that NO in your business can be difficult.
Being an entrepreneur is an emotional experience, and you become so attached to your business! That is a huge time investment, and it’s hard to just let go and end it. Like a relationship, you want to make it work…but you also don’t want to spend more time investing into something that isn’t right for you or your clients.
When I closed FITzee Foods, I had invested 10 years of my life into it!
How do you know when a business isn’t thriving and it’s time to move on?
Sales Do Not Support the Business
Now, just to clarify, it takes time to make money, and most entrepreneurs don’t make money for several years. On paper, they may bring in an income, but the expenses, investment, and all that take up most of the profits!
But if you’ve been continuing in your business, and aren’t bringing in the sales to support it, you may want to consider letting it go or shifting things up.
But what’s going to happen after you “fail”?
Think about this: would you rather buy an online course from someone who teaches marketing and claims to be an expert, or would you rather learn from someone who has been in the trenches, made mistakes, is failing forward and has so much to teach you?
You’d pick the person who has done the work, not someone who just knows the theories!
Your experiences have prepared you to teach and help others. Here are just a few ideas and ways you can leverage that so-called failure and turn it into success.
Coach Others One-on-One
Walk alongside a fledgling entrepreneur and teach them the ropes, and show them what to do. They’ll be able to make far better business decisions with your advice and input!
When you coach someone one-on-one, you’re able to help personally walk them through their business, their struggles, and what they need to do to avoid making the same mistakes that you made.
Basically showing them why failing forward is such a good thing and not something to avoid!
Teach multiple people higher-level concepts. In a group, your teaching won’t be as personalized, but you’ll be able to share your experiences in a group, and encourage people to learn from what you did right and from what you learned.
This allows you to share your experience with a larger circle.
Are you an expert in an industry? You bet that after I closed FITzee Foods, I knew a LOT about selling, pitching and working in the food industry! That gave me a foundation to work with others in sales.
When Dan closed his poker business, he was hired by casinos to consult with them: they were so desperate for someone with experience and integrity that they paid more for his experience than he had anticipated!
This is the epitome of using the negative experiences from a previous business to move your business forward, plus you’re helping others on their entrepreneurial journey!
Failure, while not fun to experience, can be an amazing opportunity for entrepreneurs to find their best fit. When the hard times come, and everyone is watching, it’s how you handle that “failure” that will determine your success for years in the future.
What are some opportunities that you have seen open up as a result of so-called failure? How have you been able to “flip the script” so that you could turn that into.