As a business owner, you will have bumps and failures along the way, but it’s what you do with the setbacks that makes the difference. I don’t like to call them failures, and instead I like to refer to them as lessons because you can learn from any disappointments to figure out what to do differently to get better results.
A mentor of mine once said, “There are no failures or setbacks, there are only lessons to be learned.”
The fear of failure is so prevalent when you become an entrepreneur it often holds us back from reaching our greatest potential.
A few weeks ago, one of our Wellness Business Accelerator students asked us: How do you deal with setbacks and let downs in your business when you have given 100%?
I’m so glad she asked this question, it gave us the opportunity to address her feelings of failure head on.
What I know to be true is that it’s bound to happen that at some time or another your results won’t be what you had hoped. It happens to everyone – including Kathleen and myself.
If something doesn’t go exactly how you planned then chances are you have some tweaking to do. It could be your marketing message, the title that you used, or that you’re trying to reach an audience that really doesn’t want your help, (even though they need it).
DATA: EMBRACING THE GOOD AND THE BAD
Your results are data, it’s not personal. When a launch or promotion doesn’t go well, it has nothing to do with you as a person, even though it can feel personal.
All the data you gather and analyze is always going to help your business. If a launch goes horribly wrong, you know what not to do next time. On the flip side, if you experience lots of success with a particular strategy or launch, you’ll want to figure out what went well so you can do it again next time.
Each action you take will give you feedback about whether it’s working or not, and then you take that data and decide what to do with it to turn things around.
You want to analyze the data that is given to you and decide what to change, and then keep testing. Whether your results are good or bad, embracing the data as an opportunity to learn and further grow your business is essential.
STRATEGIES TO OVERCOME SETBACKS IN YOUR BUSINESS
There are several ways you can overcome setbacks in your business, but my favorite way is to ask my audience directly through a survey. The responses can be invaluable!
After the last launch for the Wellness Business Podcast () we sent out a survey to those who didn’t join and the information we received was amazing and it will help us in our next launch in the fall, so we can better address objections, questions and perhaps improve our messaging.
One of the questions was “Do you plan to join us again when we launch again in the fall?” and about 30% of respondents said yes, so that was 30 people who plan to join next time. If we hadn’t done the survey, we would never have known that.
If you’d like to learn more about this strategy, listen to episode 177 about Why You Should ALWAYS Survey Your Audience After a Program or Challenge that shares the exact steps on how to go about it.
The big lesson is to not let setbacks or failures keep you down. There will be bumps along the road and there will be days you feel frustrated or disappointed, but there is always a solution. Don’t make it about YOU or that you weren’t good enough, or that this means you’re a failure or not meant to do this. Look at it from the standpoint of what you can learn from it to make it better next time.
Whenever something isn’t working, take a step back and either look at it objectively, or even better – have other people look at it to give you their input to see what may be missing. Oftentimes, other people see what we don’t, and it can be something pretty simple that can make a huge difference.
HOW TO BOUNCE BACK FROM SETBACKS IN YOUR BUSINESS
You can’t let the setback make you feel defeated. As business owners we need to have thick skin and bounce back. Some things work and some things don’t. It’s part of the entrepreneurial journey.
On this episode, you’ll learn:
- How to turn your “failures” into triumphs in a way that makes you feel like you are growing as a business owner
- The 3 specific questions you want to ask yourself if you are getting a low conversion rate or engagement so you can turn things around quickly
- How to develop your detective skills so it’s easy to identify which part of your system isn’t working.
The good news is that there is always an answer to why something is not working, and once you know how to go about finding out the answer, you’ll be able to use this process over and over again to get better results.
Links/Resources mentioned on the show:
Links to resources: