The Entrepreneur's Journey
Entrepreneurship is a journey filled with challenges and opportunities. Many entrepreneurs stumble on common setbacks that can hinder their success. In this blog, we’ll dive into the three biggest mistakes that entrepreneurs often make, drawing from real-world experiences and insights.
Mistake #1: Not Hiring Fast Enough
One of the most significant mistakes entrepreneurs make is hesitating to hire new team members. Many believe they should wait until they have more money before bringing on help. The reality is that hiring is a strategic move that can lead to increased revenue.
When Cris first started her business in 2012, she was guilty of making this mistake. She thought that saving every penny was the best approach. She later realized that hiring new team members can actually help scale your business. In fact, every time she expanded the team, there was significant growth in her business.
During the pandemic, Grow Pro hired five new employees. Hiring may reduce your personal income on a monthly basis, but over time, it should lead to greater profits. This mindset shift is crucial for any entrepreneur to understand. Cris shares her insights on Assembling a Team of A-Players in her latest episode of We Do The Work.
At the beginning of your journey, your time and effort are your greatest assets. However, as your business grows, your team becomes your most valuable resource. Recognizing when to let go of some of that workload and delegate is essential for long-term success. Check out this Webinar Replay that highlights Chris Hamm’s real-life case study, going From Solo Owner to Team Leader. Cris and Mr. Hamm discuss everything you need to know in order to Develop Your Leadership Team.
Entrepreneurs often wear many hats in their business, especially during the early stages of their journey. Leveraging tools and resources that can help you make effective use of your time can help you spend more time doing the things that help drive growth in your business.
Ninja Tip: Download our list of 99 Martial Arts Business Prompts so you can save time and money, leveraging the power of AI.
Mistake #2: Not Reinvesting Profits
The second mistake entrepreneurs often make is failing to reinvest their profits back into the business. After working hard to generate profits, it can be tempting to “treat yo self”. This is especially true if you haven’t paid yourself much in the early stages of your business.
Pulling profits too early can hinder growth. The most successful entrepreneurs reinvest their earnings into marketing and hiring. A good rule of thumb is to allocate at least 10% of your gross revenue to marketing just to maintain your customer base. For those looking to grow, this figure should increase to 12-15%.
A prime example of this mistake occurred during the COVID-19 pandemic. Many businesses, fearing a loss of customers, cut their marketing budgets. This knee-jerk reaction ultimately contributed to the further decline in profits. Without a marketing budget, businesses struggle to attract new clients, relying solely on existing ones, which may not be sustainable enough to cover all business expenses.
When Renard Beatty of Kickstart Martial Arts had to make difficult decisions in the face of COVID, he didn’t cut his marketing budget—he doubled down with Grow Pro Agency. The result? A flood of leads, virtual classes packed, and his best month in the eight years he’d been operating his school right in the middle of the pandemic!
If you’re still waiting for the right moment to level up your dojo’s marketing, now’s the time to act. Cutting your budget in hard times is like throwing in the towel too soon. Instead, let us show you how a smart marketing strategy can help you not only survive but thrive—just like Mr. Beatty did.
👉 Ready to kickstart your growth? Book your marketing audit with our Growth Professionals.
We’ll analyze your current efforts, identify missed opportunities, and set you on a path to attract more students— so you can gain more freedom in your business to do what you LOVE.
Reinvesting in your business, especially in marketing, is vital. It’s the only way to ensure you continue to attract new customers and grow your business.
Don’t Let Tough Times Knock You Out – Let Us Help You Thrive!
Mistake #3: Not Hiring a Mentor
The third significant mistake is not hiring a mentor or waiting too long to do so. Mentorship is a valuable resource for entrepreneurs. Cris is a huge advocate for having mentors for various aspects of her life, including martial arts, finances, Grow Pro Agency, and real estate investments.
Finding a mentor is just the first step. The real challenge comes in following through on their advice. Many entrepreneurs tend to tweak their mentor’s guidance, thinking they know better. This often leads to subpar results.
To avoid this mistep, it’s essential to find a mentor who resonates with your goals and vision. Once you’ve found one, commit to following their advice as closely as possible. The insight of someone who has “been there, done that” can lead to significant breakthroughs in your business.
Ninja Tip: Download our Martial Arts School Owner’s Technology and Software Guide.
Conclusion
Let’s recap what we’ve covered – the three biggest mistakes entrepreneurs make are:
- Not hiring fast enough
- Not reinvesting their profits back into the business
- Not hiring a mentor or failing to follow their guidance
By recognizing these common errors, you can better position yourself for success in your entrepreneurial journey. Remember, every mistake is a learning opportunity, and by avoiding these three, you can pave the way for a future filled with continuous growth.
Ninja Tip: Join our Facebook Group of Martial Arts Entrepreneurs for more helpful insights, resources and a community dedicated to martial arts and growth!
