How to stand the test of time in online business
In last week’s blog, I revisited the concept that there are 5 critical skill sets that are needed to build your online business successfully, and discussed skill #4 which is Mastering Sales Conversions. You can learn about it by visiting last week’s blog here.
This week, I’ll cover key skill #5 which is Standing the Test of Time, also known as tenacity or grit. As you might imagine, once you learn and start to build each of the 5 key skills in business, you enter a phase where you simply need to consistently deliver every day, and let the compound effect come into play.
This is often the toughest phase of business because it’s repetitive and the income doesn’t show up overnight. It takes consistent, repetitive action and a disciplined dedication to profitable habits that add up over time to yield success
You don’t change your life overnight. You change your habits, and your habits change your life
If you’re struggling with owning your habits rather than letting your habits own you, you can learn how to take control of your habits in this New York Times bestselling book: Atomic Habits- An easy and proven way to build good habits and break bad ones.
Welcome to the “grind phase” in business. It’s characterized by a systematic approach of repeating successful and income producing habits over….and over….and over. Every business relies on this principle, whether it’s a physical business or an online business. There simply is no escaping it.
That’s why mastering it is a must. It’s also why most business owners fail.
Don’t get me wrong, there is nothing more challenging than mastering self-discipline. It is hands down the most difficult skill to master, and it’s easy (and tempting) to fall off course while in this phase in business.
But it is also the most important skill because it separates those who succeed and those who fail. When it comes to online business, 99% of people who start today won’t be around in 5 years. I’ll say that again. Let it sink in:
When it comes to online business, 99% of people who start today won’t be around in 5 years.
Does that mean that online business doesn’t work? No.
It means that most people don’t work. And the time that they decide to give up is usually in the grind phase.
So….if you’re a strategic thinker you’ll start to clearly see that the most effective competitive strategy in online business is to push through the grind phase, learn to master self discipline, and be the master of your habits rather than letting your habits master you.
As you move through the grind phase, there are 4 key questions you should ask yourself over and over again:
What worked well for me this week/this month?
What didn’t work well for me this week/this month?
What should I continue doing more of?
What changes could I make to improve on what didn’t work well?
As you can see, these trigger questions are focused on self reflection and action. If you are constantly reflecting on what worked, what didn’t work, and what actions you can take to improve, you are more likely to make it through the grind phase.
The other key element to stay aware of is how you FEEL about your business in the grind phase. It’s easy to get frustrated in this phase so it’s important to maintain an almost detached and observational style of assessing your business in this phase.
Here’s how:
Your circumstances influence your thoughts
Your thoughts influence your feelings
Your feelings influence your actions
Your actions influence your results
You can’t change what happens to you (circumstances) but you can control how to think about those circumstances. For example, if you lose a customer you could think:
“I lost another customer! I’m just not cut out for this business. Maybe it isn’t for me”
—> leads to negative feelings about business —> leads to lack of activity —> leads to negative results.
or
“I lost a customer. But it’s ok because I’d rather have a group of raving, loyal customers than have a group of half-interested customers who are never happy with me. Losing this customer will make room for more of my ideal customers. This is actually a blessing”
—> leads to positive feelings —> leads to increased activity to find ideal customer —> over time leads to finding them and growing a loyal customer base.
Can you see how that one change in your thoughts can dramatically influence your feelings and actions…..and therefore your results?