Episode 279: What Type of Business Owner are You?
Do you feel stuck as a business owner and need a new business to start with? Or are you a business owner that’s always stressed? Business owners are facing challenges all the time and it’s a matter of how you overcome them. What are the strategies we need in order to avoid being the type of business owner mentioned above?
In this episode, Adam Stott shares the types of business owners we commonly see today. Adam talks about the tools and strategies you can employ and avoid to being the undesirable type of business owner.
Show Highlights:
- What’s wrong with business owners feeling excited when they try something new
- The problem of being a “searcher”
- How not to be a committed stresser
- What is a master business owner
- Finding the right mentor to help you navigate your business
- Why business owners get stuck
Links Mentioned:
Join the Ultimate Three Day Business Event and learn more Business Growth Secrets
Be part of our Facebook Group Big Business Events Members Network
Connect with me on Instagram @adamstottcoach
Transcript:
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Adam Stott: So what I’ve seen from training thousands of business owners, there’s only really three types of business owners, and you wanna make sure you’re in one category and not the other two. So what we’re gonna look at is that first. And then we’re gonna move into the area of focus. So what are these three types of business owners? Well, type number one is the business owner that is searching. And what does the searcher do? The searcher is somebody that’s trying lots of different things out and every time they try something new. it feels exciting. They make fast progress, they get excited and they really start to get fast gains. So the searcher is on that kind of buzz of shooting up quickly, because the first time you do anything, everything’s new. Now what’s the problem with being a searcher? The problem with being a searcher, it’s the searcher typically gets loads of quick gains, grows their business, or grows the thing that they’re looking to do, and all of a sudden, they hit a wall, and this wall really is gonna be something where we need different skill levels to go through it and to keep going up.
So what does the searcher typical do? Do? The searcher says, Ugh, this is too hard. You know what? My friend’s doing this over here, like e-commerce, or, you know, doing this other thing, and they drop off. and then guess what the searcher does again, because they’ve got that searcher mentality. They want more wealth, they want more money, they want more growth, they want more from their life.
So they start again. They get that fast growth in that new thing and by getting that fast growth, they hit another wall. So what do they do when they hit this next wall? They give up and it goes over and over and over again, up and down, up and down, up and down. So I call this the searcher or the grasshopper, could be another identity in this. We are jumping from one idea to the next idea, and really what this signifies, having trained thousands of businesses is a lack of focus. And having a lack of focus in business means that it’s very difficult to build the business of your dreams, build that business that’s getting you to get you your free time back. That’s gonna allow you to spend more time with your family, that’s gonna allow you to make more money, to get more financial rewards. So the first thing we want to say is don’t be a searcher.
Now the second one is the committed stressor. So their journey starts in exactly the same way as the searcher, but there’s something slightly different. They’ve got a different mentality, they’ve got a different mindset. So when they come to this brick wall, They’re like, Hey, I ain’t gonna let nothing stop me. I’m gonna break through this brick wall. I’m gonna work harder. I’m gonna work more hours. I’m gonna give it more effort. I’m gonna give it more time. I’m gonna give it more attention, and I start going to work on hammering down this brick wall, it’s like bang, brick by brick. And they start kind of really stressing about this situation that they’re in. Bang, bang, bang, bang, bang. And they’re knocking that brick wall down, working hard, working hard, working hard, working hard, and then bang, they start to grow again.
What’s the problem with this? They grow again. And guess what happens? They hit another brick wall. Now, the first thing I wanna say to you, if this is hitting any notes with you. I understand at the beginning what it’s like you’re trying to find that vehicle that’s gonna get you to grow and it’s difficult. And whilst you’re going through that process is very, very frustrating because you feel like you tried all these different things and they’re just not working. So finally, you settle on this thing and you dunno how to get through the brick wall quick. So instead of knocking it down brick by brick, we need a different strategy and this is the third type of business.
The third type of business owner is the master business owner. Their journey is a lot less stressful. It’s a lot quicker, and it gets them faster results. And now in every area of my life, this is exactly what I commit to when I start anything. I focus, I had the discipline and the long-term vision, which is massively important to push through and get you the results that you want. So I start off not with a searcher mentality. I make sure that the vehicle that I’m gonna choose gives me long-term prosperity, long-term wealth. I would make sure that what I’m doing serves the other things that I’m doing and I’m very careful about the different things that I’m gonna do. So that’s the first thing I’d say to try and just purely add some value to you because I don’t want you to be in this position where you jump from thing to thing to thing and you never get to where you want to get to. Instead, we’re gonna focus on one thing and by focusing on that one thing, we are gonna grow instead of the point where we get to the brick wall and we get stuck. We are gonna do something very, very simple and very, very different. Instead of trying to figure it all out on our own, instead of getting confused, we’re simply gonna find somebody that is already gone past these hurdles and is at a different level.
Now, this is what we call a mentor. We want a mentor relationship with somebody that’s achieving success more than the success that we are achieving. Now, some people get worried about where am I gonna find the right mentor? How am I gonna find this person? The reality is you’ve got to go and reach out or invest in yourself. But you’ve got to find somebody that can get you through the hurdles quicker. Because one thing that always happens with business is you get these hurdles, it’s an absolute banker guarantee it’s gonna happen. So make sure you’re searching out those mentors. You’ve got people around you playing at a higher level than you. So when you do hit these brick walls, you don’t spend all your time stressing out and trying to knock it down. You have a simple conversation with your mentor and say, how do I center the next level?
That way you’re gonna get that next growth. You’re gonna skip this whole phase, and you do the same thing when you get to the next brick wall and so on. That’s the first tip that I wanted to give you if you’re stuck, because if you’re stuck, it’s probably because you haven’t got voices around you to guide you through the process. If you’re stuck, it’s probably because you’re attacking this as a committed stressor, trying to figure it all out on your own, trying to work your way through it. Where we have to understand business is an intellectual sport. You get rewarded for growing your intellect. Your business is only ever gonna grow as much as you grow as an individual.
So if you want more money, you want more of your time back, you want more financial rewards, and you want more freedom, we got to really commit to being a master rather than a searcher or a stressor. Once we’ve made that move, everything becomes more simple, then we can go to work on three areas that help to grow businesses. So you’re gonna wanna make sure, if you’ve got access to write this down, memorize it, listen to this two or three times because once this sinks in, you are gonna start to get more growth in your business. You are gonna get more of your time back, you’re gonna make more money and you’re gonna have an easier journey.
So what are these three areas? It’s very simple, very easy. Area number one is you need to focus on marketing. You got to start marketing your business. Your business grows in direct proportion also to the amount of conversations that you have. So if you speak to more people, you get more opportunities. The businesses that I’ve trained in the thousands, when they’re stuck and I get them unstuck, it’s because I realized very, very quickly that they’re not having enough conversations about their products or services.
You watching this video, you have to ask yourself, am I speaking to enough people? And if you were to speak. Two times, three times, four times, 10 times more people on a daily, weekly, monthly basis, how much would your business grow? So you’ve got to get out there, get known, speak to more people. Now the second area is sales. You’ve got to look at, am I speaking to more people and having more conversations on an on ongoing basis? But am I moving these conversations into a sales-based conversation? Now I know that there’s a big fear of sales out there in the marketplace. I know that from training thousands of clients. I also know that from the live events that I do, and I simply say, Hey, raise your hand if you’ve got a bit of a fear around sales. And every single hand in the audience usually goes up, which is mad cuz sales is something that every business owner needs to grow. If you start to get better at sales, you are gonna see that your business starts to grow. It really is a direct proportion, as we’ve said, to how many people you’re speaking to and the potency of the message.
So the potency really is where sales starts to come in. How impactful is your message? How driven are you to get your clients to understand what you have to offer? How well are you positioning your. How good is your sales process if you are stuck right now, increasing the amount of people you speak to and improving the process of how you speak to those people is gonna see you get unstuck very, very quickly. Now, if you’re a stuck business owner, I also wanna say to you this, you probably are sitting on a gold mine when it comes to sales. Most people ignore their best opportunities. Like literally they go out. It’s the same as that Grasshopper, they go out looking at hey, where’s the new opportunity? How can I get more deals?
And the best source of increasing business is creating a new offer to your existing clients. If you come out of a new offer that helps your clients in a way that provides them with massive value, you’re gonna get more deals. So make sure you’ve got a list. Make sure you’re talking to the list. Make sure you’re communicating to those people on an ongoing basis because it’s a very quick win and it can see you grow.
Now the third one is brand. Now as a stuck business owner, you can create a campaign fast. We can decide on one marketing source. Maybe you start generating leads through TikTok. Maybe you start generating leads through YouTube. Maybe you start generating leads through Facebook or Instagram. You go to town on creating a campaign that gets you inquiries and leads. That would be very quick and very easy to put in place, and it will get you unstuck from where you are. Right? Secondly, you start increasing the way that you have this conversation and you start going back to existing clients with a new offer. All of a sudden, that’s gonna be a very quick win as well.
Branding is typically intangible, so the difference between tangible and intangible is these a tangible growth mechanisms. Once you create the campaign, you get it out to market, you can see it, you can monitor the performance, and you know what’s. Right with branding, you are building a brand that makes more clients say yes to you, gets you more influence and allows you to raise your prices.
But it’s slightly harder to measure and that’s why it gets ignored by a large amount of the business owners. So building a brand and making your brand more powerful is really simple. I made another video on branding, which you want to check. Because it’s super powerful. We’ll put the link in the description to that as well, because that can really help you to understand the different types of branding.
But getting more media, getting award-winning, getting your clients’ stories and position them in a better way can help to see you grow. So if you are a stuck business owner, First of all, know where you’re starting from. Are you that grasshopper that keeps getting stuck and keeps giving up? Are you that committed stressor that doesn’t give up, that works like a maniac, but is not getting the right advice and the right new voices because that is gonna be your next quickest win?
Or are you already getting the right advice, the right voices, or you think they’re the right advice, the right voices, but you still keep getting stuck? Maybe you need some new voices. Then finally, switch your focus to marketing, sales, and branding. Don’t spend all your time on spreadsheets. You know, there are critical areas of growing a business, and I’ll be making a video very, very soon on really the key areas, the six critical areas of a business that you wanna focus on.
So if you haven’t already, make sure to subscribe. I really make these videos to help business owners. I understand what it’s. Being in pain, giving your all to your business and just not seeing it grow. I know how frustrating that it’s, you know, I’ve 100% been there and for many, many years spending hundreds of thousands of mentoring, coaching, grow multiple dis different businesses before helping thousands of others.
I’ve now cracked the coat, so make sure you subscribe and if you’d like to spend a bit more time with. On understanding marketing. In the description, we’ll also put a link to a completely free event called Social Media Monetization Unlocked, which is a five and a half hour training, completely free with me on the whiteboard, mapping out your success with marketing, and that link is in the description, go and click it, get registered for that event, cost you nothing, and create a powerful impact on your business.
Hopefully you’ve enjoyed this video. If you. Let me know in the comments and I look forward if I haven’t already to meeting you in person very, very soon.