How planning to fail could be your most successful business plan
I know I know another unpopular opinion but hear me out before you throw the blog way without hearing the plan.
If you are like me then you started/starting your business with an entire plan that your business will be making a million dollars a year. How your idea is something so amazing that you will be the one to change the world one day. The truth is you probably do have an amazing idea that could change the world but you only planned for the reward and not the process and when the reality of being a new business owner sinks in, it can be discouraging and sometimes catastrophic.
The other truth is 60% of new businesses that are started each year will fail. So out of every 100 businesses only 40 have a chance of making it. That’s a large number in the grand scheme of things. How can this be when so many new businesses have gotten a business plan? It’s simple they planned only for the good times and not the bad. Yes I said it and if no one will tell you there are bad times when it comes to being a business owner. Days when you feel like are you enough? Does the product/service you offer have value? Will it get better? Why are my sales not coming in? Guess what your product could be better and your sales could increase but if you are not allowed to grow, can they? These are the things you are not told about when it comes to entrepreneurship and in fact when you think of all the books and advertisements it makes it all look so good. Well it is good but it is bad and I also asked myself these same questions when I became a business owner. I also could have failed if I had not planned to fail. You heard me right, I planned to fail. What does that look like?
A commitment to make my company grow without having the fears of making it financially. That’s right. I planned my success by planning to fail. Although I hoped this great vision I had and quit my 100k Corporate America job for would make me a million the first year, I had to face a harsh reality that if it did NOT, could I live and still make my company grow and eventually be the investment I needed it to be.
I made a plan to live without the expenses of my company. How can my company get better if I don’t have the capital I need to reinvest in making it better.
I then made a nest egg to cover my living expenses. If I run out of this how can I still make it financially and my company grow.
Finally I had assets. That’s right ladies and gentleman contrary to popular opinion your assets such as your home can not only fund your dream but make them a reality.
So, in essence because I have planned for my company to not deliver, which in no way means I stop my hustle, but giving myself time to develop my craft, brand and services that will allow my company to ultimately prosper. Believe it or not most business do not come into profit for 5 years. If you are eating out of your profit from year one how will you ever make it to year 5? With the theory of planning to fail, I was able to secure my place financially, allow Dynasty to grow to a capacity beyond my imagination all while bringing financial freedom to thousands of others. When you think of failure in that perspective I plan for it daily because the reward of success is a sweet reminder of the work put in along the way.
Wish you the best with planning your failure to the TOP!