How to Start, Run, and Grow Your Small Business – In Just 7 Minutes with Henry Lopez
Discover the reason why businesses usually fail Understand the importance of knowing what the right plan for your business is Find out more about The How of Business and learn how you can put this resource into use Resources/Links: Wanting to learn more about the things you can do to start, run, and grow your small business? Visit https://www.thehowofbusiness.com/ Summary Are you an existing business owner who wants to grow your business, or maybe, you’re someone who’s on the stage of starting just yet? Have you been fearing failure so bad that it’s now hindering you from achieving your goal’s heights? Do you feel like you’re not someone who is capable of making success happen in this lifetime? It is through taking your time in planning and performing the right plan for your business that you get to be a step closer towards becoming successful in that business of yours. Know the how-to’s through this episode today. Henry Lopez is a Serial Entrepreneur, Small Business Coach & Consultant, and host of “The How of Business” podcast show. In this episode, Henry shares his knowledge to help you start, run, and grow your small business today. Here, he talks about the mistakes entrepreneurs make that cause their businesses to fail as he mentions a resource that will surely help you get up to start again. Check out these episode highlights: 01:00 – Henry’s ideal client: “Either someone who's looking to start their first small business or an existing small business owner that's looking to grow their business.” 01:13 – Problem Henry helps solve: “For the first time business owner, often it's about overcoming that fear of failure, the overwhelming paralysis that comes from getting past the idea phase to actually making it happen. For existing business owners, it’s often about just implementing the systems, the processes, and the mentality to step back from the business.” 01:57 – Typical symptoms that clients do before reaching out to Henry: “What I see as the symptoms are paralysis, overwhelm, feeling of failure maybe or the fear of it, burnout, disillusionment, the lack of progress to either getting started or realizing again what you had hoped for when you started your first business.” 03:05 – Common mistakes that people make before they find Henry’s solution: “People don't set realistic expectation or goals. They lack planning. They just get caught up in the day to day, so they lack making progress towards those goals. And then, there's no testing and proving that business model. We kind of want it to work and we'll fight through a business model that just isn't profitable.” 04:01 – Henry’s Valuable Free Action (VFA): “Take the time to plan. For existing business owners, that plan is a strategic action plan for the year and then broken up quarterly so that you can take the right steps in the right direction instead of trying to solve it all at once. The plan that lets you take this a step at a time so that you can make steady and consistent progress towards your goal.” 05:28 – Henry’s Valuable Free Resource (VFR): Visit https://www.thehowofbusiness.com/ to learn more about the things you can do to grow your business. 06:22 – Q: “What is the most common reason businesses fail?” A: “The obvious one – or maybe it's not so obvious – is we ran out of cash. But the reason we run out of cash is that we don't properly forecast in depth planning, or for an existing business that might be maybe forecasting cash flow, we don't properly plan,