187. 42% Of Start Ups Fail: How to Ensure Your Business Makes It

Okay, I have to ask you something that might sting a little. What if the logo, the website, the branding you've been pouring time and money into is actually the thing keeping your business from making money? I know. Stay with me. Here's what I've learned across 20-plus years of building businesses: you should be selling before you build. Not after the website is perfect. Not after the brand colors are locked in. Before. Most of us come from environments where looking the part feels like being the part. We think professional equals profitable. But that belief has a cost. Did you know that 42% of startups fail because they built something nobody actually wanted? I've seen this up close. A friend of mine poured over $35,000 into a consulting business before they ever landed a single client. By the time they realized the model wasn't working, they were so emotionally and financially invested that pivoting felt impossible. Today we're talking about the four things you actually need to do when you're starting from zero, and why selling first isn't a shortcut. It's the smartest move you can make.   Let's connect! Send me a DM on Instagram @rachelwortman and let me know you listened to this episode. Or find me on TikTok @therachelwortman   TIMESTAMPS 00:00:01 - Welcome to Wisdom's Table Introduction to the podcast and its focus on growth in various aspects of life. 00:00:27 - Questioning Conventional Wisdom Exploring the idea that traditional business setups may be hindering success. 00:00:58 - The Shift in Business Building Discussing the misconception that a professional appearance is necessary for business success. 00:01:50 - The Evolution of Business Marketing A look at how marketing strategies have changed over the years, from phone books to social media. 00:02:52 - The Importance of a Website Acknowledging the value of having a website while emphasizing the role of social media. 00:03:45 - Understanding Your Market The significance of validating business ideas before investing heavily in branding and marketing. 00:04:38 - The Risks of Over-Investment Cautionary tales about the dangers of spending too much money before knowing if an idea will succeed. 00:06:24 - Emotional Attachment to Ideas How emotional investment can cloud judgment and hinder flexibility in business decisions. 00:08:52 - The Need for Real Feedback The importance of testing ideas with real buyers to avoid emotional attachment to untested concepts. 00:10:06 - Building Backwards: A New Approach Introducing the concept of selling before fully developing a business idea. 00:11:20 - Case Study: Consulting Firm An example of how a consultant could have approached their business differently to achieve success. 00:12:44 - Real-Life Application: Social Media Experiment Sharing a personal experience of testing a social media strategy with agents. 00:15:32 - Learning from Feedback Understanding how feedback can shape business offerings and pricing strategies. 00:17:06 - The Importance of Selling Encouraging listeners to embrace selling as a natural part of business growth. 00:18:41 - Identifying Your Business Stage Helping listeners recognize where they are in their business journey and how to move forward. 00:20:25 - Bringing Ideas to Life Encouraging prayerful consideration of how to implement business ideas effectively. 00:21:08 - Engagement with the Audience Inviting listeners to share their experiences and connect with the host.