The “Expert Industry” is thriving – and it’s filled with the best minds looking to impact the world in a truly powerful way.
The industry attracts people for different reasons, but many, if not most, experts took up the profession having discovered amazing wisdom on their way to personal happiness or business success, and felt a call to share it.
Whatever the reason, if you’re reading this, I’m guessing the idea of having a business crafted around your expertise has at least captured your imagination.
Our agency works with some of the brightest and most motivated experts out there which has given us some insight into what works and what doesn’t in an “expert” business. We see common pitfalls for experts looking to grow their business beyond impacting one person at a time to one that can truly affect people in much larger numbers.
Here are the 5 most common mistakes experts make as they grow their business:
1. Loss of Mission
This is a big one. Just because you are now charging good money for your expertise shouldn’t mean losing sight of your “why”.
We’ve seen experts get so bogged down in the minutia of operating their business, or so enthralled with their success, that their passion for teaching and impacting lives starts to wane. An uninspired expert will not reach the hearts and minds of those they intend to. People can spot cynicism from a mile away these days.
The number one commodity in your business is you, so being crystal clear on and acting in integrity with your mission is crucial to growing your business.
2. Lack of Clarity on Your Ideal Client
The old adage is that a leader without followers is just a person taking a walk.
You might have worlds of amazing information and lessons to share but it is falling on deaf ears without the right audience. It is essential to determine who your ideal client is and if they are receptive to what you are sharing – not just at the start of your business, but from time to time as you grow.
Working with the wrong people leads to frustration, self-doubt and just way too much stress, so spend the time to know your audience and exactly what their needs and wants are.
3. Shiny Object Syndrome
Ooooo look a shiny new list-building strategy…. and a squirrel!
Shiny object syndrome, or more appropriately “shiny strategy syndrome”, seems to be a major issue for experts. They see what others in the industry are doing and want to instantly commit time and/or money to emulate it.
The problem is twofold in this situation. First, just because something works for someone else’s audience doesn’t mean it will necessarily work for your business and your audience. Your business is unique and the strategies you use should be in line with it.
Second, constantly jumping from one marketing idea to the next never allows you to see which strategies truly work for your business, and which are duds. Marketing really does take time to show results, no matter what you might have heard from certain Facebook ads.
Pick a horse and ride it for awhile, marketing-wise at least.
4. Performance Anxiety
I completely get this one. We all face it in different ways but identifying and conquering it is necessary to move forward with your business.
You believe so much in your ability and experience up to the point you have to offer your services to actual people. So, you delay a launch of your course or event because you want to perfect everything but in reality you are worried that no one wants what you’re offering. Or that they would want it if you just added this one last piece.
I don’t know if what you are offering is good enough. I can’t promise you that it is. Only you and the market can tell me that.
I can promise you, though, that you will never find out unless you put yourself and your offering (course, program, etc…) out there.
And PS… you can always test afterwards and adjust whatever doesn’t work. But until you “launch”, it’s all just theoretical.
5. Foxhole Mentality
I mentioned earlier that, as the expert, you are the most important commodity in your business. At the same time, that doesn’t mean you know everything (no offense).
I’ve seen experts get so bunkered in and believe they know what the right thing is for every facet of their business. You can be the most integral part of your business and still not have all the answers to everything about business. And that’s okay.
Having experts and outside perspectives on what is and isn’t working is important for maintaining perspective.
It also seems a hard case to make to encourage others to pay you for your expertise while remaining unwilling to use other’s expertise to better your business. Be willing to live your ideals.
Of course, there is so much more that goes into marketing and growing your business as an expert. Hopefully now that you are aware of these pitfalls, you can avoid them along your way.
Ready to take the next step in starting or scaling your expert business?
Check out our new FREE training – How To Predictably Generate High-Ticket Sales on Autopilot. After watching the training, you’ll have an opportunity to schedule an absolutely free discovery session with our team.