322 Starting a Private Label Business: 5 Mindset Blocks & 5 Solutions

The topic in this episode was inspired by a conversation I had with a mentoring client who reached out to me for help with motivation. Mindset is one of those areas that is a key part of success. So today I’m going to talk about five mindset blocks for those who are just starting out with a private label business, and their solutions.

Block 1 Lack of vision or leadership
Leadership means deciding in a direction you want to go, and why you want to go there.

Poor reasons (somebody else’s vision)

A lot of time people have poor reasons, or they see someone else’s vision for where they want to go.
Examples

Seems like a “good idea”
FOMO - “everyone else is doing it”
Greed - “everyone else is getting rich except me”
Dreams of cars, houses etc.

Money is not the only motivator. If the end goal is the only thing motivating you, I don’t think that’s enough.

If you don’t have the right reasons, will you enjoy the process? The vision has to include the process, as well as the end goals.
Reactive reasons for starting your business

These motivations will not sustain you. These “away from” motivations have the issue that as soon as you remove yourself from the problem, your motivation will diminish.
Sacking your boss

One one hand it’s very exciting to be independent,
However, s/he provides a valuable function!

Getting rid of structure - You need it

Getting rid of structure can be difficult
It can be helpful to have to be at a job from 9-5 and to have that structure already

Solution 1: Define where YOU want to go
Personal leadership is not easy. It requires a lot of time, medication, and realism.
Left brain solutions

Are you looking to replace the day job?

If so, how much do you really need?
And how soon are you aiming to do that?

Are you wanting to create a sellable asset?

How much do you want to sell for?
In what timeframe?

Right brain

Do you really care about business?
Is money really what you want?
What price are you willing to pay for independence?

Being own boss
Uncertainty?
Lumpy income?

Is entrepreneurship really for you?
What business model is right for you? It’s very important to be realistic about who you are and what you’re not as well.

Internet
Ecommerce
Amazon
Private Label

Block 2: Delusion
One of the things Stephen Covey talks about in “7 Habits of Highly Effective People” is the right and left brain, or in more simple terms, thinking about things more intuitively and emotionally, versus the numbers and logic-led items. I think it’s important to think with both.
Right brain
Have you been sold into a fantasy?

If people are telling you that selling on Amazon is “low risk”, “quick” or “easy”, walk the other way.
Left Brain
Are you looking at the numbers correctly?

For example, when looking at the market, the size of the market itself doesn’t matter. You should look at what percentage of the market you or your business can own.
Financial numbers

Revenue is not profit
Profit is not personal income
You can’t take income out of a fledgling business
You can’t take all the profit out as income without killing a business

Solution 2: Honest information and realistic goals
Follow the right people

Follow case studies of actual successes

Follow more than one study
Block 3: Confusion
The problem here is too many opinions and not enough clarity.
Specifically

Too many podcasts
Too many FaceBook groups
Too many Youtube videos

Solution 3: Clarity &  structure
Courses can help, just be careful who you choose.

Selective communities also. Instead of joining a free Facebook group, join one that is linked with a course.

The right expertise for where YOU are at NOW, as long as you are following the right people in the right communities.
Block 4: Motivation
Can’t get started or stay started.