This isn’t your typical, “how to succeed in business” piece. You can read those anywhere, right? I want to offer you advice that might stop you from making a big mistake (or five) when you’re launching your start up.
Here are the five ways you can make your start up fail:
If you don’t have a business plan or a roadmap in place you will wander aimlessly. Take your time and put a business plan in place. At least know what you want to charge and what you need to charge to make your business viable. Know what you will say yes to and what you will say no to. It is easy in the beginning phases to say yes to every client even if they aren’t a good fit.
You can’t always be perfect. Many who strive for perfection before they launch an idea or a project are still on the launch pad while the competition has passed them by. Get it done. Tweak it later.
Hiring the first person you interview. Have a job description and make certain the people you’re hiring are suited for the tasks you need completed.
Being so rigid in your business plan that you can’t bend and sway with the market and with what your clients are telling you they want.
Not having a savings to fall back on. You don’t want to sink every dollar of your nest egg into your start up because that will leave you operating from a feeling of desperation and that might mean you’re always operating in “frantic, I need to take every client that comes along” mode.
Be focused. Work with a coach or a mentor if you’re struggling to get the start up on the right track, give us a call!
Do you ever wish you had more than 168 hours in a week? There are times that all entrepreneurs feel that way. I know I do on occasion. I know, though, that I have to not only work within the 168 hours allotted weekly,but I need to make time for friends, family and a life. How do I get it all done?
Here are my productivity tips for entrepreneurs who want to “have it all:”
Set goals. Write a to-do list for your daily goals as well as your weekly, monthly and annual goals. You may find it easier to break all of your goals down — especially the weekly, monthly and annual ones into manageable chunks.
Don’t let yourself get distracted by email interruptions. Turn off alerts and don’t check your social media when you have a project that you’re working on. Multi-tasking can kill productivity.
Take care of yourself and value your time. Don’t let friends, family or colleagues draw you away from the task at hand. Tell them, firmly, but nicely, “I’d love to do XYZ as soon a I finish this project. Can you give me a couple of hours?” Chances are they will appreciate your honesty and respect your dedication.
Rituals matter. Have a morning ritual that gets you ready for the workday ahead and set a ritual for the end of the day. These two rituals will get you in the correct frame of mind for the day ahead.
Take a break. You can only focus for so long on a project. Give yourself permission to get up every hour and talk a brief walk. Do some jumping jacks. Take the dog for a walk or grab a snack. Getting up and moving around will refresh you and make getting back to the task at hand much easier.
Where do you do your work? Do you work at a fully appointed, plush desk with a leather upholstered chair? Do you toil away at the kitchen table? Is your car your office? Do you feel that where ever you and your laptop are, that is your office? I’ve found that in business your workspace matters. While you don’t need to have a lush office space with a personal assistant answering the phone for you, you do need to have a space to call your own, a space that says, “I am working right now” when you’re in it.
How can you set up your workspace for success? Here are some items to consider:
Where ever you call your workspace it should make you feel like a professional — yes, even if you’re working at the corner of the kitchen table while the family is at work. Claim that space, make it your own and be professional!
No matter what space you call your office, you should have a comfortable chair and a keyboard, mouse and computer that allow you to work effectively and efficiently. Your health matters and because of that you should have an office space that enhances your health. A rickety outdoor poolside chair is not conducive to a healthy or productive workday. Even if you don’t have an office outside of the home, that doesn’t mean the space where you work isn’t set up for success and that you have the tools you need.
Where do you meet potential clients? Is there a co-office space in your area of the country that you could rent out on occasion when you need to meet clients? You don’t want to have clients coming to your home, wading through your children’s toys and dealing with your pets. Remember, first impressions count. Even if you can’t find a co-office space, many business professionals are accustomed to “coffee shop meetings” and you can tell a potential client that is where you prefer to meet and they likely won’t blink an eye.
In addition to having a space to call your own, I believe you should dress for success — even if you’re working in your living room. I feel that dressing professionally will help you project that aura when you’re on the phone with a client.
Share with me what your workspace is like and how it works for you.
Do you wake up in the morning excited about going to the office? Do you love being your own boss? If the luster has worn off a bit, believe me, I understand. I work with clients regularly who just don’t love their businesses as much as they used to and that’s a shame! Here are my three top tips for falling back in love with your business:
Think back to when you started and write down what you loved about your business then. What was the original idea? Are you still on track with that? Has something derailed you? If so, what? Can you get back on track?
Have your personal goals changed? If, in the beginning, your personal and professional goals were aligned, but now things have shifted you should take some time to reevaluate where the two have diverged and why? Believe me, personal growth is nothing to fret about — in fact it’s healthy. It just might be that your priorities have shifted and perhaps your business needs to shift to stay aligned with personal and life goals.
Who are your role models or mentors? Are they on track? Can they offer you the chance to talk and help see why you aren’t in love with the business any longer and how to reignite your passion. If you don’t have a mentor or role model you may need to talk with a business coach and rework your business plan.
Have you fallen out of love with your business? Do you want to fall back in love? We can help! If you have rediscovered your passion we’d love to know how you did it!
The idea of business growth is great, right? Yes and no. It’s great if you’re ready for it, but what if you’re not? What if you get so much new business that you simply can’t handle it on your own? You don’t want to try and build a team in the midst of a growth spurt — it’s too hard to assure you’re getting the best talent when you’re under the gun.
Don’t let growing pains plague your business. Here is how you can prepare:
Have strategies in place for growth. This means, when you’re putting your business plan together you need to take growth into consideration. If you have employees on site and have to hire more will you have the space for them? This is a consideration not all business owners plan for.
What will growth cost you? By that I mean, will the number of new clients you’re bringing in be enough to offset the cost of new staff?
Do you have enough people in place, right now, to handle growth? If you don’t, where will you find them and how quickly can you get them up to speed?
Will a growth spurt change our company culture or the way you deliver products or services?
Growth is what all entrepreneurs strive for, but it doesn’t typically happen without growth pains. Plan ahead and you can minimize the pain.
Is stress a part of your daily life? As an entrepreneur, you may have more stress than others, but you don’t want to let stress rule your life or your health — and your business will suffer. During my business coaching calls we cover stress and how it impacts a business owner. We talk about it from a “setting a business growth path” view, but it helps keep an entrepreneur sane and the business growing.
How can you tackle your stress? Here are tips:
Get away from your desk and get out into nature. Walk around your office building. Stepping away from the screen can be liberating. When it gets to be too much for me I climb mountains!
Look for the silver lining. Spend time counting your blessings!
Many people work virtually now and have little to no human interaction. If that is your situation, you should get out of the office — even if it just means having a meeting at a coffee shop. A change of scenery will do you good.
Don’t let stress lead you down a path of eating processed, unhealthy foods. Healthy foods fuel you better.
Get a hobby. Get out on the golf course, climb a mountain, read a book. Rediscover a hobby and make time for it daily.
To be an effective entrepreneur you need to find ways to manage your stress.
