There comes a time - or maybe even multiple times - in your business when you’re done with the income you’re currently making and it’s time for more. Most of the time, you don’t want to be DOING more to get there. That’s when you need to strategically consider how to increase your profits - your profitability, the money that stays inside the business - to achieve the freedom goals that you have.
That profitability begets sustainability. Because that means you can pay yourself more. You can pay your team more and still have money in the business for growth.
There are lots of potential ways to do that, but today I’m focusing on the 3 things that most directly impact your profitability and help you experience true creative freedom.
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
Before you think about all the tricky aspects of starting a company, you need to conjure up an idea.
What is the best possible business idea you can think of?
Well…there’s no such thing as a business idea that is the best of the best. You will not be able to find one particular idea that is a cut above the rest. Why? Because the secret to finding a good business idea lies in this one simple tip:
That's one of the key pieces of the Star Power Framework. Maybe you're a Linear Creative and starting a tax business might be a good fit. However, just because you're great at numbers doesn't mean you'll like the work of interfacing with people and the high-pressure environment of tax season.
Playing to your strengths means that you focus on the things you are good at while finding the right audience fit for what you have to offer. With that in mind, how can you conjure up a business idea around your strengths?
To start, you need to find what you are good at. Sit down, think about your interests and talents, then make a list of the things you believe you excel at. Honestly, this list can include anything and everything that comes to your mind. Perhaps you’re great at content creation, you have a passion for fitness, you love knitting - the possibilities are endless and they all depend on your strengths.
Next, you need to go through this list and look at all of your strengths. Choose each one and try to think of a business opportunity that revolves around it. For example, maybe you’re excellent at content creation and you love writing. You could start a business offering freelance content writing services to businesses of all shapes and sizes. Or, you can start a blog and turn that into a business through monetization.
Figure out which of your strengths are most likely to result in a good business idea. You may find that some of the things you love doing just won’t be viable businesses. Ask your network for input on what they'd buy - or if they know other people who might buy it. DON'T ask them if they like it. That's a cop-out question. Just because they like it doesn't mean it will sell well enough for you to make a career out of it.
After you’ve chosen your business idea, you need to start planning. Create a business plan that involves all the different steps you’ll pass through to go from the idea stage all the way to opening your business. Depending on the idea, this can take anywhere from a few hours to a few months/years.
Just like that, you have found the best business idea possible - for you. It’s an idea that plays to your strengths, meaning you feel more than competent going forwards. Clarity, confidence, and courage to act will help you go far. If you are confident and creating a business around a key strength of yours, you will have an easier time trying to stand out in your industry.
Your business performance is one of the most crucial aspects of running a successful company. But, you know you cannot be present all of the time. You may have meetings with investors or new clients. You may simply need to take a vacation to help you realign your focus and get back to your best. As your pride and joy, you need your business to continue to perform well while you are away, and you will need to put others in charge during your absence. This means you must trust your team, but how can you be certain they will meet your expectations?
You will never be able to trust your team if you hire the wrong people. When considering how to rely on employees in your absence, think back to how your hurting process will affect this. A strong hiring process will identify the most suitable candidates for the role, and you may even be able to find those who are management material early on.
Failing to outline an effective hiring process can lead to staffing issues that could negatively impact your business. The likes of Jonathan Sears SC have plenty of useful advice on how to mitigate understaffing and how this will could hurt your business by hiring the wrong candidates.
Your team should be able to get on with their duties without much supervision. Still, they may feel this way because they know you are there to help if they encounter a problem. In your absence, this safety net is gone, which could affect their confidence.
Before departing, make sure to provide concise communication about expectations and requirements. You can hold a team meeting to discuss this and also send an email outlining what everyone needs to do. Don’t get too complicated, as this could cause miscommunications which may lead to issues.
Managers can also put management responsibilities on a member of the team who they trust. This person could be one of the potential successors you have outlined for the business, and they may have already proved their leadership skills beforehand.
By delegating your management duties, you give an employee the chance to show you what they can do. This can motivate them and give them a reason to push themselves to ensure the team follows your recommendations.
Accountability is always essential in business, so ask your team to document their actions. This will give you a thorough outline of what happened while you were away.
This may seem a little too Big Brother, but this isn’t the purpose. Instead, it helps you see how the team managed without you, and it could prove that you can trust them to complete their tasks, which can give you more confidence in your employees.
As much as you want to be in the office as much as possible, it is not doable, and spending too much time working can impact your mental health, which will affect your creativity. You should feel confident if you ever need to be away from the office, so consider these tips to ensure your team continues to flourish even in your absence.
In 2007, Consumer Reports did a taste test with McDonald’s coffee and Starbucks. The Consumer Reports Coffee Taste Test showed that McDonald’s plain black coffee edged out Starbucks and other fast food chains and had the best tasting black coffee of them all.
Then in 2009, a more informal Starbuck’s taste test was held to look at some of the flavored coffees. This was a bit less scientific, but still a blind taste test. The result? McDonald’s wins again!
But here’s the point I thought was interesting: everyone still preferred the Starbucks environment, even though the McDonald’s coffee is better.
McDonald’s charges less for their comparably - and purportedly better - flavored coffees than the Seattle coffee giant, but people happily pay more because of the experience of shopping at Starbucks. This is a great illustration of how pricing is subjective and based, at least in part, on the story you’re trying to tell.
There are also a lot of “feels” that come up around pricing. Today, I want to tackle one of the most common concerns I hear from entrepreneurs with an existing book of business: How do I raise my rates so that I don’t lose my current clients or come off looking like I’m only in it for the money?
Listen in below!
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
I have an Incubator client right now that’s working on building their business, and they don’t have a large audience. Between fits of frustration around wanting to go faster and inspired ideas that need execution, we’ve been having conversations around who they serve and how to talk to them to stimulate sales without coming off as sleazy. As nice as it would be to just jump from a great business idea to loads of sales, it just very rarely works that way.
Could she walk up to every person she meets, introduce herself and offer her services? Sure. But she’d likely end up with more folks running screaming for the hills than she would new customers.
There’s probably nothing people hate more than to be sold to. And maybe you’re even thinking to yourself:
"I don’t want to be that slick, sleazy salesperson and have to push, push, push all the time just to keep my nose above water."
What can you do? Listen in below to find out!
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
In our last episode we talked about how to find folks and I intimated a little bit about the need to talk TO them, not AT them. But we didn’t get into specifics of how to do that - what to say, etc.
I don’t want to leave you hanging. So, that’s what this episode is all about. This episode will be useful regardless of how well connected you are with this audience. Whether you’re just getting started with them or you’ve got clients, or the start of an audience but not many Raving Fans, I’m going to save you the two by four to the head.
Because it’s not enough to know who they are, you’ve also got to reach and connect with - engage with - them. Listen to the show below to become "coffee worthy".
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
Identifying the biggest risks in your business can help you prevent disaster before it strikes. I'm not just talking about natural disasters or social crises like a pandemic or military invasion, either. Often we can't see those things coming, even though they're always a possibility.
External factors aren't the only things that can affect your company’s growth and success. Sometimes, the biggest (and most likely) risks occur inside your organization. Things like time-wasting, poor employee training or customer service, or focusing on the wrong thing can set a company back months, if not years!
If left unchecked, these issues can have catastrophic consequences for your enterprise. Sure, you could fall behind competitors, but you could also lose the high-quality customers and talent that helped make your company what it is today. A regular business audit can help you catch these issues before they become problems in your company.
Streamlining business processes is one of the most effective ways for you to improve your company. Rather than rely on old-fashioned approaches, such as physical documents or manual activities, look to automation as much as you can to execute your processes. Things like an online scheduling tool or CRM for managing customer data are a great place to start.
Keep your process docs up to date, too. Use the cloud to store your process documents so that they can be updated by anyone in the company at any time. A central repository means everyone has the most up-to-date version of your process documentation.
Similarly, organizing your information and projects is a superb way to improve your business. File cabinets are useful, but I'm talking about all the stuff you have collecting digital dust. No matter what you do, you may have a server full of scattered documents, images, and reports that are impossible to find.
Using programs or apps that archive files and folders will make a significant improvement. Now, you don’t need to spend hours pouring through the folder you were certain contained specific information, and instead, you can find it in an instant. You can also use this archive to maximize server space, which will accelerate your system and make everything quicker and more efficient.
This may seem obvious, but I often find folks spending money they don't need to in the early stages of their business. It's can be tricky to balance your budget and know which areas of your business require the most financial attention. It is just as important to make every penny count, too. There is a chance that your business is paying for services or subscriptions that you do not use, so go through your financials and identify everything.
You might find you are paying too much for items you don’t use, especially things like stationery, office furniture, and other items that are quickly becoming (mostly) irrelevant in an office setting. Your business may have evolved significantly over the last two years, also. If you have embraced remote working over office-based work, consider whether you need office space, and even if you do, does it need to be as big as it is? Chaotics often have what I call "champagne wishes and Kool-Aid money". Yes, we want to have nice things, but if the business can't financially support having those things, you really need to think twice about spending that money.
Employee performance (including your own!) is a strong indicator of how successful your business is and how successful it will be in the future. It’s always beneficial to check in with employees and team members (both at the office and remote) so you can get an idea of their thoughts and feelings regarding their professional development and their role in the company.
Ambitious professionals are always looking for ways to improve their skills and take on more responsibility. If they feel they are spinning their wheels, they won’t have the drive to push themselves. They may even feel like their efforts go unnoticed and may be considering a move away from your organization. Get feedback from employees and make a change that could benefit your whole organization.
All businesses will have areas for change, but you’ll never be able to make these changes if you don’t first identify them. You can get an idea of these changes from employee feedback, and they might highlight pointless meetings or similar issues that contribute to significant time drains.
Your organizational setup is not perfect, and just because you have done things one way forever doesn’t mean you won’t find any benefit if you adjust it. Implementing changes does not always go down well, but if enough people believe it is the right thing to do, others will soon forget how it was done previously, and you can look forward to the next stage for your business.
Your creative well is something you will need to draw from at times if you want to make a statement. Look at what your competitors are doing and consider how you can improve their approach to attract new customers and bring more eyes to your product or service.
Digital marketing typically involves social media or email campaigns, but everyone does this. If you want to experience the success you expect, you need to look at doing something more. This doesn’t mean abandoning digital marketing altogether, at the moment, it will always have a purpose. But this is not the only way to market your company or share content. Experiences are a useful way to garner attention, especially if you are trying to enter new markets. Make a splash with something unique, and you will get the attention you need.
Did you know that poor customer service wastes $75 billion annually across all industries? This is a significant and even terrifying figure to look at, which is why your business must get it right the first time. Many businesses pride themselves on excellent customer service at first, but soon become complacent once they become the most recognized name in their industry. They know they offer convenience and so customers will return even after a bad experience.
Believing that the customers will always come back is not sustainable, though. You must get your customer service right the first time to ensure they have a positive experience when working with you. Of course, mistakes are bound to be made along the way, but if you can find out where these mistakes are made most often, you can take steps towards reducing them as much as possible.
There is no such thing as the perfect company, and you shouldn’t expect perfection. Still, getting closer to perfect is possible. While you may think everything is going well, it could always be better. Carrying out a business audit will highlight the areas for improvement and allow you to consider alternatives that will put your company in a strong position to succeed and thrive in your industry. You don't have to do everything at once, but doing SOMETHING will help move the needle in your favor.
A moment of truth telling: Finding your audience is actually more about them finding you. Being a lighthouse, in many respects, for your right people who need a safe harbor from the storms of their world.
What kind of a light are you shining out there? Where does that light come from?
There was a time in the big bad world of business, where you could pretty much sell anything and people would buy it. You didn’t need to persuade people about the benefits of choosing you because you were the only game in town. They either bought what you were selling or they went without. Period.
But buyers are smarter, do more research, and have a LOT more options at their fingertips. It takes more than just “buy my stuff, it’s great” to encourage a buyer to say yes.
But even in a world where a whole lot of people MIGHT say yes to your offer, you need to practice a little discernment.
Today, I want you to understand the principles behind finding your target audience - how to determine if you’re talking to the right people in the first place, and if not, what may need to shift so that you can actually FIND these folks.
Inside this episode, we're talking about:
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
It can be a huge blow to your ego when your business isn't performing the way it used to (or the way you think it should). Sometimes there's an obvious external reason (pandemic, anyone?). Sometimes it's not so obvious.
That doesn’t mean there isn’t anything that you can do. Take heart! Here are a few suggestions to turn around the performance of your business.
Admit that you don't know everything. There are things you don't know you don't know and things you KNOW you don't know. I don't know much about Facebook ads - and I know I don't know much about them. But there are other issues in business I've still not faced, so I don't even know they are a thing!
Some times you have to give way to others who know more, have more experience, and can guide you to make more confident decisions. You don't hire a plumber to do brain surgery, right? Maybe you need an accountant who knows what book value is to help you as you prepare for an IPO. Or maybe you need a marketing pro who understands how to attract your target audience to your business. There comes a time in every business when you need experienced and dedicated professionals to help.
Here at Creative Freedom HQ, I hold regular meetings with each of my team members to make sure we're all on the same page, and to ensure that the right people are focused on the right things inside our company. While I don't have employees, and don't do employee reviews, per se. I've done them in the past when I did have an employee.
Reviews help everyone know what the expectations are and whether or not folks are meeting those expectations. It gives you a chance to head problems off earlier and recognize your team members for a job well done. Many employees want that kind of feedback and some find recognition as important as compensation. Keep that in mind when you're building out your support team.
If you want to fix the problem, you have got to find the root of the issue. You can’t just go around putting random solutions in place in the hopes that one of them will fix it. While you might get lucky once or twice, you won’t know what the problem is, so if it happens again, you still won’t know what to do. Identify where things are going wrong so that you can take the correct steps, and do this by going through your business with a fine tooth comb. You will find it, we guarantee you, it just might take a while.
This isn't an exhaustive list, but it's a place to start. There are plenty of solutions that can work, you just have to experiment to find your groove. Ultimately, that's part of business: experiment and see what works, iterate, and do it again.
Launching a business is just the beginning of things. Like launching a rocket into space, you can't just take off and trust things will be okay. You need to keep things running smoothly, course correct and keep it on track to reach your destination. In business, that "destination" can be a moving target, so it's even more important to manage it successfully.
Your brand reputation is a key piece of that, as your business grows. It's one of the best ways to build credibility and generate more interest from paying customers. A great brand can set rates higher than the average and people gladly pay it. Don't believe me? Look at Starbucks and Apple. No one was going to pay those prices for what they offer... until someone did!
If you're looking to bolster your brand, then it's important to do what you can to stand out in meaningful ways. It's also important to focus on excellence to become a market leader. Wanting to become a market leader is not the same as actually becoming one, and making confident decisions goes a long way in this. Here are some ideas to help boost your brand right now.
Hiring creative thinkers is a great way of being able to make your company stand out and grow over the year. A recent article from the Harvard Business School highlights the importance of creativity in business. Your team (even if it's just freelancers right now) needs to be thinking differently if you want to be remarkable. That doesn't mean every idea will be a winner, but giving creative thinkers and talented individuals who think outside the box room to experiment often leads to exciting and innovative developments that help you stand out.
You have to try to think about keeping your focus on innovation as a modern company. The best way of being able to stand out and improve your brand is to try to innovate as much as you can. This means you have to make sure you consider some of the best ways of approaching business with a difference. Standing out and thinking about your unique selling point is one of the best ways of achieving success. And you need to try to put innovation front and center when you are trying to bolster your brand and make the key choices moving forward.
Providing a great customer experience is one of the best things that you can do when looking to improve your company. There are a lot of things that you should be looking to improve upon and the best way to do this is to make sure you focus on providing a great customer experience (this agency offers some ideas). People like to feel valued by businesses, and this means that your company should be focused on trying to provide the ultimate experience. Put yourself in the customer's shoes and think about how you can enhance things for them, and make their dealings with your business more enjoyable and exciting.
There are plenty of ways to boost your brand reputation. It's not a nice-to-have; it's an imperative if you want to be memorable and stay on the radar of your Raving Fans.
Pivot! It was one of the biggest buzzwords of 2020, thanks to the pandemic that shall not be named putting a monkey wrench into EVERYONE’S plans!
Not to brag, but I’ve been pivoting since before it was cool. I’ve probably done the pivot 5 or 10 times in my nearly 30 years online. I mean, nothing lasts forever and the only constant is change, right?
Last episode I talked about how Taylor Swift pivoted to a new music genre...and she’s not the only one. Fine artist Henri Matisse and lots of companies have started down one path, decided it’s not working for them (or has stopped working for them), and turned to something new.
So yes, pivots are a thing, and they absolutely CAN be done successfully, but how do you know if it is, in fact, time to pivot? Listen in to find out today.
Inside this episode, we're talking about:
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
In my hometown, there’s a concrete pump house situated between the train tracks and a T intersection by one of our high schools.
I’m pretty sure it’s a defunct building now because the hatch on the top has been painted shut for decades. You couldn’t get into it if you wanted to… although some folks have tried, and there are still a few citizens of the town who HAVE gone in there at some point in the past and lived to tell the tale.
We call it “the rock” - and we called it that long before Dwayne Johnson started wrestling in the 90s. It was first painted by students of that high school - “SWP Oh yeah!” That was the start of over 50 years of community building - through vandalism.
We used to joke that the rock must have originally been only a few feet wide, but years of paint had made it ginormous. A few years back, several inches of paint actually peeled off the rock, revealing layers of work from years past. The rock is so popular, it has its own facebook page.
So the question of the day: How does a rock get its own facebook page? Tune in below to find out!
Inside this episode, we're talking about:
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
Streamlining your business processes doesn't happen overnight, and it might take some time to get it right. What is essential is that you understand there are plenty of benefits to be had once these workflows are improved.
There are a couple of important places to improve and streamline your business processes. In the meantime, here are some quick ways to make that happen.
Before you start making any changes, you need to assess all current workflows and processes. This will give you a better idea and understanding of what you need to do and the areas that could be hugely improved by streamlining.
You might be surprised just how many workflow processes you have within your business daily. But what you can do is make a ranked list of which one of the most important and which ones are the least important. This will give you the best idea of where you can start with your streamlining.
Where can you make simple streamlining changes?
Almost all businesses can benefit from outsourcing. You can outsource your entire IT support, marketing, and social media.
When outsourcing is done, you can help your business run more efficiently and grow steadily.
Outsourcing can assist small businesses to have easy to manage finances. It can also aid in containing the rising operational expenditures of specific departments inside larger corporations.
If you think a part of your business could be more efficient, define the need and intended objectives, then look into possible solutions.
Gone are the days but all of your finances for your business should be handled personally. There are many different options for creating invoices dealing with your accounts payable and more. Companies like OnPay Solutions can help you manage many of your financial processes.
We don't often consider paper usage is slow in any process; however, reducing your paper usage is one of the fastest ways to streamline your business. Paperwork can pile up quickly, increasing waiting times for your customers and internal requirements.
Take a look at what information you have on the paperwork and why it's needed. Could that paperwork have been created in a digital file? Is the paperwork important for the current job?
The easiest way to reduce your paper usage is to employ a document management solution. This can help put all of the information at your employees' fingertips at all times.
Document management systems usually have an easy-to-use platform that is simple to train all of your staff. This means that no matter what device they use, they will have access to the documentation they need.
Do you need to travel back and forth between the office on your home? Or do you need to see all of your clients face-to-face? Often it is more convenient and much more efficient to have an online zoom or Microsoft teams meeting. So long as you list all the points you want to cover, this can be the fastest way to have a high-quality meeting.
I LOVE me some thrift store shopping! If you have the patience and enjoy treasure hunts, you can come up with some fantastic finds!
As a kid though, I didn’t see the attraction. I grew up in a welfare family, so hand-me-downs constituted the bulk of my wardrobe - and I was the oldest girl, so I was handing them down again! To me, thrift stores were full of hand-me downs, and cheap-o, secondhand crap. Why would I want to be there?
But now? I actually enjoy browsing the shelves, looking for those hidden gems that will make my life better. Like I said, you just never know when you’ll find something that can change your life.
I’ve bought and used all kinds of second-hand treasures. Many of which I later donated again for someone else to enjoy.
Why am I prattling on about thrift stores on a business podcast? Because you can do the same thing with your content! You can uncover the hidden gems in your existing content by doing a treasure hunt of sorts and sharing those golden nuggets with the world.
We call it content repurposing, and you can get a lot more mileage from one piece of long-form content if you do it.
Together we're going to walk you through how you can uncover the hidden gems in your existing content by doing a treasure hunt of sorts and sharing those golden nuggets with the world.
Ready to get started? Listen in below!
Inside this episode, we're talking about:
Rising Tide community members can login and access your free downloads here.
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Special thanks to our Patrons for your continued support.
Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
Your business is growing, and you've outgrown your shared hosting plan. It's time to look for a new hosting service. But, with all of the options available, how do you choose the right one? This blog post will discuss what to look for when selecting a hosting service for your business. We'll cover factors such as price, features, and customer support. By the end of this post, you will know exactly what to look for when making your decision!
One of the most important factors to consider when choosing a hosting service is price. You want to find a plan that fits your budget but doesn't sacrifice quality or features. There are various programs available, so be sure to shop around and compare prices before making your decision.
Another essential factor to consider is features. When choosing a hosting service, be sure to ask about the features included in their plans. Some features that you may want to look for include: Website builders and templates, domain registration or transfer options email accounts included in plans.
This feature allows you to edit, move and create files directly on the server without using an FTP client or any other tool. A file manager will significantly simplify your website maintenance process; therefore, it's a must-have feature if you don't have any technical knowledge.
One of the most critical factors you'll want to consider when choosing a hosting service for your business is their uptime guarantee. You'll want to make sure that your site is always up and running to avoid losing any potential customers. The best providers will offer a 99% or higher uptime guarantee, so be sure to ask about this before signing up. Also, be sure to look for a reliable provider before making your final decision. Check it out here.
Another critical factor to consider is the amount of bandwidth and storage that your hosting service will offer you. This will determine how much traffic your site can handle and how much data you can store. Be sure to ask about these specs before signing up so you don't end up with a package that is not big enough for your website. On the other hand, if you have a large site or expect to have one in the future, it might be worth paying extra for additional bandwidth and storage upfront.
Nobody wants to see their "under construction" page all the time! For this reason, reliability should be an essential factor when considering a hosting service. Look for a company with a good track record and customer reviews to ensure your site is up and running when you need it.
When something goes wrong (which, let's face it, it always does eventually), you'll want to know that you can get help from someone who knows what they're doing. Make sure to ask about the hosting company's customer service policies and procedures. How quickly do they respond to support tickets? What kind of support do they offer (phone, email, chat)? Are there any extra fees for support services?
In conclusion, when choosing a hosting service for your business, be sure to consider the features and options that are important to you. There are various hosting services available, so take your time to research the different providers and find one that fits your needs. By doing so, you can ensure that your website is always up and running, which will help improve your business's online presence.
We're back with our first **official** episode of our Season 6 re-launch. Our bonus episode last week gave you the explanation for that.
Our earlier episodes of Season 6 laid the groundwork for what we’re talking about today: your content strategy. If you’ve missed those or you need a refresher, you may want to pop back to the beginning of Season 6 to see what you’ve missed. We’ve talked about how to make sure your content strategy is sustainable, and how to narrow in so you’re actually getting some visibility. This episode, we’re gonna teach you how to build out your strategy.
Listen in to the episode below to get started!
Inside this episode, we're talking about:
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Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
Some people think starting a business is glamourous. 10 minutes on social and you'll see feeds filled with the bro-marketing “aesthetic”: people in fancy suits, sitting in first class, suave-looking desk setups. Or worse: sitting in rented Lambos flashing a wad of cash on a million-dollar estate in the Hamptons or something. The reality of business for most entrepreneurs couldn't be further from this "truth".
Starting up and running a business is one of the most difficult but rewarding journeys anyone can experience in their life. It’s a road filled with so much stress but there are plenty of other truths when it comes to running a business. So here are some of the harsh realities of being a business owner.
A lot of people want to escape the whole 9 to 5 job in the hopes of making it big and working fewer hours as a business owner. While some business owners will get to that point within their career, it’s not always like that. You will be working longer hours when you’re owning your own business, it’s a job that essentially never stops. You may eventually feel burnout and grow tired but even then, you’ll need to tough it out and just deal with it.
The journey of starting a business is a bumpy road. It can be hard to even determine where to begin and how to begin at that. While a business all starts with an idea, it’s the next steps that can be the challenging part. There needs to be a lot of research such as technology and media businesses for sale, but also trying to determine where the capital will come from for the investment of the business.
Other questions may include where to find suppliers, how to market the business, and how to find good employees. Just be prepared to be overwhelmed at the very beginning, but understand that is completely natural.
Entrepreneurs just starting out often tend to overestimate their own abilities. If you’re wanting to avoid the whole scenario of figuring out how to turn your struggling business around then it’s very important to just be realistic with yourself. While it’s nice to believe that you can do anything that you put your mind to, this mentality can also be what sets you up for failure. So it’s very important to just be realistic with yourself and avoid biting off more than you can chew.
Business owners will go through tough times, such tough times that they will be on the verge of quitting their business. There is a very high chance you’ll have this happen to you as well. While it may sound very grim, it is the reality of being a business owner. There will be times when you’re going to just want to get up and walk away from owning a business but there will be other times where you’ll fall in love with your business all over again. It all comes in waves and they’re usually unexpected.
If you've been thinking about launching your big dream into the world, join us in the Creative Freedom Incubator. With coaching support and hands-on help, you'll have a profitable sustainable business doing what you love without having to sell your soul to do it. A new co-hort is enrolling for next month, but space it limited. Let the Incubator help you build a business that works for the way you're wired to work!
The Creative Freedom Show is back!
This time, I'm re-starting Season 6 with something special. A "bonus" episode that breaks down how 2021 went.
Tune in as I go through a month-by-month breakdown of the highlights of what happened last year both personally and professionally, and end the episode with insight around what the changes we are making at Creative Freedom HQ that were inspired by 2021's rollercoaster.
Check out the show to get started.
Inside this episode, we're talking about:
Rising Tide community members can login and access your free downloads here.
Not a member yet? It's free! When you register for the Rising Tide, you also get email updates, the FREE learning library, and access to episode transcripts, worksheets, and more!
Special thanks to our Patrons for your continued support.
Theme music: “Welcome to the Show” by Kevin MacLeod, incompetech.com. Music licensed under creativecommons.org/licenses/by/3.0/
When you're running your small business, it is tempting to take care of every aspect for yourself. After all, the business is your baby. However, taking this approach could be the most harmful thing you could ever do.
You quickly learn that employees are needed to keep productivity levels at the desired standard. If you truly want to unlock the full potential of the company, though, you must also consider outside help in other aspects of the venture. Here’s why:
Outside Help Saves Money
Every business decision is a financial decision. The fact is that outsourcing certain jobs can save money on staffing while also reducing operational costs. You can find everything from graphic designers, virtual support, and fractional managers for contract roles. If you have a smaller budget, there's also plenty of help to find in the gig economy. Meanwhile, outsourced IT services and customer care are often deemed great solutions. Aside from saving money, it means you can dedicate more time to your on-site teams.
For a small business, it can be an ideal solution when you don’t need permanent workers.
External Voices Market Your Business In Style
Nobody knows the business like you. Still, you won’t always be the best person to promote it. You do not view it in the same way that a client does. As such, your vision of the company may not align with theirs. Social media strategies are very important in reaching modern audiences. And creating more touchpoints. Teaming up with social influencers will enable you to unlock its full potential. It gives the company a more exciting vibe.
Moreover, the words of outsiders will carry more weight than self-promotion.
You’re Not An Expert In All Aspects Of Business
To achieve the best results in business, you need the time, resources, and experience. The chances of you displaying all of those features in all aspects of business are slim. A business coach or consultant can advise your company on where upgrades can be made. This will empower your workforce and ensure that the company is efficient with both time and money. This guidance can transform the company forever.
You can also leverage the expertise of outside firms to handle repetitive tasks as you focus on keeping business going. For instance, a commercial real estate brokerage will research new property demands, schedule property visits, and verify local zoning and restrictions. They can also negotiate on your behalf since they have the expertise on elements to be included in your contract based on your type of business.
It Gives You Confidence
When you try to do it all alone, you will inevitably doubt many of your business decisions. Conversely, when you have had workers and business partners have their opinion too, it helps you act with confidence. It is a move that is further supported by market research and data analytics. In today’s market, working on instinct alone simply won’t suffice because the world evolves at speed. Teamwork with experts in their fields will be key.
It will also reduce your stress levels, particularly when taking a vacation from work.
It Opens New Opportunities
Even if the company is performing OK today, you should have aspirations to grow. The fact is that reaching out for help is often the best way to expand. Turning the company into a franchise, for example, can completely transform your future. Better still, it requires very little work from you after the initial development. And once the blueprint is in place, it can be utilized time and time again. The sky is truly the limit.
Conversely, trying to run multiple venues by yourself would probably spell disaster.
We like to think that we push ourselves forward, and we always strive to meet our potential.
But actually, many of us are holding ourselves back. Hiding an incredible business idea, something we have been passionate about it for years - because we can’t make time, or we are afraid to explore our own potential.
It’s time to put all of that aside, though. It’s time for you to stop holding yourself back.
Start making notes and sketches, slowly pull your business plan together - let yourself get excited about your idea. Envision bringing it to life - and what that would feel like.
Talk to the people you will need to get your idea off the ground, from web design companies like WebX360 to social media gurus - who will you need on your team to make your dream work?
Here are just a few ways that we stand in our own way.
When you put everyone else before yourself, it can lead to your feeling resentful - not only of others but of yourself. Not everyone around you needs to be happy at all times, and it is not your job to make it so.
If you are guilty of needing to be liked - you are a people pleaser, and people-pleasing can mean we put what we want on the backburner.
Next time somebody does something you don't like or asks you to get involved in a situation you're uncomfortable with, start to say no. Make sure you protect your own time.
Nobody likes to fail; however, failure isn’t enough to put everyone off. Some go-getters will fail and won’t even break their stride.
But if you are more inclined not to try anything at all just in case you fail, you’re holding yourself back. You are hindering yourself by avoiding risks in a bid to stay ‘safe.’
Often the worst-case scenario in our minds is nowhere near as bad as how the situation plays out, and in the end, we all fail from time to time.
What is important is that you can learn from these failures and move forward. Failing forward can be a positive learning experience when it comes to business.
There is a big difference between telling yourself you can do better and being too hard on yourself. It is often said that we are our own worst critics - if that rings true for you, then it’s time to take it easy.
You can improve on what you are already doing slowly and with care. But if you keep criticizing yourself and putting yourself down, you will expect the same from other people. You are stopping you before you even start.
If you want to reach your goals, you need to work on your self-esteem and confidence.
You should not be afraid to fail, and you should know that if the only thing holding you back is you, it's time to get out of your way.
Do you feel like you are swimming against the grain in a world not built for you? Read more: How To Succeed As A Woman In A Male-Dominated Industry.
