As a business owner, I think it’s safe to say you love what you do. Perhaps you’ve taken the leap and now work for yourself or maybe you’re not quite there yet, but you dream of the day when you’re the boss. Regardless of where you’re at, if you want to this dream to become (and stay) a reality, your business has to do well. Because like it or not, the world runs on money and if you’re not making any, you’ll have to work for someone else (and who wants that?). Here are 7 ways to set your business up for success so you can keep doing what you love.
1. Prioritize Your Days
As a business owner you do it all. There’s always something to do, whether it be a large project or smaller, day to day tasks. With so much on your plate, it can get tricky figuring out what needs to get done. It’s all too common to focus on tasks that feel important, but really aren’t.
That’s where prioritizing your days comes in. You’re only given 24 hours each day, most of which will be spent on things other than your business (hello sleep and personal life). So unless you want to spend every waking hour working, you’re going to need to prioritize what gets done. First, focus on tasks with deadlines. Because those have a definite due date, you’re going to want to complete them on time. Then, focus on tasks that will make you money, whether that’s directly or indirectly. The tasks you should be focusing on last include everything else.
2. Make a Business Plan
Would you ever go on a road trip without consulting a map or GPS? No, probably not. After all, the world is a big place and the odds of you successfully making it to your destination in a timely manner is slim to none. So why would you go into business without a map?If you wouldn't go on a road trip without a map, why would you go into business without a plan?Click To Tweet
Your business plan is your map for your business. It serves as a guide for where your business is going and how it’s going to get there. Now don’t let the term business plan scare you. If you’re looking for investors, then you’ll want to make it as professional as possible. But for the majority of us small business owners and freelancers, a business plan doesn’t have to be anything fancy. It can be as simple or as complex as you’d like. The whole goal here is to make a plan!
3. Surround Yourself With Great People
Jim Rohn said that you are the sum of the 5 people you spend the most time with. If that’s the case, don’t you want to surround yourself with amazing people?
Now I don’t know about you, but I don’t know many fellow small business owners in real life. Luckily that’s where the internet comes in! I’ve been fortunate enough to connect with some really amazing and inspiring people from all over the world thanks to the internet and you can too! Social media makes it ridiculously easy to get in touch with people in your field of expertise. Follow them. Interact with them. Learn from them. There’s no reason why you can’t surround yourself with truly great people.
4. Don’t Put Your Eggs in One Basket
Things can change at the drop of a hat, which is why for continued success of your business, it’s best to diversify. Don’t just rely on one source of income! Give yourself options so that if one avenue fails, you have backups in place.
So how can you diversify your income streams? If you offer services, create a few different packages in order to provide variety. But don’t just focus on services only. After all, what would happen to your business if you were unable to carry out those services for an extended period of time? That’s where passive income comes in. Create products that you can create once and sell repeatedly. Think ebooks, courses, stock photos, printables, etc. And don’t forget about affiliates! While you shouldn’t rely on affiliate sales, if you do it right, you can create a nice bit of bonus income without any extra work.
5. Give Often
Want to know the secret of turning people into raving fans? Gifts. I mean, who doesn’t like to be spoiled? Now I know what you’re thinking. You’re thinking this is going to be expensive and let me stop you right there. Gifts do not need to be expensive and they don’t need to be actual objects.
The best gifts are those that provide value, think blog posts or free downloads. If you own a clothing company, start a blog where you share outfit ideas using your pieces. Photographer? Share some free stock photos or provide people with photography tips. And don’t just gift once and forget it. The key is to continuously give to your audience. Make them feel as if you’re giving them the world. They’ll be more likely to buy from you as they’ve come to know and love the value you’re already providing them.
6. Take Care of Yourself
I’ve said it before and I’ll say it again, your business needs you healthy and well rested in order to thrive. That means taking care of yourself first, then focusing on your business. Think of it like you would an emergency situation on a plane. They tell you to put on your air mask first before you help others. That’s because you can’t do much helping if you’re knocked out.
Apply that same principle to your business. If you’ve run yourself into the ground, you’re not going to be giving your business your all. As a result, your business will suffer. So take time off. Exercise regularly. Take breaks to eat a well balanced meal. Take care of your number one employee (you) in order to keep your business running smoothly.
7. Keep Learning
In order to grow in any capacity, we must continue to learn. This is true with your business as well. I’m sure you’re already head and shoulders above where you were when you first started you business. Why is that? It’s because you were constantly learning and applying that new knowledge.
No matter where you’re at in your business journey, keep learning. Read articles and books related to your niche. Connect with others. Enroll in ecourses or live courses. Take the information you learn and apply it. You’ll find new and better ways of doing things, which will allow your business to grow. A stagnant business is just waiting to fail. Therefore we must continuously adapt and update our businesses as we go along if we want to succeed.A stagnant business is just waiting to fail. You must keep learning in order to grow.Click To Tweet
What are you doing to ensure that your business is a success?