The Story
If you are new to business, I have some terrible news that those of you who have been in business for a long time will already know, at some stage you are going to get bored of what you do.
I don’t care how passionate you are about your business when you start, that first year, you will love every client and get addicted to the buzz of being the master of your own destiny and generating cash!
Then the realities kick in. That first year in business can often be your best year in business. Why? Because you don’t actually have to deal with the challenges (the grind) of business yet, such as:
- Tax Returns
- Staff challenges
- Bad Debt
- Client Poaching
- Systems and Reporting
It’s okay to feel like it’s too much, running a successful business is rarely easy, that’s why the majority of start ups don’t make it the first three years.
But as Tom Edison said “Most of life’s failures didn’t realise how close they were to success when they gave up”
So, What Are the Hints and Tips for This Tale?
Hint 1 – Plan for the Worst and Hope for the Best, but Most Importantly, Plan!
A business relying on you every day is not really a business. The sooner you plan to relieve yourself of day-to-day responsibilities, the sooner you can focus on working ON your business and not IN your business. This can prevent the burnout that leads many to question continuing. Know your goals and plan for the role you want. Either you own the business, or the business will end up owning you.
Hint 2 – Embrace Technology
In today’s competitive landscape, it’s not enough to be good at what you do; you have to aspire to be the best, which does not mean being the cheapest. Look at your competitors and aim to improve on everything they do. Embrace A.I. platforms to augment your team and streamline processes. Many online courses can teach you how to use A.I. to enhance your business and gain a market-leading edge.
Hint 3 – Be Prepared to ‘Pivot’
Recent years have shown us that things can change overnight. Whether it’s a global pandemic or other disruptions, business owners must be prepared to pivot. Explore partnerships, financing, and cross-selling opportunities to maximise your offerings and de-risk your position.
Tip – Maximise that first year’s momentum in business.
If you any of the above is resonating with you, The Trademark Helpline, work with some exceptional business coaches, system automation expects and other consultants who offer free consultations to our clients.
If you are looking for some support, reach out to me at jon@thetrademarkhelpline.com and I’ll gladly point you in the right direction.
