We already know it will make you, personally, happy...or at least content. Thing is, having more money doesn't necessarily guarantee happiness or growth for your small business. On the other hand, it's kind of like working out vigorously only to find out your routine was wrong for your body type. When you change how you do business, ongoing revenue may not seem out of reach.
Taking Stock of Your Operation
While you're not going to have the same paper trail or expenses as a mid-level corporation, it's no excuse to "wing it". If your bookkeeping is all over the place or your social media postings are sporadic, the first step is to show accountability. Make a plan to communicate with your prospects or keep records like planning an upgrade is around the corner.
If your goal is to "just make a living", there's nothing wrong with this but keep your competition in mind. Some may last and others may go on to connect with a niche audience you may have thought about but never researched. While we're programmed to believe that if it's not broken don't fix it, also remember that change is not only a good thing but sometimes necessary.
Keeping the Numbers Real
In a perfect world, we'd all get a six-figure, near-zero-interest loan for that idea or invention only a few close individuals are aware of. Since fantasies don't pay bills, keeping a tab of expenses and seeing patterns of return (or downturn) helps you assess what's needed to stay afloat. Oftentimes, new small businesses and entrepreneurs are led to believe they need every tool imaginable to increase revenue.
For instance, if your new operation is geared toward a small or niche audience, there's no need to invest in email marketing services. Many business owners use social media to grow their audiences from a dozen or so people to numbers in the hundreds and beyond. Eliminating unnecessary services and tools also saves money at the end of the calendar (or fiscal) year.
Looking at Self
Have you ever noticed that people who refuse to accept their reality tend to have sucky lives? They're no longer young or that thing that made them great is now history. Your operation may need a stronger social media presence, better technology, or just connect with the changes your audience is experiencing. Whatever the shortcoming, accept it and come up with a plan to change it.
While change for the better does take capital or just a few dollars you lack at the moment, getting a business grant isn't the only option. Many resources for small business growth may suit your operation better than money that comes with strict regulations. These are also very competitive and acceptance usually takes a while.
Making a Bootstrap Plan
This is a term I learned recently (for the longest, I thought it pertained only to web design or development) and it sound simple but it's worked for many once-small operations who are now major players. If you've thought this is something magical or some unrevealed element (and this is usually true for PR purposes), some have used one form or another of bootstrapping, The good news is there's no one way to get this right.
Long story short, you may have to implement several ways to get more business funding. Whether you go back to full-time work, gain experience as an assistant in a more established operation, or take continuing education classes (which is great for networking), it can't hurt. It's also another way to move forward in the New Year by breathing fresh energy into your business idea or operation that's been in struggle mode.
Comments
Post a Comment