Coping When Your Small Business Makes It
Starting a small business is tough. Probably tougher than you’d ever have imagined. More people than ever are doing it, as the internet allows us further opportunity to work from home and reach our audience. But, an awful lot of them are failing.
People turn their blogs into business; they launch e-commerce stores or start online consultancy businesses. They sell products on sites like Etsy and eBay, and they utilise their social media platforms to earn money. Some people start businesses offline, perhaps as beauticians or trainers, some go into the financial sector, working alone. Others become PR professionals and start their own firms. Some work in the house, others open offices or real-world stores. There are countless options when it comes to starting a business.
But, one thing that they all have in common is that it’s tough. The first few years of running your own business is a struggle. To start with, there’s a steep learning curve as you learn the ins and outs of finance, marketing, accounting and tax. You have to find ways to make money on what might be a tight budget. You need to attract clients and customers and make sure your business is operating within the law. You’ll put all of your spare time into your business, and you’ll invest whatever money you can. Every day is a struggle, and sometimes it can be hard to see how you will make it to the end of next week, never mind picturing yourself running a successful business.
While it’s fair to say that many small businesses fail, not all of them do. A lot of small companies make it. They grow and develop. They evolve to meet the needs of their audience, and they start to make money. They don’t just survive the first few years, they thrive. These small businesses become something special, which is often a bit of a surprise.
Unfortunately, becoming a success doesn’t mean that things automatically get easier. You might have more money and fewer worries of impending doom. But, you’ll have more to do to maintain your levels of success and continue to grow. Let’s take a look at some of the ways to cope when your small business starts to make it big.
When you become more successful, suddenly there seems to be more of everything. You’ll have more customers, more products, more data to manage, more to do, more folders and invoices and generally, more of everything. If you want to keep control and keep things simple, you need to get organised. Gartner mdm can help you to organise and manage all of your data, whether it’s customer information, metadata or product information. But, you’ll still need to spend some time organising your time and your office. Learn how to manage your time and find ways to coordinate your days.
When you first started your business, you might have had a tiny team, but most of us try to do as much as we can on our own. This helps us to save money and means that we have full control over our growing business. It means that we learn all aspects of business and become an expert in not just our own industry and products or services, but business on the whole. In the early days, doing as much as you can for yourself has many advantages, and it’s often essential.
But, at some point, you need to get help. You won’t be able to do everything for yourself when you start to get busier. You won’t be able to give all elements of your business your full attention, and you won’t have the skills needed in all areas to do a good job. To start with, you might want to hire freelancers and outsource work only when you need help. But, when you are consistently making money, it’s time to hire a small team.
Success and growth, especially when it comes suddenly, can bring with it stress and overwhelm. You can feel as though it’s all too much and just looking at your to-do list can cause panic.
ack and remind yourself of why you started your business and what you wanted to achieve. You’ve probably spent a long time dreaming of success and now it’s here. Take a deep breath, reward yourself and enjoy being a successful entrepreneur.
Start Making Plans
In the beginning, a lot of our plans are based around surviving and starting to grow. Now that you’ve hit those targets, you can begin to think about where you want to take your business next.