You’ve taken the leap and decided to start your own business. You’ve been able to make money from your passion in the past but you suddenly hit a roadblock. You’re feeling stuck in your business. What do you do?
Let’s talk about getting unstuck. Sometimes the problem lies in the very foundation of your business. Other times, your time and your money are not being well spent. I want to give you the blueprint for analyzing areas of improvement so that you can break through that barrier and get unstuck!
- Your foundation. It’s best to start from the bottom up. There are several pieces of a business that need to mesh with one another to create a solid foundation. Like a house, the infrastructure can’t be maintained if the foundation is shoddy. Central to your foundation is knowing your why: your guiding motivation and your core values. You also need to be in tune with your genius zone. Additionally, you want to have a solid vision for the future, something to work towards.
You’re likely to get stuck if what you want to do fails to align with what you are actually doing. You might have an idea of your why in the back of your mind but you might not be acting on that motivation. When it comes to making a profit in a business you are wholly responsible for, it feels silly not to take every opportunity you are offered. This is not only unrealistic but it won’t get you closer to your purpose. You’ll end up stuck on a hamster wheel continuously taking projects that are uninspiring and not in your genius zone.
- Your finances. You may be experiencing the opposite problem. Perhaps, your business activities are focused within your foundation but it just isn’t bringing in enough money. I knew I was working within my wheelhouse but I couldn’t seem to break the $50,000 a year mark. Our approach to our finances can have a major impact on our overall success. I understand that the financial side of your business can be overwhelming – that’s not why you started your business in the first place! – but your finances can give you much needed insight into where you might be getting stuck.
You’ll want to address several different areas, namely: organization, income, and expenses. Using the right tracking software is key to understanding your financial data and being able to act on it. Once your finances are organized, you can gather information about your income. You might not be charging as much as your services are truly worth and in turn, not bringing in as much money as you could.
Alternatively, you could be pricing too high for your ideal client and not getting as many clients as you could. You also want to be aware of what services are bringing in the most and the least money. You may want to adjust your service offerings to focus on your more lucrative offerings. There’s a balance needed within your expenses. Is everything you are spending money on bringing you the proper return on your investment? If not, cutting back on such expenses could be a gamechanger for your business.
I hope I’ve given you the tools you need to get unstuck in your business! Pay attention to your foundation and your finances and you’ll be on your way to newfound growth in no time.
