Starting and running a successful business is a dream come true for many. It is important to stay optimistic and determined while having a working plan that can change.
Conversely, entrepreneurship isn’t for everyone. Over 50% of businesses fail within the first four years. There are extreme financial stresses because you are 100% in charge of ensuring that money comes in every month. Working a steady 9-5 job can start to look more appealing as there is more stability when it comes to the cadence of getting a paycheck.
Earlier this year, I ran a giveaway for aspiring entrepreneurs and had an overwhelming response of people sharing their failed business experiences. I felt an immense compassion for these people. This compassion led me to write a blog post to those who have tried starting their own businesses and failed, feeling like they had no support system.
Coping with Problems Like a Boss
When things start to go wrong for you, it’s important to remember that you aren’t in control of outside problems. However, you are in control of how you react to them, and also with how you can mitigate the same problems moving forward. More specifically, you have to be proactive and be accountable for what is in your control.
Plan ahead by laying out the following:
- Expected capital to get you started.
- Expected capital to keep you going.
- Figure out how you can operate without having to take on a ton of overhead cost.
- Have a financial plan in place to guide you not only for survival, but also to achieve specific income goals.
- Lay out a roadmap of the most important tasks in order for you to reach milestones that will foster your income goals.
- 90% doing and 10% thinking. Taking massive action is everything.
Push for Progress Not Perfection
“Nobody’s perfect” is an obvious statement, but way too many entrepreneurs can get bogged down by the idea that something has to be perfect before it is exposed to the public.
The amazing thing about running your own business is that your ability to pivot is much quicker than that of a larger corporation. You have the ability to get feedback from your target audience and make modifications to foster your upcoming sales initiatives.
As you put more focus on making progress, you become less concerned about having every single detail figured out. Instead, you are working to learn as much as you can so you can keep pushing your business in the right direction.
Anyone can technically start a business, but very few can keep it running with high profit margins. So make sure you keep the big picture in mind and focus on what’s going to help move the needle.
Make Time for Self-Care
It can be easy to get carried away with the day-to-day duties that come with running a business. Over time, this becomes your new norm and much of what is pushed to the wayside is dedicated time for just you.
Don’t fall into this routine. Instead, schedule time every day to do something that takes you away from your work, where you can focus on gaining a sense of peace. This could involve activities like yoga, running, meditation, reading a book, or having lunch with a friend.
Doing these things will help you keep everything in perspective. Know that your life isn’t just solely focused on running your business—you need to focus on doing things that fuel your creativity and inspiration for sustaining and growing your business.
“Nourishing yourself in a way that helps you blossom in the direction you want to go is attainable, and you are worth the effort. ” – Deborah Day
Ask for Help
Self-awareness is what’s going to keep you going. When you feel like you’re at a breaking point—or even well before you get there—you need to fully understand your strengths and weaknesses.
For example, you know you’re really good at sales However, coding your business website and making updates to it is proving difficult and causing a toll on your time and energy. If you recognize that website design may not be your strength, you can and should find a way to get outside help to maintain your website.
Another great way to get help is to attend local networking events. You’ll have the opportunity to meet other professionals that can help provide advice and guidance in areas where you may not have much experience.
Know Your “Why”
Having a strategy for how you’re going to monetize your business is one thing, but having a deep-rooted meaning as to why you’re running your business is another. What I’ve found is that knowing your purpose, what drives you, and what makes you happy is just as important (and even more so) than making money.
When you keep your “why” close to your heart, this becomes the driving force behind what you do and keeps you going even when it feels like everything is falling short of your expected outcome. More importantly, approach all that you do with a dose of gratitude. Doing so will push you to focus on being grateful for what you have as you continue working for what you want.