It’s never been easier to start your business, but it takes skill to not only survive but succeed in business.
There are 5 common mistakes that many micro-business (MB) owners make when setting up their companies - but don’t be alarmed if you feel you’re ticking any of these boxes - it’s never too late to adapt your strategies.
Marketing is more than posting a few pictures on social platforms. It is more than handing out some glossy leaflets to vaguely interested people on the street… it is a calculated tool that will make or break your MB.
It is critical that you spend at least 20% of your monthly efforts on your businesses marketing efforts. Small Business expert, Mike Michalowicz, refers to this as ‘planting the seed today in order to reap the benefits tomorrow’.
Additionally, focus on retaining existing customers as well as seducing new ones as they are the traffic that makes your business what it is already; they shouldn’t be taken for granted.
In fact, it's proven that the cost to KEEP your existing customers is much less than the money you need to spend to get new clients.
Work-Life Balance is critical.
If you put your social life on hold to focus entirely on your business, then ultimately both will suffer. Your business does require your full attention, but within short daily spurts.
To get the most out of something, whether it be a sport or a hobby, you have to nurture it and that involves rest and refuelling. Your business brain requires the same TLC.
Whilst we recognise the importance of building friendly relationships when networking with other businesses, it is important that you retain strong leadership when navigating the trials and tribulations that accompany maintaining a MB.
You need to muster and maintain the courage to be vocal and confident in your assertions and business plan. If you are facing hardships (which many MB owners do in the initial stages) then don’t respond dramatically.
For example, it’s common to think that cheaper prices mean more consumers, right? Wrong!
Price slashing is a dangerous game, as customers typically spend more when they perceive the quality to be greater.
So if the price is cheaper, there is limited incentive to invest in your services/goods. This isn’t to say you can’t be flexible with prices, but don’t let fear dictate your decisions; remain level headed and strong-minded.
Overnight success is rarely possible but talked about often!
There’s a higher chance of you becoming Brad Pitts wife, than there is for you to make mega-money straight away (…we for one wouldn’t complain about being Mrs Pitt though!).
Set realistic goals so that you don’t become disheartened early on and dismiss your dreams prematurely. We appreciate that many MB owners are pushing creative businesses so recommend that you prepare quarterly or yearly ‘Goal Boards’.
Creating a visual board of what you want to achieve financially, personally, socially… will encourage you to remain optimistic and determined. It’s also a great way to see throughout the year what you have already achieved and how far you have come.
We live in a saturated society where most businesses already exist.
Don’t be downhearted by this realisation as we live in societies that love to consume, and therefore are open to all opportunities if they perceive your services/goods to be of greater value to them, than what already exists in the market.
Planning is the key component that will drive your MB. It allows you to see what you need to do weekly, quarterly and yearly.
Failing to negotiate your time is essentially a loss of profits for yourself, as they say ‘time is money’.
If you don’t actively plan how to continually differentiate yourself from the competition, then you’ll get left behind in the race; which will negatively impact the position of your MB in the minds of consumers.
As a self-employed micro business owner, we often find there are too many things to get done in a day that only has 24 hours in it! Getting productive is key!
Productivity & profits work hand in hand: when you increase one the other increases too. Here are 5 productivity-boosting steps to get the most out of your time
Cash Flow is incredibly important when running your own business. It's often hard to manage for any sized business, leaving many opportunities to make mistakes.
For the Self-employed, most will struggle to see consistency in profits without 'regulars', so maintaining a strong customer relationship & client base is key.
As micro-business owners the abundance of choice can suffocate or stifle your survival if you don’t find a way to stand out & shine brightly. Let's show you how
You don’t need to be doing crazy dances or lip-syncing challenges to create good content. Social media is an excellent tool for growing a business, & it's free!
Hiccups happen. Technology breaks, accidents occur, customers cancel… but it’s how you pick yourself up & turn your day (& subsequent week) around that counts
It's empowering to work alongside strong-minded individuals. And building one another collectively will strengthen the micro-business community surrounding you.
If you live in a world where you're constantly comparing yourself to others, you’re running a race you’ll never win. Find out how to give yourself a head start!
Using our 5 easy tips, you can learn how to master your own mental strength & subsequently navigate your business through these uncertain times. You've got this
It’s easy to see that by following just these 5 steps alone, growing an active following is not as hard as you may have initially thought
By tailoring your communication and content to be thoughtful & informative, you will retain the customer engagement, & maintain those positive relationships ...
It’s easy to see what small things, often at no cost, can really help you stand out from the crowd & ensure your clients want to keep coming back to see you.
Don’t deprive the world from seeing your light. Keep on searching until you find what it is you love and then shine your beacon brightly and allow others ....