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What do under £100k small business owners need to know right now?

What do under £100k small business owners need to know right now?

Here’s a quick checklist:

  • Success starts with self-esteem
    No matter how hard you try to avoid it, your business will magnify your personal challenges and one of the biggest limiting factors in running a successful business is the self-esteem of the business owner.*
  • You will need help
    The sooner you accept this the quicker you’ll be successful.  When you need this help will depend on your existing skill set and how ambitious you are, but having walked this path myself, I’d say the sooner the better.
  • There are only two things you need to focus on: Sales and Delivery

I wish someone had told me this!  Most of what we’re told to do is irrelevant for a business under £100k.  Business gets more sophisticated as you grow, and I’m not diminishing the need for a good accountant or a website, but seriously, you can get your business to £100k and then worry about these things.  Get rid of what you can outside of this by ditching, parking and outsourcing. 

  • There are delivery traps that you need to be cautious of
    If you’re good and ethical, you’ll almost certainly be delivering too much for not enough.  You can’t sell Rolls Royces at BMW prices.  You will run out of time and money.
  • It’s really competitive out there
    It’s tough not to be invisible in a very noisy market where there are thousands of people that do what you do.  No, they’re not you, and of course you bring your unique stamp to it, but unless your clients are clear on that you’ll be lost.  You MUST find a way to stand out and that will sit in your positioning, your niching and your credibility.
  • Sales is hard and getting harder
    Being good at what you do isn’t enough.  To run a successful business you will need to learn how to sell.  If that’s just sent you into a tail spin, you are not alone.  Almost all business owners struggle with this.  It is possible to love sales, even if you hate it today.  I know, I’ve helped many people overcome their sales hang-ups.  Look for practical training and support that’s in alignment with the business you want to run. 
  • You’ve got this!
    Despite the challenges you face as a business owner, there is opportunity out there and there are potential clients waiting for your unique way of doing things.  You will learn more about yourself than you imagined on this journey and WHEN you crack it, you’ll realise what a privilege it is to be out there serving people in the way you want, whilst building the lifestyle you dreamed of for you and your family. 
  • Never Give Up

Stay focussed on the dream but be flexible in how it might happen.

*Check out the 28-Day Self-Esteem Reboot Challenge.  It’s a small book that packs a mighty punch for business owners looking to build self-esteem.

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