Is your business stuck in 2nd gear?

Issue #100 Business Building March 14, 2023

Have you ever been stuck in your business? I have.

In March 2010 (13 years ago, wow!), about 18 months after I opened my doors in July 2008, my first business was moving right along, but I wasn't making the money I thought I should.

I wasn't sure how to fix it.

That's when I found out about a book called The Wealthy Freelancer by Ed Gandia and Steve Slaunwhite, two successful entrepreneurs.

That book gave me lots of great ideas for improving and res-structuring my business, but the #1 tip I focused on was that I should raise my prices. In fact, it was recommended that I double my fees.

I remember when I told my husband I was doubling my fees, beads of sweat broke out on his forehead, but I went ahead and did it anyway.

And do you know what happened? I attracted more and better clients! Clients who just weren't looking for the lowest price, but who recognized the value I brought to the table.

I also learned to turn down people who were just trying to get the lowest price.

I am still applying and teaching what I learned from that book.

In the United States, 99% of businesses are considered small businesses. Unfortunately, only?half?of the small businesses survive until their fifth birthday, and only a third are still around after 10 years. With such short lifetimes, how do you keep your business from turning into a statistic?

I am so glad that my company is close to reaching the 15-year mark!

When your creative or solo business is stuck, it can be difficult to see a way out. However, there are some steps you can take to get your business moving forward again.

1. Identify the root cause of the problem. Ask yourself why your business is in this situation and what can be done to address it. Once you identify the core problem, you can start formulating a plan for getting out of the rut. That's what I did when I realized my major problem was that I wasn't charging what I knew I was worth.
2. Create a well-thought-out business plan. Running and growing a business is a very involved process. If you don’t have a plan in place that you can adjust as you go along, you’re making it much harder to succeed.
3. Create realistic forecasts for your future financial circumstances. These forecasts should be conservative and assume a minimal level of growth. If you count on unrealistic growth levels, your expenses can exceed your income, and you could find yourself in debt.
4. Take the time to understand your customer base to serve them adequately and win business. Without keeping in mind your target audience, you could risk releasing a product for an audience that may not actually want or need that product.
5. As your business grows, you won’t be able to do everything yourself. You may need to hire contractors and delegate tasks at some point, especially if your business is growing quickly.

Building a creative or solo business is hard work, and success is never guaranteed, but you can increase your likelihood of success by learning how to get "unstuck."

Every Thursday, we have a group coaching call for our weekly topic.

"Why Your Business is Stuck in 2nd Gear" is our topic this week.

We'll be discussing this theme on our "Thursday Live Table Talk" this Thursday, March 16, at 12:00 pm ET.

We'd love to hear your challenges and success stories and discuss ideas together.

Here is the link to find out more and register for the 45-minute Zoom call. I look forward to networking with you!