Taking the leap of faith and going into business for yourself is one of the most exciting days of every business owner’s life. Most of us start in business with so much ambition and passion we could have exploded at any given moment. Until one day the newness of our business wears off and we find ourselves on a treadmill on the verge of giving up.
As business owners, we are often excited to talk about the reasons we started our business. But if most of us were honest we would admit that sometimes we find ourselves feeling burnt out and maybe even a little alone. Rather than talking about it when these moments arise some of us choose to isolate ourselves with the belief that we are the only ones experiencing this issue.
According to an article published by Business Insider a few years ago, the truth is 7% of the startup business owners report suffering from depression, while 30% of founders report dealing with its effects, and more than 50% of those get to burnout. You are not alone! Even better there are solutions to help you eliminate some of your daily frustrations and rekindle the spark you had in your eyes when you first started your business.
If you find yourself feeling overwhelmed thinking about all the things you need to do but at the end of each day you realize you either don’t remember what you did during the day or that you did not complete anything you intended to do; here are a few things to consider:
Perhaps it’s your Business Model:
Let’s start by defining what is a business model? A business model is your unique way of operating your business successfully. It should identify your sources of revenue, customer base, products, services, and details of your finances.
However, the idea of running a successful business for some is to sell as much products or service to as many people as possible without any real strategy. The problem with this is when we begin finding customers who are willing to pay for our products/services because we did not stop to identify our business model often there is no process in place to help us consistently serve or even manage our customers. This in turn results in a high turn over rate, bad reviews, and feelings of frustration.
Have you considered your business processes?
What are your business processes (strategies)? What is the process that you use for hiring new employees? Do you have a customer journey that you use to engage and educate your customers about your business? How do you convert a customer from a first time visitor to a brand evangelist? What is the process that you use to release an employee from his/her position with the company?
From your marketing efforts to the way you package your products, everything needs a documented process. Your bookkeeping needs a process, your consumer data needs a process that details the way you and your employees manage and use your customer’s data. Every aspect of your business needs a successful process, that should be documented to help you replicate successful results, eliminate confusion, and avoid miscommunication.
Did you document it?
Your business processes should not be so classified that you keep it all in your head and sometimes so far in the back of your mind that even you forget to follow it sometimes. Instead, you should document it so when you begin hiring employees to scale your business you can train them correctly to help you effectively reproduce results that will help your business grow.
Entrepreneurs who fail to document their business processes find it very hard to take a day off from their business because they are too scared the business will fall apart without them. And the truth is there is a high possibility it will. How can you duplicate success if you have no records of what works and what doesn’t?
Are you using technology to your advantage?
Technology is a beautiful work of art and when used correctly it is known for adding unmeasured value to its user’s life. With a high demand for faster, better, and more efficient ways to enhance our lives computer engineers and software developers are constantly working to keep up with the demands in the market place. This in turn results in even more effective ways to get things done.
But with so many different options available to us as business owners, we often struggle to choose from the various options. Sometimes we are even uncertain whether or not we should make the necessary investment. However, if you are not using technology to help you automate your business processes and daily tasks you are wasting time and money.
Do you need to outsource some of your work?
The word outsourcing for many of us is associated with a negative connotation because it means someone was fired and their job was given to a person in a third world country for a fraction of our pay. However, with the variety of freelance marketplace available online the borders have been removed. Business owners from around the world can connect with freelancers locally and internationally. Giving us the benefits of being able to cherry-pick who we hire based on the needs of our business and how much we can afford to pay.
For small business owners, this means instead of hiring a fulltime employee to sit in the office and answer the phone; we can now hire a freelancer who specializes in providing answering service on an as need bases at a fraction of the cost to hire a full-time employee. This, in turn, will help you to delegate some of your tasks so you can focus on growing your business.
Perhaps you need some marketing work done but don’t have the budget to hire a traditional marketing firm or fulltime marketing team. You can now hire a freelancer who specializes in just about any marketing subject you can think of from any part of the world. The best part is you determine how much you want to spend and for how long. Let’s say that person doesn’t work out there are thousands more in line who specialize in the same subject.
How are you managing your daily activities?
There are so many things to do and so little time to do it. How are you keeping track of your goals, schedule, budget, to-do list, and all of the other things you are responsible for? Hopefully, you’re not doing the ole sticky note and forget it method. Today there are a variety of project and task management tools available to help you keep track of your projects, budget, task, schedule and so much more. Some of them even allow you to collaborate with your team members and clients for an even better experience.
Do you need a Business Coach?
As business owners, we often feel pressure to be tuff and always act like we got it all together. But the fact is we all can use a little help sometimes and that is what a good business coach is; help when you need it the most. As a business owner, your needs are unique to your business, your goals, and your lifestyle.
Hence as an Entrepreneur Coach, it is sometimes impossible to define what we do because our role varies depending on the needs of our client. At any given moment we can be an advisor, motivational speaker, accountability partner, or friend but regardless of which hat we are wearing our goal is always to help you achieve success.
Thank you for taking the time to read this article I pray that it is helpful to you and your business. If you need help or advice on how to implement any of the ideas I shared in this article please don’t hesitate to reach out. Click here to schedule an introductory call with me.
P.S I would greatly appreciate it if you take a moment to leave me a comment to let me know if this article was helpful to you.