Have you started a business or side hustle that never really took off? Or simply didn’t work out? While it may be a let down and you start to lose the steam that once fueled your entrepreneurial engine, you should let those feelings be your motivation to continue or begin again. If you know that you’re offering a good product or service, you have to ask why it failed. Be honest with yourself! The answers will force you to do something differently with your business. Perhaps you’ll target a different audience, change your hours of availability, add more pictures to your website, put more time between appointments, or move into a different industry. Sometimes one change to your business model can garner incredible success. Let’s not forget how Netflix’s ‘No Late Fees’ buried Blockbuster!
Here are some steps you can take to turn around your business for the better. And they’re FREE!
- Talk to other small business owners. No one knows what you’re going through like someone who’s been through it. Having a mentor or a coach is key to avoiding some of the pitfalls of being a business owner. Try to find someone in your field to talk to. Most business owners want to see others doing well, and are willing to help or give advice.
- Go to webinars or conferences. Join associations and support groups that you can use as a sound board.
- Consider what and who are your assets? Do you have funding to start? Do you know people in the same market? What about experience from a former job? Have you built a support system for advice?
- Plan. Plan. Plan. If you plan effectively, there’s nothing to fear. Create a business plan that includes your marketing plan, vision and mission statement.
- Don’t quit your 9 to 5 job until you’re ready. You can work on your side hustle at night or on weekends. Develop it slowly and steadily while surveying your customers. Do they feel they’re getting good customer service? How can you improve their experience? Is your service worth the costs? You’re in control, so don’t be overwhelmed. If you are, then stop and reassess what you’re doing by referring to your business plan.
Remember, owning your own business has risks and rewards. You set up the services, the hours, appointments, expectations, and prices. Be prepared for ups and downs as there is a learning curve to business ownership. The more comfortable you are with what you’re producing and earning, the easier business ownership will be.