5 Steps to Taking Your Business Seriously
I am part of a number of networking groups and too often I hear people say, "I know I should do THAT, BUT...."
The THATs include:
Have a business plan
Learn more about marketing
Have a contract or a contract created by a lawyer
Form a business entity
Define my target customer
Set up a website
Set up business bank accounts
Learn and understand the rules that apply to my business
The BUTs include:
I'm too busy.
I'd rather not know because then I'd have to fix it.
It's too expensive.
I'm too small to worry about that now.
I don't make enough money to bother.
I'll do it later.
Running a business is a big deal and you should treat it as such. If you are making any money doing something, you are opening yourself up to risk. Use this as your reminder to give your business a fresh start and begin to master the business of your business instead of playing at business.
Here are 5 steps you can take to take your business seriously:
Register your business - Failing to form a business entity puts you and your personal assets in jeopardy.
Set up business bank accounts - Keeping your personal and business finances separate makes it easier to do your taxes and it helps illustrate why your personal assets shouldn't be at risk due to your business activities.
Invest in yourself and your business - Running a business is hard. Consider hiring a business coach to help you stay on track, experts (marketers, lawyers, accountants, bookkeepers, etc.) who can advise or guide you, or attending e-courses to help you master specific business skills. Learning from the experts may cost money, but can save you significant time and energy. By the way, time and energy = money.
Set goals and measure your progress - As they say, "A goal is just a wish without a plan." If you aren't documenting your intentions and tracking your progress, how will you know what's working and what's not. You'll never know when it is time to double down on something or stop another.
Understand your WHY and your brand - Why you do what you do is directly connected to your brand. If you don't know why you do what you do, why would anyone want to buy from you. When you connect your why to your brand, it is easier to connect with your target customers and market your business. Branding isn't just about your name and logo, it is about how you communicate with your potential customers, your values, your way of doing business and how that comes to life in marketing (e.g., photography, fonts, colors, copy, etc.)
If you have been avoiding certain THATs in your business, this is your sign to stop right now and take action. If you are unsure of what is the right first step, schedule a free consultation with us to identify any THATs that are risks to your success or sign up for our free guide and email series for Managing Your Business Wisely. It will take you less than five minutes and you'll be on your way to setting a solid foundation for your business.
After all, if you don't take your business serious, why should anyone else?