If you’re in the entrepreneur boat, there are many reasons that you may have decided to “take the plunge.” Just to name a few, it could be for flexibility, to reduce stress, and health problems, to finally get “paid” what you feel you deserve, a major life change like having a child, and more.
When we finally start our business, there are so many emotions but we are all in, right? Despite some initial challenges of “learning the ropes,” we are, in a sense, in the ‘honeymoon’ phase of just loving our newfound freedoms.
Flash forward a bit: as you get more entrenched into your business, growing, and more… Those ‘honeymoon’ feelings can start to wane and it can rather start to feel like your business is instead ‘running’ you.
That momentum of growing your client base may even start to slip and before you know it, you may be asking yourself why you even started your business. I hope that is not where you are at, but unfortunately, this is all too common: according to the U.S. Bureau of Labor Statistics, 45% of businesses fail within the first five years.
So how can you make sure that isn’t you?
Your business needs a marketing strategy. Sadly, many businesses start with very little to no marketing strategy and without this foundation, clarity on who to target, what action steps to take for your business marketing, and how to build a sustainable business (where you aren’t nervous about getting clients every month) is so important (and so much more).
Where is a simple place to start?
Start with a SWOT analysis (strengths, weaknesses, Opportunities, and threats). Analyze your internal and external factors for all of these areas and also conduct a competitor analysis. From here, assess your ‘why,’ and vision for your business. From there, you will have greater clarity on your services, content, how to spend your time, where to outsource, and how to win over your ideal customers.
In conclusion, Michael Hyatt has said, “Insufficient resources are never the main challenge in achieving your dreams.” You got this. Your entrepreneurial dreams, with some strategy and planning, can continue to bloom and succeed.