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Start the New Year Strong – Avoid Entrepreneurial Burnout

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality.

Make 2018 a Great Year for Your Business

If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout.

Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com

In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business.

How to Avoid Entrepreneurial Burnout

Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout:

Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly.
Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment.
Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive.
Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next.
What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview:
1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain
2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves
3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses.

How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Turn Your Side-Hustle into a Full-Time Gig

March 30, 2018 No Comments

If you want to turn your side-hustle into a full-time gig, you’re looking for two things: confirmation and actionable steps. Let’s begin with confirmation. If you’re earning a decent amount from your part-time gig (and you love doing it), then it’s definitely worth exploring going full-time. But, this obviously depends on how much you earn. Of course, if the second income is near or equal to your full-time job, then that’s solid confirmation. Now, let’s take a more in-depth look. The Side-Hustle Economy An astounding 44 million people have an active side-hustle, with 25 percent of millennials stating they earn an extra $500 per month, according to Bankrate.com. That, of course, is equivalent to about $6,000 per year gross, or approximately $4,500 net, after taxes. Such additional income can easily be used in a number of ways. For instance, putting a good portion of it back into the side business to grow it larger and larger. With technology on their side and passion in their hearts, many individuals opt to start their own company while they’re working for someone else. But turning your side hustle into your primary occupation is not simple. It takes courage and faith to take the leap into entrepreneurship. —Business News Daily Obviously, you can’t make the switch if that’s all you’re earning. So, you’ve still got work to do to get to make the leap. The good news is with today’s technology, you have a definite advantage. By simply making tweaks here and there, you can grow a small side-hustle into a replacement of your full-time income. How to Turn Your Side-Hustle into a Full-Time Gig Next, we’ve got to take a look at how to get from point A to point B. So, here’s some things to do to turn your side-hustle into a full-time gig: Build it up, incrementally. If you really want to make the change, you’ll have to grow your side-hustle income. But, don’t try to rush it. Go with the ebb and flow so you don’t cause yourself unnecessary stress and feel overwhelmed. Small steps mean hitting realistic goals one at a time to get to an ultimate point. Run the take-home earnings numbers. As you grow the side-hustle incrementally, be sure to stay vigilant (and pragmatic) about your net take-home income. In other words, factor in overhead, including tools, insurance, labor, rent space, advertising, and every single expense. Then, calculate what you actually net. Save up your retained earnings. A good part of the process is to have some peace-of-mind. That means having extra cash in the bank (in your business account). Build up your retained earnings so you don’t fall prey to unexpected expenses. Hire others to help out early-on. One huge mistake entrepreneurs make is to hold onto every little task. The way to beat this urge is to start with farming small things out and then eventually letting others do the bigger parts. Have you transformed a side-hustle into a full-time gig? What other advice would you give? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Businesses can Deal with Inventory Supply Shortages

May 27, 2021 No Comments

Inventory supply shortages will happen. Sometimes, it’s due to overwhelming consumer demand, leaving businesses unable to keep stock. Other times, like now, inventory supply shortages occur as a result of material shortages and/or manufacturing issues. At this time, lumber and other essential construction materials are in short supply. Likewise, computer processing chips are also limited in supply. So, if this happens to your business, you need to be prepared. Inventory Shortages are Inevitable There’s no such thing as unlimited supply when it comes to material inventory. Whether it’s a disruption in the supply chain or sudden and unexpected limit of raw materials, the end result is the same — businesses can’t keep their shelves stocked. When put in this precarious situation, sales are inevitably affected, usually negatively. COVID-19 has had a disruptive effect on the global supply chain, and small businesses are not immune. An average of more than 30% of American small business owners across sectors still reported a disruption to their supply chain in June 2020 data, months into the pandemic. Supply-chain disruptions can affect small businesses in many ways: They can reduce revenue, inflate costs, cut into market share, or cause issues with production—all of which can damage a company’s bottom line. —The Balance Small Business Of course, a drop off in sales can be temporary and inflict minimal damage. But, a prolonged shortage will certainly cause a lot of monetary damage. If there’s enough inventory missing for a long enough period of time, it can spell the end of a business altogether. Ways Businesses can Deal with Inventory Supply Shortages When inventory supply shortages occur, it’s only prudent to react with strategic means. Business owners must act immediately, particularly if there’s a sense the shortage will go on for a lengthy period of time. Here are four ways businesses can deal with an inventory supply shortage: Explore alternative vendors. Fortunately, there are usually a few or more vendors who supply businesses with the same types of inventory. Even a source that’s a bit more expensive can be worthwhile if it keeps customers coming through the door. (And, better still, if competitors aren’t willing to pay a higher sourcing price.) Clearly communicate with customers. There’s simply nothing good that can come from not being totally up-front with your customers. In fact, there’s hardly more that is counterproductive. If you experience an inventory supply shortage, let your customers know what’s going on — especially if it’s expected to last for a significant amount of time. Tap into super-sized, large bulk orders. Much like the first suggestion, you might find inventory for products in short supply in larger bulk orders. Obviously, you’ll have to run the numbers to determine if it’s financially viable and doesn’t present too much a risk. Identify problems with inventory management. There are times when businesses have inventory issues that are caused by their own ordering and selling practices. Go over your procedures to identify any problems and then apply sensible solutions. What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Pros and Cons of Building a Mobile App for a Small Business

April 22, 2022 No Comments

Small businesses often struggle with the decision of whether or not to build a mobile app. On one hand, there are many advantages to having an app – it can help increase brand credibility, engage customers, provide a personalized experience, act as a direct marketing channel, and let businesses create a loyalty program. However, on the other hand, there are also several disadvantages to consider – such as the cost of developing and maintaining an app, complying with Apple and Google’s store security and performance policies, the phenomenon of consumer app fatigue, and lack of customer use. In this article, we will explore both sides of the argument so that you can make an informed decision about whether or not to develop an app for your small business. Biggest Advantages of Building a Mobile App for a Business Another advantage of having a mobile app is customer engagement. A study by Forrester found that 78% of smartphone users check their phone within 15 minutes of waking up, while 60% check their phone within 15 minutes of going to bed (Forrester, 2014). This constant connection gives businesses a unique opportunity to engage with their customers throughout the day. Creating a loyalty program or sending push notifications about sales and promotions can help increase customer engagement and keep your business top of mind. As consumers become increasingly connected with businesses on their smartphones and devices, many businesses develop mobile apps to connect with their customers. If your company is going the app route, you want to be sure it’s worth your time and money. While a mobile app can be an invaluable tool for many companies, certain company types may not necessarily need one. —Forbes.com Building a mobile app can also provide a more personalized experience for your customers. With an app, you can collect data about your customer’s usage patterns and preferences which can then be used to customize the experience for each individual. This is much harder to do with a website because there is less data available about how users interact with it. For example, if you own a clothing store, you could use the data collected from your app to show each user relevant products based on their previous purchases and browsing history. This personalized experience can help increase customer satisfaction and loyalty. Finally, having a mobile app gives businesses a direct marketing channel to reach their customers. With over 90% of Americans owning a cellphone (Pew Research Center, 2019), businesses have a unique opportunity to reach a large audience with targeted messages. You can use push notifications to send special offers and announcements directly to your customer’s phones. This is an effective way to increase sales and improve customer retention. Common Disadvantages of Building an App for a Business While there are many advantages to building a mobile app for your small business, there are also some disadvantages that you should be aware of before making the decision. One of the main disadvantages is cost. Developing and maintaining an app can be expensive, especially if you hire a professional company to do it for you. In addition, you will also need to pay Apple and Google a yearly fee to keep your app in their respective app stores. Another disadvantage of having a mobile app is that you have to comply with the security and performance policies of both Apple and Google. This can be difficult and time-consuming, especially if you are not familiar with the technical aspects of building an app. If your app does not meet these standards, it could be removed from the store which would damage your business’s reputation. Despite the disadvantages, there are still many advantages to building a mobile app for your small business. These include increased brand credibility, improved customer engagement, and a more personalized experience for your customers. In addition, an app can act as a direct marketing channel and provide you with valuable feedback about your products and services. If you do your research and assess the needs of your target market, you can decide if a mobile app is right for your small business. What are some other pros and cons of building a mobile app for a small business? Please take a moment to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.