Guest Post: The Best Advice for Retirees Aiming to Start a New Business

Entrepreneurship is a journey that is full of challenges, and it is not uncommon for entrepreneurs to experience moments of self-doubt and a lack of motivation. However, it becomes even more challenging when the people around them are negative and tell them that they cannot succeed. How Entrepreneurs can Stay Motivated and Focused Even when People Around them Say they Can’t Succeed Negativity can weigh heavily on an entrepreneur’s mind – leading to a lack of focus and plenty of unnecessary second-guessing. So, let’s go ahead and discuss some strategies that entrepreneurs can use to stay motivated and focused even when the people around them are saying they can’t succeed. Believe in Yourself The first and most important thing is to believe in yourself. You must have confidence in your abilities and trust that you are capable of achieving your goals. If you don’t believe in yourself, it will be difficult for you to stay motivated and focused when others doubt you. Surround Yourself with Positive People Surrounding yourself with positive people who believe in you and your vision is essential. Negative people can bring you down and sap your energy. Seek out individuals who are supportive and can offer encouragement and constructive feedback. Focus on Your Vision Stay focused on your vision and goals, and don’t allow others to deter you from your path. (This isn’t easy because we all have self-doubts and are unavoidably influenced by the opinions of others – particularly the people closest to us.) Entrepreneurs have to make a lot of tough choices each day and it can take a toll. Throughout the rest of the day, though, they tend to limit decision-making to keep things simple. It’s a great tool for motivating entrepreneurs because it keeps them sharp when their abilities are needed elsewhere. —Inc.cdom Remember that success often comes after a series of failures and setbacks, so stay the course and remain committed to your vision. If you can put failures in perspective, you’ll have a much better chance of persevering when things don’t go right. Celebrate Small Wins Entrepreneurship is a journey, and it is essential to celebrate small wins along the way. Recognize the progress you’ve made, no matter how small, and use it as motivation to continue working towards your goals. Take Breaks and Practice Self-Care Running a business can be overwhelming, and it’s crucial to take breaks and practice self-care. Take time for yourself and do activities that bring you joy and help you relax. This will help you stay on task and keep your drive to succeed healthy in the long run. Keep Learning and Growing Entrepreneurship is a continuous learning process, and it’s essential to consistently grow and develop your skills. Attend seminars, conferences, and networking events to learn from other entrepreneurs and industry leaders. This will help you stay motivated and focused as you work towards your goals. Embrace Failure Finally, it’s essential to embrace failure as part of the learning process. Every entrepreneur has failed at some point, but what sets successful entrepreneurs apart is their ability to learn from their failures and use them as motivation to keep pushing forward. Summing it all up, staying motivated and focused as an entrepreneur can be challenging, especially when others doubt your ability to succeed. However, by believing in yourself, surrounding yourself with positive people, focusing on your vision, celebrating small wins, taking breaks and practicing self-care, keep learning and growing, and embracing failure, you can stay motivated and focused on your path to success. What other strategies and/or attitudes would you add to this list? Please, take a few minutes to share your own thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What do businesses do when their PPP or Payroll Protection Program funds run out? While small companies can apply and receive relief, that money is only finite. It will go just so far before it’s gone. And, once it’s gone, it’s gone for good. Even organizations with business interruption insurance benefits have limited resources. Eventually, the cash will run out. So, what do small businesses do then? PPP Loan Forgiveness Only Solves One Problem It’s important to remember that PPP loan forgiveness — while most certainly helpful — merely solves one problem. Meaning, there are still other debts and obligations to pay and to meet. That alone reveals the fact there’s a lot more to doing business than just compensating employees. Vendors, contractors, and others also need to be paid. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. —U.S. Small Business Administration This gets to the heart of the larger issue — the inescapable reality of the business world. Put another way, if someone paid off one of your personal debts and you had five, six, or ten more, while that’s a blessing and it’s appreciated, it does not get you totally out of debt. Businesses don’t operate that way because there’s always additional obligations. What to Do When Your PPP Money Runs Out Since businesses stay in a cycle of dynamics, with revolving credit and monthly bills, and they apply and receive PPP money, what can they do once those funds are gone? Here are a few suggestions that might prove helpful to your business: Offer invoice financing. Instead of requesting (or demanding) the entire invoice amount to be paid, give them the option to finance their outstanding balances. You can charge a small fee and/or interest rate — so long that it’s legal and ethical. Ask suppliers for extensions. For businesses that owe other businesses money, it’s worth a shot to ask for some more time or at least try to establish payment arrangements. This will help to take off a little pressure and to free up some cash. Review personnel staffing choices. Most businesses already have or will soon, be forced into this scenario — assessing which team members aren’t essential. It’s a tough spot but because employees most always represent the largest expense, this can’t be ignored. Consider liquidation or selling equipment. Another thing you can do is to sell off non-essential equipment, if available. Or, liquidate some inventory or materials. These are all difficult decisions but they could mean the difference between staying in business and going out of business permanently. Offer new services that are in demand now. Look at what services are in demand now that may be in line with your service offerings or a close extension thereof to provide immediate cash flow. Quickly shift to provide those services by promoting them to your current customer base and use social media to get the word out. Several industries and businesses have done this in recent weeks. What other suggestions do you have? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.