Business Education

How to Push Forward Starting a New Business when Few People Believe You can Make It

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.

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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.

My Customers are Cancelling Orders Over Rising Prices and Long Delivery Times — What Steps can I Take?

April 7, 2022 No Comments

Small business owners are always looking for ways to keep their customers happy. When prices go up and delivery times get longer, some customers may choose to cancel their orders. This can be a major problem for small businesses, as it can lead to lost revenue and decreased customer loyalty. In this article, we will discuss some solutions that small business owners can use when customers cancel orders over rising prices and long delivery times. Biggest Small Business Advantages One of the first things you can do is to gain some reasonable perspective. Put another way, think about the innate benefits small businesses have compared to large, corporate chains. You’re able to make independent decisions. Plus, having a small organization means being more nimble. What’s more, you can not only have but use personal relationships with your customers to your advantage. No one wants to lose customers. You work so hard to acquire each and every one. After they sign up for your product or service, you pour your energy into meeting and exceeding their expectations. So when you get that call or email, it can be devastating — both financially and emotionally. A recent study by the Harvard Business Review states that a five percent reduction in customer defection has the potential to double profits. How could such a small decrease in cancellations result in a doubling of profits? Those customers that stay with you make more purchases, take less of your time, and refer other new customers. —Invoiced.com The very fact that you have one-on-one relationships is a huge deal. This, not to mention the fact that you’re part of a shared community. So, you also share many of the same experiences. Basically, your small business might not have the monetary resources big companies do, but still have other means that can help you get through such challenging times. In other words, you do have some advantages and it’s very helpful to stay in a positive mindset. Steps Small Businesses can Take to Deal with Customer Order Cancellations When customers cancel orders due to rising prices and/or over long wait times, it can be frustrating (and of course, bad for the bottom line). Fortunately, there are steps you can take to either minimize or regain customers for your small business: Offer discounts. One solution that small business owners can use is offering discounts. This can help to offset the increased prices and make it more affordable for customers to continue doing business with your company. Offer VIP upgrades. Another solution is upgrading customers to VIP status. This can give them access to exclusive deals and discounts that they would not otherwise be able to get. They can pay a small fee for priority treatment, such as being the first when deliveries ship. Offer referral rewards. Finally, small businesses can offer referral customer rewards bonuses. This can encourage customers to refer their friends and family to your business, which can help to increase your customer base. Implementing one or more of these solutions can help small businesses keep their customers happy, even when prices are rising and delivery times are getting longer. By taking steps to address these concerns, small businesses can stay afloat during tough economic times. While no one solution is perfect for every small business, each of these solutions can help to address the issue of customers canceling orders due to rising prices and long delivery times. By taking action and implementing some of these strategies, small businesses can keep their customers happy and loyal, even during tough economic times. Do you have any other tips for small business owners who are facing increased prices and longer delivery times leading to customer cancellations? Let us know by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Entrepreneurs, Let’s Talk Frankly About the Dreaded “S” Word

September 19, 2024 No Comments

There are many experiences entrepreneurs will thoroughly enjoy building up a business, but there are also circumstances they anxiously dread. The proverbial roller coaster ride of running a business is something that delivers a plethora of challenges and rewards alike. Still, for all the difficulties, most individuals learn to adapt and successfully transform problems into solutions by making them valuable learning lessons. Although nearly half of all new businesses fail within the first 3 to 5 years, others cannot only persevere but profit and gain an impressive track record that even exceeds their expectations. Some entrepreneurs find themselves far more successful than hoped and enjoy long and fulfilling careers. However, nothing lasts forever and this inevitability can be a very frightening reality for those who are unprepared. These individuals face a very stark set of circumstances, having to come to grips with the fact they cannot run the company forever because every entrepreneur must take on the unenviable challenge of handing the company over. Whether they want to utter the word aloud or not, all business owners must deal with the dreaded “S” word: succession. Business Succession Planning Shouldn’t be So Scary You went into business for yourself and now, it’s thriving. Earnings are up, costs are down, and you’ve got a great team around you, even better, very happy customers. At this point, it feels like everything has finally come together. You made it through the trials and tribulations, and now, you’re feeling financially secure. The future looks right, but then you realize your business won’t always be yours. Maybe you’re lucky enough to have trusted family step up and take your place. But, even family businesses aren’t immune from incompetent or lazy people who you just cannot trust to take the reins. This means crafting a clear and actionable succession plan. Creating a succession plan is crucial for business owners, yet many are apprehensive about actually doing it. So, let’s talk about why it’s important and better yet, how to overcome that hesitation. The Importance of Succession Planning A succession plan is vital for business owners as it guarantees a smooth transfer of leadership and ownership when key figures retire, leave, or pass away. It helps maintain operations without major disruptions, preserves the company’s value, and secures its long-term legacy and stability during transitional periods. Here are the reasons why having a plan in place is critical. First of all, a succession plan greatly aids business continuity. It ensures the company can continue operating smoothly in case of unexpected events like illness, death, or retirement of key leaders. Secondly, a succession plan helps to preserve value. A well-planned transition maintains the business’s value and reputation, protecting stakeholders’ interests. Third, it reduces uncertainty because it provides clarity for employees, clients, and partners about the company’s future direction. Additionally, a meaningful succession plan facilitates strategic planning by encouraging long-term thinking about the company’s goals and leadership needs. What’s more, having a well-thought-out succession plan minimizes conflicts. This is due to the fact that clearly defined succession plans can prevent disputes among potential successors or family members. 7 Effective Ways to Overcome Your Apprehension As you know, running a business isn’t just about managing employees or keeping customers happy. Often, the challenges are more personal. Many business owners find themselves sacrificing valuable family time, personal hobbies, and social activities in order to grow and sustain their company. One of the most feared challenges is handing the company over to another person to run it. This can easily lead to unnecessary and perhaps damage-inducing procrastination. While apprehension about such scenarios is natural, it’s important to take control and get over your fear by taking the following steps: Start early. Begin planning well before you intend to step down. This removes immediate pressure and allows time for careful consideration. Break it down. Tackle the process in smaller steps rather than trying to create a comprehensive plan all at once. Seek professional advice. Consult with lawyers, accountants, and business advisors who can guide you through the process and address specific concerns. An experienced business coach is an invaluable resource in these situations. Involve key stakeholders. Engage trusted employees, family members, or partners in discussions to gain different perspectives and build support. Focus on opportunities. View succession planning as a chance to secure your legacy and ensure the business thrives beyond your tenure. Also, educate yourself. Learn about successful succession stories in your industry to gain insights and inspiration. Consider multiple scenarios. Develop plans for various situations (e.g., planned retirement, unexpected illness) to feel more prepared for different outcomes. Regularly review and update. Treat the succession plan as a living document that evolves with your business, reducing the pressure to create a “perfect” plan immediately. (Be sure to periodically review and update your plan as needed so it accurately reflects the current situation and is viable for near-future use.) By taking steps to overcome apprehension, business owners can better secure their company’s future and their legacy. Although doing so may create anxiety and uncover some unpleasant realities, this is absolutely necessary to maintain the health and integrity of the company. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 480-636-1720, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.