Starting a business seemed SO overwhelming and scary. Where do you start? How do you just start a business? What do I need to know or do? It seemed like so many things that I didn’t know how was I ever going to actually get started?
I leaned on others who HAD started businesses and guided me through the steps to help me get up and running. Here’s the thing. You can’t screw it up.
As your business grows there comes new anxieties, worries, frustrations that arise and maybe you find yourself feeling some of those same emotions you felt when you started your business. What’s next? How do I get to that next level? While I still believe you truly can’t screw it up no matter what you do because every step you take is a learning experience in and of itself, I think there can be a right time to take the next leap.
Here are some things to consider when you’re looking to take your business to the next level:
Time
Do you constantly feel like you don’t have enough hours in the day to get everything done? Or maybe your to-do list keeps spilling over day-to-day with more things constantly added. Evaluate your time. Track it. What are you spending most of your time on and does it move your business forward? Time is one of the MOST VALUABLE, if not THE MOST valuable asset you have in your business. So if you’re finding yourself spending most of your time on activities that do not drive your business forward, I’d say it’s time to outsource those activities.
2. Money
Everyone values money differently. What value do you place on money and is your relationship with money positive or negative? In my opinion, money is energy. And where you put your money your energy flows. We all could find so many reasons NOT to invest or take that next step in your business, but when it comes to money, you have to truly BELIEVE in what you’re spending your money on or investing in. You can always make more money and if you let your fear of making a bad investment stop you from taking that next step in your business then you’ll always be stuck right where you are. Because let’s face it… in order to take that next step and grow, there will likely be some sort of cost associated with it. But instead, think of what you will get in RETURN - more time? Less frustration? More accomplished in a day? While money should absolutely be a consideration as you make that next step in your business, it shouldn’t be the only consideration or thing that is holding you back.
3. Knowledge
Will this investment give me more knowledge to help me better serve my clients or run my business? If you’re looking to become more knowledgeable about a particular subject or learn a new skill or tool for your business - by all means invest in that course, program or coach to do so. BUT I challenge you to also ask yourself if it’s truly knowledge you NEED or can benefit from fully in the long run, vs. outsourcing to someone else who has that knowledge already. The other question to ask yourself is, is this something you WANT to know how to do? Sometimes I think we feel obligated to learn something because it’s what “everyone else in the industry is doing” when maybe we don’t really have any interest in it at all. Knowledge isn’t always power if you don’t DO anything with that knowledge.
4. ROI
Before you make any sort of investment, think about the return that will come from that investment. Maybe you don’t know to what extent that return will be, or how fast - but those are the questions you should be asking. Is this investment, or the next step a short-term gain or long-term gain? For instance, I believe my 5-hour intensives are a huge short-term gain if you’re in need of getting some systems set up in your business to increase your efficiencies on the backend of your biz. On the other hand, if you’re looking to invest in public relations to get your name out there and hopefully score some press coverage, that is absolutely a long-term gain and strategy. Those results cannot happen in 5-hours or 5 days. So you have to be aware of the type of return you’re going to get from your investment and be clear on the timetable and decide if that feels good to you.
5. Efficiencies
Will this investment create greater efficiencies in your business? Y’all know I am ALL about being efficient. I hate wasting time on things that don’t matter. I don’t create shortcuts, I create efficiencies. Being efficient means that you’re “achieving maximum productivity with minimum wasted effort or expense.” So will this investment help you be more productive with less wasted effort or expense? Remember this includes time too because time is money.
6. Support
Do I need more support right now? Will this investment and next step make me feel more supported in my business? How will more support give me the ability to grow my business? Having the right support team is crucial for long-standing success as an entrepreneur. This journey is full of ups and downs and sometimes those next steps are scary and the right support team will help you to feel empowered to do more and show up as your next level self. Whether it’s support from a coach, VA, OBM, project manager, bookkeeper, etc. what support is important when taking the next step in your biz.
7. Priorities
Evaluate your business and life priorities. What is at the top of your list. Does this next step/investment in your biz align with your current priorities? For example, for me this fall I’ve had this nudge to hire a business coach to help me take my business to that next level. Someone to support me, brainstorm with me, give constructive criticism, work with me on mindset, etc. but I decided to wait until December/January to move forward with that decision. Why? Because I’ve had a lot on my plate this year especially planning a wedding and I knew I couldn’t show up the way I want to when I hire a coach. I knew I didn’t have the extra time and attention needed to drive my business to that next level currently. And guess what, that’s okay!! I am so proud of and happy with my business and where I’m at currently and the clients I get to serve and once my priorities shift a little bit here soon, I’ll be able to take that next step.
8. Goals
What are both your short and long term business goals? Will this next step and investment get you closer to those goals? How? Be specific! Always keep your goals in mind when you decide to take the next step in your business. Maybe it’s a certain type of lifestyle you want to achieve? Maybe it’s hitting a certain income level or doing something you’ve always wanted to do. There are so many different types of goals, but just make sure your next step aligns with at least one of them.
As you evaluate your next investment, think through this list. I think that will let you know if now is the right time to take that next step for that specific investment you want to make… or maybe it’s enlightened you to take a different approach or step first.
Let me know if this was helpful as you look to grow your own business and share this post with a friend!
Katelyn Hamilton is an Online Business Manager and Get Your Sh!t Together Strategist. She helps busy entrepreneurs organize, strategize and prioritize their business to go from overwhelmed to out-in-front.
After spending 6 years in the corporate world working with multimillion dollar companies, top-rated chefs and celebrities, she launched her own business to find more flexibility and freedom. She matched her corporate salary in just one year of starting her business.
Katelyn is also a soon-to-be wife, stepmom, dog mama of two furry friends, fitness lover, sports fanatic (Go Dawgs) and dreams of living at the beach.
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