While sticking to a business plan even when times are hard is considered the right thing to do. Sometimes the issue is not your persistence, sometimes it’s just a bad business plan. Sometimes you get to a point where things are just not working and you have to find out what the problem is.
The main issue first time business owners face is that they just don’t want to let go of their “baby”. We’re not talking about a relationship we’re talking about an investment, and there will be others.
Since most issues end up as a bad cash flow problem let’s check that out first. Audit your business as if you were auditing someone else’s plan. Actively try to find weak links in the chain, areas where you might be losing money.
One example could be a life coach. think of having a business where you are the main income source. I know this is considered being self-employed, but to a new business owner, it’s just that a business. Not everything has to be categorized sometimes is just self-talk.
Anyway back to our topic. Since this plan sells your time you only have eight hours a day (assuming you want to have a life). There for you have to make enough money from those eight hours. Taking advertising, rent and a secretary into account (just for example there will be more expenses). I have an article explaining how to price your services our focus here is a dead end.
You have to find the weak link and correct it, then try it out. And understand that this is just one income stream of income and if it’s not profitable you have to cut and run. There will always be more opportunities but holding on to a dying business plan will drag debt you don’t need. It’s never easy to change, it’s never easy to let go, but sometimes you have to.
I hope you found this post helpful, if so like it and share it with your friends. And while you’re at it, check out my ebook ‘level up your business’ a guide to starting your own business the right way.