Covering your business costs? Great! But are you paying yourself too? If you’re not it’s time to question: what do I need to change or should I really be in business?
The truth is, not everyone is cut out to be in business. It’s tough. Once you’re past the set-up stage there’s planning, cashflow, ongoing costs, staffing, paying suppliers and maybe even rent – and that’s before you even think about profits.
But – maybe you shouldn’t give up. Maybe you just have your business priorities wrong.
Too many people don’t add ‘paying myself’ to their list of ongoing expenses. WHY! Isn’t that why you’re in business?
If you’re not in business to make a living or, even better, to make a profit you’re dabbling in a hobby, not a business. Same goes to those who ‘just want to cover costs’. Do these costs include your time? If not, again it’s a hobby you’re running.
Way too many small business owners don’t value their time. These are the small business owners who live hand-to-mouth and just get by, and you’ve got to admit, just getting by is no fun and not sustainable in the long-term.
If this sounds like it might apply to you – that’s ok. You CAN turn it around!
What you need is business planning, a review of your pricing, and to make sure you’re aiming your products and services at a segment of your market who’s willing to pay a decent price for what you offer.
Maybe you also need to rethink your products. Is what you’re offering not hitting the mark? Can you evolve your products and/or services so they’re bought more often, for a better price.
Sound like hard work? Then it’s time to ask an expert. There are low-cost mentoring services available in Geelong – including those offered by Small Business Smart Business. See our mentors or book a mentor online.
Don’t just ‘hang on’, be bold and plan for a better business future.