Here are some strategies to follow if you want to get your business beyond that three-year mark.
Updated: Oct 1, 2022
As I mentioned in our last blog, it takes support to make it past the three-year mark in your new business. Only 1 out of 5 businesses survive the first three years. Once a business hits its three-year mark, however, the chances of it succeeding dramatically increase.
You have to be all in. If you want your business to grow and prosper, then it cannot be a hobby; it needs to be a committed relationship, and you have to have the tools to support growing it.
Know your numbers and make a plan:
It is great to say, "I want to sell this and make that", but there is so much more to consider than broad ideas. In the first year, do as much of your own work as possible. Why? Because it saves money. It also affords you the opportunity to know your business inside and out. Ask good questions: Do you know how much your business costs to operate monthly? How many clients/customers do you need to make your monthly operating budget? Can you handle that many clients/customers on your own?
Know your limits:
How many clients do you need and can you handle as a solopreneur? Make sure you give your 10th client the same quality of service you give your first. Consistent quality of products and services is key to repeat customers and ongoing clients. Your product or service should add value and benefit to the consumer. A focus on improving and maintaining the highest level of quality and service will insure your customers are happy to keep you in business.
Know your boundaries:
Burnout is a very real thing when building a new business. You need to learn how to run a business with firm boundaries, built in time for recharging, and stick to them. Your business will be okay and maybe even better off if you take a morning off or dip out for a weekend.
Know your resources:
This is the most important piece of advice we have to offer! Build a support system sooner rather than later. You need a consultant to ask questions, mentors to give advice, a sounding board for big ideas. Make "Help" a line item in your budget. Your friends and family mean well, but they are not your business team! You will not survive the first three years without these resources. I have never seen an entrepreneur last without a solid team.
Here's our shameless plug. We are all those resources in one place. Helping small businesses build a team is our specialty! But even if you don't hire us, please hire someone!
NBPS is your one-stop shop for the growing small business owner's needs. When your business has reached the point in its life cycle where you are the bottleneck, you know it's time to hire about a dozen different roles that need to be done. However, you don't have the full-time income to support those new hires...yet.
This is where NBPS makes you shine with an entire team who fill roles of bookkeeper, executive assistant, IT manager, business development manager, social media and marketing manager, executive coach, strategic planner, graphic designer, grant writer, event planner, and more! We offer entire back-office support with full-time access for part-time wages. You only pay for the hours you use.
We give you back your time so you can focus on your zone of genius and the reasons you got into business in the first place.
Do you remember your "Why?"