Businesses

Investing

One of the best things you can do as a business owner once you have begun to make a profit is investing your funds into other businesses alongside your own. You won’t be investing into your own business or more importantly competitors of your main business, but rather businesses outside of your market and city that you wouldn’t have to worry about competing with in the future.

I have done this many time, especially when I have had communication with the business owner in question. One of the businesses I had invested in was a hydraulic repairs Gregory Hills company that were very specialised in the repairs that they do and offer a great service in terms of the cost-effectiveness of the pricing but speed of the service too.

Because they were so good, it made sense for me to invest into them separately for my own business as a way for me to spread the risk and liability of my own business. This became a strategy that I began to follow in the future. The more you can mitigate a loss of profits or risk in the future, the better you’ll be when it comes to any potential business dangers. Business dangers are important to avoid because there is only so much you can do to protect yourself from outside factors.

The more you can invest into other businesses, the less you have to rely on your own business for success and failure. If the worst ever happens and your business either slows down in terms of profits or closes, you will still have a percentage in businesses that are still open and profitable. This is a great way to make sure that you are always turning a passive income too, which is an avenue many cannot do themselves.

Lack of customers

This hits every business that isn’t a giant corporation at some point, and it’s something that cannot be avoided in the first year or two of your business. If you do not have enough of a reputation with the average person that you can gain traction through word of mouth, and if you do not have a large enough network or contact list where you can advertise your services, then there are a few things you could do to focus on the long term.

The most important thing that you could do for your long-term success is digital marketing. Google has essentially become the strongest tool for advertising any business can take advantage of, and strangely enough, the smaller your company and market the easier it would be to rank in Google due to your competition being illiterate regarding digital marketing.

That is why it will be better to invest into the long term as quickly as you can. The faster you make yourself the strongest business in the area with Google, the longer you will be reaping massive benefits to your business. And if you can learn how Google works better, then the faster it could happen for you. It’s so important in the digital world to focus on digital marketing, and if you can take advantage of it then you should.

Make sure that you learn as much as you can about digital marketing because Google isn’t the only way to bring clients in. There is always paid advert services such as Facebook or Instagram if they can work for you, and it will provide you with a new avenue to advertise your business using video rather than just text.

If you really want to advertise your business, make sure that you take every avenue possible, otherwise you will be losing business you didn’t know you could have.

Debt

Debt can be one of the biggest things you can overcome as a business owner, especially if the amount of debt you are in is considerably high. This only gets worse depending on how long you have been in business, because the more profitable you are or the more affordable you are, then the more manageable the debt is.

Debt is the hardest to overcome when you are first starting, but when you are first starting it is the most common to see yourself in debt to begin with. There are many business owners who take out a significant amount of loans while finding ways to finance their business, to the point the overall debt owed is significant. When you are first starting and your business is not very profitable, that debt starts to seem more like a mountain than it does money.

Some business owners also get into business while they are already under quite significant personal debt, and this will only amplify things. When you are in personal debt, it will make it much harder to take out a business loan to begin with. This once again will make it even harder, because any significant loans that you will be able to take out will only have significant interest rates attached to it. This makes your debt potential hit a ceiling that you may not overcome.

That is why it is important to limit your debt as quickly as possible. If you take a loan out, don’t consider doing so until you know that even with the loan repayments added on, you will still make a profit rather than just break even. Affordability is significant in this case, and unless you can be sure that you will always turn even a penny of a profit, you will never be in a position where you cannot pay any debt that you owe monthly back.

My first profit

As a business, my first profit came from a referral of a friend. My friend happened to know a mutual friend who needed some work to be completed for them and recommended me out of his own initiative as a friend. I have always appreciated that because while he didn’t have to, the first person he thought of recommending was me. This meant he had some faith in my abilities and skills in my professional career that he would recommend me to a friend with the possibility of something going wrong.

Luckily for him and obviously for me, the project that he wanted me to work on went very well. I obviously did not doubt my own abilities, and I knew that it would be a success. But strangely, it’s different when it comes to completing work through a referral. There is a strange pressure that is added onto the project because you don’t want to let down the person who referred you either.

So even when you do have full faith and confidence in yourself, there is always a risk that you let someone down, including the customer. However, I made sure that the project I was working on would be a success as I wanted to make sure that if I completed this job well, then there will be more referrals to come and I could pay back the trust that my friend showed in me.

Make sure that you always look through your own network and contacts for referrals. You would be surprised how many friends or mutual friends will need a service completed or knows someone who also needs a service or product. Making sure that you can spread through word of mouth in the initial stages of your career is so important now. Especially with the rise in Google.

7 Big Wins

7 Big Wins is a small blog about me. I am a business owner that had struggled for a few years to get their business off the ground, but after a few personal and professional successes, I slowly began to see wins that increased my business completely.

I think as a business owner, it’s important to spread and share these wins with other potential business owners so they know what they should look out for in the future, but also to give them hope to know that even when it seems like it is all over, there is always a way. I have been there myself, thinking that my business was over and that there was no hope to bring it back to life. But if you continue working, there is always a way.

As a business owner, it’s important to always have either a mentor or an example. Either are good because they will be able to keep you guided through the more difficult times of your professional career. If you have ever owned your own business, you know exactly what I mean when I say that it can be difficult to keep yourself optimistic, positive and most of all, motivated during the hardest times.

That is why especially for new business owners, it’s important to know that someone has been in the same position they currently are, and they can have a few examples as to how others have gotten themselves out of the same situation. Without guidance or support, when you are in times of extreme hardship such as debt or a sudden mass loss of inventory, any advice is appreciated and necessary. So, I want this blog to become one of the cornerstones new and potential business owners decide to look to when they need any advice about their business.