As a small business owner, Ed and I can feel a lot of weight on our shoulders. I mean really, it’s all up to us to really push our business to grow. We are our own bosses and while that seems like it would be amazing to most people working from 9 to 5, it can be a daunting task. Think of everything your boss enforces, all the decisions he or she makes, and all of the pressure that rides solely on them… we experience all of that… and not to mention the actual work of the job. Being a small business owner isn’t easy. In fact, I would venture to say that in a lot of ways, it’s a lot harder than working under someone.
The more I work for myself and grow our business, the more I realize just how vital the “Business” part is. You either have to LOVE it or pay someone else to do a really great job taking care of it. You can’t just be a photographer and be successful… it’s really not possible. You have to be business minded. If you’re in a season where you’re struggling in your business, I think it would be a great time to step back, analyze the areas where you’re failing and then hire someone to help you get back on track.
Working with our CPA and making some pretty major changes to our business definitely has made some advantages. Sometimes it takes spending some money to make some money! I want to be encouraging and challenging to those of you out there that aren’t where you want to be. You can get there. But you have to figure out if you’re a business person or if you’re just amazing at your craft. If you’re not a business person, that’s ok… here are some steps that helped us grow our business.
-Know that only about 40% of your income is actual income.
-Think of your time, profitability and scalability when coming up with new thoughts and ideas.
-Don’t feel bad charging for reimbursements or travel costs.
-We are always thinking of new ways to do things.
-We are conscious of areas of our business that are slowing us down and hindering profitability.
-We live off of our systems and budgets
-We have a sense of urgency about our business.
-We are constantly aware of our bank accounts and everything that is coming in and out.
-We track our financial progress throughout the year and compare to prior years.
If you went through that list and just kept saying “Nope, that’s not me…. neither is that… etc”… maybe its time you consider hiring some help. Sure, it’s an investment, but its an investment that will add integrity to your business and help you succeed. Here are some services to look into:
-Outsource the work that you don’t have to.
-Hiring a hands-on CPA for ALL tax related items in your business.
-Get Educated: Coaching, online resources, business books, podcasts, etc. Learn more about areas that you’re not so sure about.
Someone once told me that if I didn’t start outsourcing work, my business would be stagnant… That one piece of advice was a game changer for me. So if you’re your own boss and some of these topics are hitting close to home, it could be time to sit down and figure out your next step. Instead of struggling with the business side of things, hand that over to someone who enjoys it so that you can do more of what you LOVE. 🙂
