Small business owners are constantly on an entrepreneurial roller coaster. When any new business is starting out, they go through a phase that we call “the hustle”. This is where you are doing everything you can to get your brand and your name out there, working crazy hours each week, working tirelessly to establish brand recognition, and selling. This phase can burn you out quickly, but we have some tips for ways that you can enjoy the upswings of the roller coaster and the hustle.
Establish clear core brand values.
Seriously sit down and consider why you started your business. What are the core values of your company? Write them down, print them out, frame them, whatever works to keep these values front of mind. If you are facing tough decisions, which is inevitable for every small business owner, having solid core brand values will help you make the right decisions and stay true to your vision.
This could be 1 year, 3 year, or 5 year goals, but dream BIG! One big part of setting goals is having a strong grasp on your finances, especially margins and profits and losses. Once you know how much you make from each sale you can calculate realistic financial sales goals. You can also set goals that are not finance based such as being a part of an event in your community or learning new tools of the trade.
Celebrate every win!
Once you have your goals established, celebrate every time you reach one of them. Even if it is just a step in the right direction, take the time to acknowledge that you are on your way to your definition of success.
Establish a relationship with a mentor or coach.
As a small business owner, you have your hand in every aspect of your business. It can sometimes be difficult to look at aspects of your business objectively. As a result, it is helpful to get an outside perspective and have someone to bounce ideas off of from time to time as well as help guide you through some of the challenges.
Familiarize yourself with your competition.
It is almost guaranteed that there will be competition when starting a new business. This is especially true in the extremely competitive apparel industry. It is a good idea to recognize your competition, research their unique perspective or products, and know exactly what they do. In turn, this will help you define your specific niche in the marketplace.
Overall, remember to stay focused, be true to your brand, and enjoy the hustle!
Are there any tips you would share with other small business owners on how to enjoy their start up, hustle phase? Comment below and let us know!