Running your own business is unlike any other experience. You’ll wear every hat, forget what a 9-5 schedule looks like and feel glued to your phone. You will chase down every lead, face every fear, build crazy confidence and even crazier faith. By pushing beyond your own boundaries, you’ll give new meaning to the term “anything is possible.” One of the things no one really prepares entrepreneurs for is the rhythm of business – the ups and downs. When you’re running your own business, your earnings are a direct reflection of the work you put in including how you manage any slumps in cash flow. Below are some of my favorite tips for making the most out of a slow season.
Reevaluate what you’re doing now
Is your website outdated? What about your social media marketing strategies? The right kind of marketing combined with a smooth seamless process generates audience engagement which, when leveraged properly leads to wealth. When you’re busy running your business, it can be a challenge to stay on top of these things. Take this time to review your processes, tools, website and social media strategies. Staying on top of these updates helps you to remain competitive and keeps your business growing and prospering.
Perfect your craft
You are great at what you do. That’s why you have paying clients and that’s why you have a business in the first place. Use your down time to perfect your craft. Attend a learning event to increase knowledge and stay on trend. If you’re a musician, pick up your instrument and play. If you’re a fitness expert, get in the gym. Work on the things that make up the core of your business. Don’t let your skills slip just because you’re in the middle of a slow season. Never settle. Never get comfortable.
Build your network
It can be a challenge to attend networking events and keep in touch with everyone when you’re busy with clients and speaking engagements. Use this time to build your network or catch up with people you haven’t seen or spoken with in a while. Reach out and set up a time to grab coffee or lunch. That lunch may turn into your next great project, opportunity or idea. Reach out. Make some new contacts. Reconnect with your existing network. You’ll be glad you did.
Did you know that the average millionaire has 7 sources of income? If you plan on becoming a successful business owner, all your income can’t be generated by active income alone. Use your down time to develop passive sources of income like items you can sell allowing you to make money in your sleep. Many coaches also sell books, athletes sell sneakers and chefs sell cookbooks. What can you sell outside of your services to generate income for your business? How can you step outside of your box to create opportunities for yourself?
A slow season doesn’t mean you slow down.
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