It’s no secret that being an entrepreneur can be challenging.
Especially in your first few years as an entrepreneur, you will likely experience highs and lows which is actually very normal for start-ups. However, while it might be normal, it can still be difficult when you’re navigating new territories and you’re figuring things out as you go along.
The ideal is to achieve an equilibrium, or at least a position where you feel equipped to take on both the good and the bad aspects of running a business. Being an entrepreneur is incredibly exciting, but you also need to be smart with the decisions you make so that when those low periods occur, you know how to work through them.
Here are a few tips for dealing with highs and lows as an entrepreneur and things you can do to maintain balance.
Know that highs and lows are okay!
The first thing is to know that highs and lows are okay! If you speak to any business owner, they’ll tell you that entrepreneurship is all a learning curve. There will be times when business is booming, and times when things are slow, but that’s all part of the journey. Learn from the lows and feel inspired by the highs, and hopefully that will translate to a smoother ride with your business.
Get support from an online coach
Support is one thing that a lot of entrepreneurs lack. It can be a lonely game especially if you are a solo entrepreneur, so having the support of an online coach can be very valuable. An online coach can help you to overcome hurdles, bring outside knowledge and a fresh perspective to help you grow, offer ideas and tips, provide accountability, and generally guide you in building your business and dealing with highs and lows as an entrepreneur. Online coaching is especially useful if you don’t have a lot of time, or you’re constantly on the move, or simply just want to chat online rather than in-person!
Be prepared for rainy days
The more prepared you are, the more equipped you’ll be to handle the challenges of entrepreneurship. Remember, the absence of cash flow is one of the biggest killers of small businesses. Be proactive from the beginning by getting your clients to pay a retainer fee or 50% of your fee up-front, so that you don’t have periods of no money coming in. Stay on top of late-paying clients, find ways to diversify your income and services, and use the resources available to you to grow your business in a sustainable and efficient way.
Looking for an online coach who can guide you in dealing with highs and lows as an entrepreneur? Reach out to me today to talk.