Are You A Business Or A Hobby | Crush Wednesday Ep 55

 

We know everyone works super hard in their businesses. But have you created a mindset around a business or a hobby? There comes a point in everyone’s journey where they need to step up and treat their business – like a business. You might be better at this in some ares than in others. In this episode of Crush Wednesday Richard talks about the 6 pillars of business success… so that you can stop treating your business like a hobby and step up the game.

 

Pillar #1: Sales

Selling is a skill. Contrary to popular opinion, people are not born with the ability to sell. And just because you are a business owner doesn’t mean that you will immediately become good at sales. But the bottom line is – sales will not just happen. You need to make sure you invest in upskilling yourself in the area of sales, so that you can give people the opportunity to work with you!

 

Pillar #2: Finances & Accounts

First things first, let’s talk cashflow. If you can’t master your cashflow you will struggle in business no matter what size you are.  This is super practical. Start with a monthly projection of your recurring cash. Put it down on a piece of paper or an excel spreadsheet. Then track your monthly ongoing expenses. If you are in the red – then you need to negotiate some expenses (or get more clients).  Also make sure that you have a seperate account for your spending compared to the business and pay yourself (even a small amount) so that you are not muddying the waters.

 

Pillar #3: Marketing

Firstly, you need to get clear on your brand. If you don’t have a clear brand, not matter what offer you put out – you will struggle (want to get clear on your brand? Our Marketing Essential course is perfect for you). Once you’ve got a clear brand, work on your offer and the system of generating consistent leads for your business – you have two options here you either pay in money or time. If you have time but not money – then you need to generate leads organically. If you have money then you can speed up the process a little and use a platforms like Facebook.

 

Pillar #4: Yourself

If you want to survive in business without burning out then you are going to need to set time aside for yourself, your family – doing something that you love. It’s tempting to squeeze every bit of your week – but in the end you will quickly realise this doesn’t work. Put together a non-negotiable list. Maybe this looks like finishing at 2pm so you can pick up the kids. Or having a morning each week where you don’t work, or not working on Sundays. Whatever it is, set that time aside and make it a non-negotiable.

 

Pillar #5: Service Delivery

If you are not good at what you do – it doesn’t matter how good your marketing is. But when you are the TOP at what you do – it’s actually much easier to get clients. Be sure to invest in your technical skills. Go to conferences, do courses – always be upskilling yourself.

 

Pillar #6: Team

Not everyone has a team. But when you start to build a team you need to understand how to replicate yourself. Setting expectations is the best way to do this. What are your expectations for dealing with clients, getting back to emails, being at sessions at a certain time – all those things you take for granted, you need to set for your team. The other way to build your team is having regular rituals that you do with them. Here at COM we have a weekly wrap up where we do a round of wins for the week, acknowledging someone in the team you are grateful for and then nominating someone for top performer of the week.

 

Go back through the 6 pillars and rate yourself on a scale of 1 to 10 (1 being terrible, 10 being wonderful). Then start to work through each of these pillars and create a mindset of being a business (& not a hobby).