Did you know that it’s normal for businesses to experience hardships — even financial ones?
Look at Apple. They’re one of the most well-known brands today and they dominate the tech industry to the point that they’ve become a household name. I mean… we don’t even call non-Apple smartphones “smartphones” anymore. We call them iPhones.
But… In 1997, they were actually on the verge of bankruptcy.
Luckily, after a successful rebrand and some restructuring, Apple turned itself around to become one of the biggest and most successful companies in the world.
I’m telling you this because I want you to know whatever you are facing in your business right now, you have the power to turn it around. Just because this is your reality today, doesn’t mean it has to be your reality tomorrow. Life ebbs and flows, and so do our businesses.
Don’t give up just yet. As someone who’s been in your shoes, here are a few things you can do to push past this valley.
When business isn’t exactly booming, it’s completely normal to feel frustrated and hopeless. You’re watching all of your hard work go “nowhere.” You’re not making money and you still got bills to pay.
But if you want a comeback, you have no other choice but to change your mindset.
Push that inner critic to the side. You know…that voice that tells you that you aren’t good enough. Or successful enough. Or that encourages you to stop trying altogether because “what’s the point?”
It’s easy to let it consume you or spiral deeper into those negative thoughts. As a business owner who just so happens to have ADHD, I’ve had my fair share of that. But you’ve got to stop letting that voice talk so much.
Reframe your thoughts. Focus on what you’re thankful for and what you’re looking forward to. I know it’s easier said than done, but it does become habitual over time, and eventually you’ll get to where you need to be.
The not-so-sexy side of the business. But hey, money keeps the lights on, so you’ve got to pay it some mind.
Take a look at what’s coming in…and what’s going out. What are you spending your money on? Is it a necessary expense? You’d be surprised at how much you could do without. And if you’re fairly certain you could run your business without it…then it needs to go.
A season of rebuilding is not a season of spending. Save every dollar you can.
I don’t mean writing your tasks down on a to-do list or clearing off your desk and putting papers in pretty file folders (even though yes, I do that, and yes it does help thank you very much). I mean organizing your business structure.
Are your projects and ideas organized? Or are they just floating around in space waiting for you to get things organized to come back to earth and become an actual thing?
It’s easy to catch shiny object syndrome. But know that if you’re in the thick of it, you need to get focused on what’s moving things along and making money. That means anything that’s bringing you lead, selling courses, etc.
Stop wasting time on things that don’t matter. You have a business to run.
I’ll put the caveat here that if you find it difficult to manage your money — i.e. it burns a hole in your pocket — you should probably consider hiring someone, like an accountant or financial advisor, that can help you manage that.
We all have our strengths and needing help managing money is nothing to be ashamed of (hi…it’s the girl who used to be over $78K in credit card debt. You bet your ass I needed financial help).
That being said…businesses fail because they don’t have any money. It’s that simple. Without consistent cash flow, there’s no way to survive.
That’s why it’s so important that you take the time now — not next month or at the start of a new year — to sit down and understand where income is coming from and where it’s going in terms of paying for expenses.
A latte here and there adds up.
I’m not saying you shouldn’t treat yourself to Starbucks every once in a while like those “millionaires” soliciting their “secrets to becoming a millionaire” do on IG and TikTok (really dude, my $5 latte isn’t going to solve the economic troubles we’re all facing but thanks so much).
It’s just an easy example to show you that hey, little things add up. A $30 monthly subscription you don’t need here…one there…and it starts to pile up. An additional $250 a month? Yes please.
Listen, you’re in this thing for the long haul. But I get how it feels to be discouraged when things aren’t where you want them to be. My first digital product shop made $0. It took me a while to figure this thing out, and I’m still learning.
But now isn’t the time to go anywhere. It’s time to buckle up and get ready to play the long game.
If you’re curious to see how you can continue to grow sales in your online shop in the meantime, I really think this video will help.