113: Journey To A Profitable Business Whether You Are Starting A Business Or Side Hustle

113: Journey To A Profitable Business Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed

To have a successful and profitable business, you’ll need to make sure your journey includes having a solid foundation for your business. This foundation is much more than just having an amazing idea for your business; it’s broken down into sections that are important to make sure you are mastering each of them so that you don’t have one area of your business that you are not strong in which could lead your business to struggle or even possibly fail. In today’s podcast episode, I’m walking you through the foundations I work with my clients on. Taking the time to really understand your strengths and weaknesses will help ensure you are building a solid foundation for your business. You’ll know exactly where you need additional help so that your business can flourish throughout the journey from startup through your growth stages. Your ultimate vision and goals for your business are obtainable when you really focus on the journey. Knowing exactly what you need to do and where you need to go so that your journey leads you to create a profitable business will take away much of the uncertainty and overwhelm you may be experiencing with your business right now. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, grab a notebook and find out if your business is sitting on a solid foundation and set up for success. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…

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Show Notes:

Welcome Back…I know that since you are here listening to this podcast, you want your business to be on a journey to become profitable and successful. You want to make sure you are building a solid foundation for your business, but you may be wondering if you are missing something important or if you’re not sure where you need to start getting help for your business. After all, there are only a few business owners with the skillset that allows them to handle everything that comes their way in their business. It’s important to understand what your strengths and weaknesses are when it comes to your business and the foundations you need to have in place so that you can be successful.

When I talk with most business owners, they tell me that the top issues that they have in their business are generating revenues, having enough time for everything in their business, the lack of skills needed to be a leader in their business, growing their business, and marketing their business. Can you relate to these problems as well? Maybe your business is having difficulty with cash flow, finding team members or employees, managing your workflows, or understanding your financial statements. I want you to know that you are not alone when it comes to these areas of business, but being aware of where you are struggling in your business and doing something about it will definitely put your business in a better place than those who are just ignoring the issues and hoping they will go away.

When you purposefully take the time to see where your business stands currently and make a plan for where you want your business to be in the future, you start seeing exactly what you need to do in your business. You have a plan. You have your exact next steps. You know what your journey looks like and how you can get your business to the successful and profitable business you thought was only a dream or a wish you never thought would come true. When you map out this journey, you know which areas you’ll be focusing on as well as when or if you’ll need to get additional team members. For each step in your journey, you’ll know what the impact will be on the future of your business. I know it can be hard to get started on this journey, but I want you to know that, just like anything else in life, the best time to get started is now. Don’t wait for that magical date in the future; take a small step and just get started. Most business owners have an all-or-nothing mentality. Many of us are perfectionists…I know I am, but when you take a small step forward, you will start building momentum, and when you do this, you’ll find it is much easier to keep moving forward, even if it is simply one small task and then another. All of these tasks will ultimately get you to your goal. You need to put in the work to see the results. No need to wait for the perfect time; you can start today with this podcast episode.

Let’s dig into some of the foundations you should consider for your business. I work with my clients on these all the time, whether we are working one-on-one or inside the Mastering Your Small Business Finances PROFIT LAB. When we get started, it seems overwhelming to them, but as we work together to take each foundation one by one and decide what needs to be done in each area, my clients really get clear on their next steps. I call these foundations the MASTER Foundations. They not only cover areas in your business but what you, as a business owner or leader, should be working on as well. The first is Mindset. This area really focuses on you as the business owner. Most businesses are run as a side hustle or a solopreneur, and if you don’t take care of yourself, what will be left for your business? You need to make sure you are working on things like self-care, mental health, fitness, leadership, personal growth, and your personal finances. Next, you know it, I am talking about Accounting. This includes having an understanding of your business finances, bookkeeping, taxes, money mindset, profitability, and pricing. Strategy is next. This area focuses on your goals, milestones, branding, consistency, accountability, planning, and your business roadmap. The strategy of your business is where you will find the journey or path that you want your business to follow to make sure you are reaching all of your business goals. Next, we dig into Technology. This includes systems and software your business uses, processes, your operations, prioritization, time management, and productivity. In this day and age, you need to embrace technology so that your processes and systems can run efficiently. The next area in the MASTER Foundations is Effective Services. This is where you need to focus on your product, offer, what you are selling, the demand for your services, how passionate you are about what you are selling, when you are ready to scale your business, the competitive advantage your business has and your belief in your product or services. Believe it or not, when you have one hundred percent belief in your product or services and the impact it will have on your customers, your chances of success increase dramatically. And lastly, we focus on Relationships. This includes relationships you have with your customers, your vendors, your employees or team members, your growth, marketing, creativity, customer service, your competition, and most importantly, your customer satisfaction.

As I mentioned these foundations, were you thinking abo