Mindset

Know Your Why – 5 reasons it’s important in your business

Jennifer Lambden Mindset , , , 0 Comment

 

As entrepreneurs, we all have our own personal reasons for going down the route of self-employment and every one of us has a valid reason whether this is for a better work-life balance, more family time, an increase in income or some reason only known to you. These reasons are important and often along the way we forget why we chose this route. Here are five reasons why knowing your “why” is crucial in your business:

 

 

  1. Focus on Goals: Your “why” serves as the driving force behind your business goals. When you have a clear understanding of why you’re in business, whether it’s for financial freedom, making a positive impact, or pursuing a personal passion, you can align your goals with this purpose. This alignment helps you stay focused and committed, even when faced with challenges or setbacks.

 

  1. Clarity in Decision-Making: Knowing your “why” provides clarity in decision-making. When you understand the deeper purpose behind your actions, it becomes easier to make strategic choices that are in line with your goals and values. This clarity helps you prioritize tasks, allocate resources effectively, and make decisions that contribute to your long-term success.

 

  1. Passion and Motivation: Your “why” ignites your passion for your business. When you’re passionate about what you do, it becomes easier to inspire yourself and others. Passion is a powerful motivator that can drive you to overcome obstacles, work tirelessly, and continuously seek ways to improve and innovate.

 

  1. Resilience: Business inevitably comes with its share of challenges and setbacks. Knowing your “why” acts as a source of resilience. When you’re deeply connected to your purpose, you’re more likely to persevere through tough times and bounce back from failures. It gives you the strength to keep going, adapt to change, and learn from your experiences.

 

  1. Integrity: Your “why” helps you maintain integrity in your business. When your actions align with your values and purpose, you build trust with your customers, employees, and stakeholders. Integrity is essential for long-term success and a positive reputation in the business world.

 

Understanding your “why” requires introspection and self-awareness. It’s about uncovering your true motivations and values, which may evolve over time. Your “why” can also serve as a powerful tool for communication and marketing, as it allows you to connect with your audience on a deeper level by sharing the authentic story behind your business.

 

Ultimately, knowing your “why” not only guides your business decisions but also enriches your entrepreneurial journey by giving it meaning and purpose. It’s a driving force that keeps you inspired, resilient, and committed to your business goals.

 

What is your why?

7 Steps to Starting up

Jennifer Lambden Growth strategy , , , 0 Comment

Where do you start when you are looking to go self-employed?

I run workshops for those who are looking to start a business and recently I have been approached by several people regarding the steps to starting up so here they are! The below are the pre trading steps, the ones you need to get right BEFORE you can sell your goods or services

I started my company with £20, that was the total amount I had free to invest in my business idea. Looking back it was pure madness but I did it!

Below are the basics of what you need to do as the bare minimum when thinking of starting up:

  1. Identify WHAT you want to do, do you want to convert a hobby to a business? Do you have experience in the industry you want to set up in?
  2. Write a business plan detailing the service you want to provide. The business plan needs to have all of the necessary elements to enable others who read it to know EXACTLY what you do. There is a fine line between telling them what you do and giving them enough information to do it themselves however I’m a firm believer that there is something unique in every one of us that makes our business unique. I could try to replicate what you do but I wouldn’t succeed as I haven’t the same driving factor you have.
  3. Complete a personal survival budget spreadsheet so that you know exactly how much you need to survive per month for you and your family. The family expenses need to be covered before anything else.
  4. Complete a cash flow and sales forecast- you will need to have some idea on your pricing structure in order to complete this. You will need this though to enable you to see how much you could earn and how much you will need to continue to trade.
  5. Identify your start up costs, this will enable you to see if ‘realistically’ you can afford to start your company. Don’t go for the ‘flashy’ options. You can build your business on a budget, I did! You need functional rather than flashy at this stage. Don’t sign up to expert advice if it’s not free at this stage, if you don’t know what you are offering you cannot expect experts to know. No one knows your business the way you do. Include materials essential to your starting up however leave the ‘nice to haves’ until you have money
  6. If you need finance identify where you can obtain this from. If you are interested in a start up loan you will need the above documentation in order for them to know how much you want to borrow. If you already have funds that you can use be careful not to use them all at once. Stick to buying the basics until you are sure that you definitely want to start the business
  7. Talk to people about what you are doing, speak to friends and family and ask them to be honest with you. They will often give you the reality check. Take their feedback on board.

Without knowing these there is no point in starting up.

Are there any tips that you could offer those who are looking to start up in business?