The right frame of mind is paramount to leading your business from strength to strength

Choosing to start your own business is a huge decision to make – and a brave one. Working for yourself gives you the freedom to follow your passion and do things your way, but it also brings with it a whole new level of responsibility and risk. So it’s perfectly normal to feel a little nervous when trying to get your business off the ground, but the important thing is not to let negative thoughts and feelings undermine your chances of success in your industry.

This is where your mindset comes in. Maintaining the right “growth mindset” is a part of giving your business everything you’ve got: being positive as well as realistic; thinking in the long-term as well as the short-term.

There can be many factors at play for a business that struggles to hit its goals – poor marketing, financial mismanagement, inefficient sales activities, etc. But with the right mindset these problems can often be overcome.

If you are having doubts about your ability to run your business effectively, here are three common issues that you might need to identify and work on.

 

“I’ll just do it all myself”
There are usually two reasons why entrepreneurs feel like they have to do everything themselves when it comes to their business operations: “No one can do things as well as me” and “I can’t afford to bring anyone else on board”.

However, neither of these are usually true. Everyone has their own skillset, and even if you know your business inside and out, you’re not going to be the best person for every job. You may possess a flair for design and marketing, but this doesn’t make you the best accountant for your business.

Bringing the right people on board, whether through outsourcing, internships, part-time vacancies or a full-time staff member, can actually save you money in the long run, helping your business get through jobs quicker and more effectively.

 

“I’ll just do this later”
Putting off the tasks you don’t enjoy is a sure-fire way to find yourself faced with a pile of unpleasant and complicated jobs at the end of the day. Every aspect of your business needs to carry equal importance for you, not just the ones you enjoy. This is particularly important when it comes to your finances.

Many small business owners make the mistake of ignoring their finances in the early days, deciding they’d rather wait until they’re making a significant profit before troubling themselves with such menial tasks. Many entrepreneurs even merge their business finances with their personal ones early on. This shows a problem with your mindset. You need to be thinking like a business owner from day one, which means not treating your business like a hobby.

 

“This is never going to work”
There’s no denying it: running your own business is hard work. A bit of fear can be a good motivator, but don’t let these nerves transform into negative thinking.

In the early days especially, you’re bound to have moments where you say, “I don’t know what I’m doing,” and feeling yourself panicking. However, simple mindset changes can make all the difference. Instead of thinking, “I don’t know what I’m doing,” why not tell yourself “I don’t know what I’m doing yet but I’m going to find out.” Plenty of other people run their own business successfully, so there’s no reason why you can’t figure it out with perseverance and hard work.

There are plenty of resources for new business owners, and you can always seek out help and advice from experts in the field so you don’t feel like you’re fighting alone.

 

If you want help turning your business dream into a reality, contact the team at TEDCO Business Support today. We’ve helped thousands of businesses find their feet and hit the ground running, so don’t delay. Get in touch by calling 0191 516 61 02 or email us at hello@tedco.org.

What we offer

TEDCO offers one-on-one support provided by a dedicated team of business advisors and a range of pre start seminars available to clients who are taking the first steps into self-employment. This could be looking at an initial idea and developing it further, looking at how to start a business plan, business competitors, business marketing.

Are you eligible?

If you are looking to start and grow a business we’d love to hear from you. Our friendly team of experienced Business Advisors are on hand to take your call to discuss the support available.

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