Wow… 2022 is literally a few weeks away. I don’t know about you but it only feels like a few months ago I was opening my 2021 MINT planner for the first time.
This time of year, we tend to reflect, and there will be plenty of time for that… so let’s “look to the future” as the popular Christmas hit says, and make 2022 as MINT as possible.
Here’s our ten essential tips for self employed business owners in 2022…
1. Know yourself
At MINT, we are passionate about “number one” in our six pillars of MINT. Number one is YOU! And it’s important that you know yourself and the roll you play in your business. Many MINT members are sole traders – but ask yourself “are we really on our own?”. We can’t do everything – we’re not all accountants, or administrators, or web designers, or proof readers… we do what we do and we love what we do – so our first challenge for you in 2022 is to decide what YOU bring to your own business… and, of course, what you don’t!
2. Fund your tribe – they are essential
You now know the role you play, and you’ve filtered out all of the things you’re not good at. Now you need to INVEST! We run small businesses. People pay us to do the things they can’t (or don’t want to) do themselves. So return the favour and pay others to do the things that just aren’t your bag. The people around us – call them your tribe or your network or your team – are critical to your success.
3. Understand your money – properly
If this is a job for one of your tribe – get them to understand your money – properly – and then explain it to you. Budgets, turnover, profit, loss, tax, dividends, salaries, depreciation…. so many terms that make money seem so complicated… but it’s not. Not really. You do what you do, people pay you. You spend money, you pay yourself, you pay your tribe. What’s left is profit. You get taxed on profit. If there’s nothing left, go back to the start of the sentence and work your way through it – do you need to work more? Charge more? Spend less??
4. Marketing is essential but you can get help
We have to market our businesses, but again think about whether this is your skill or focus. There are people who can help, whether it’s with social media content creation, posting, ads management or more than that.
5. Without sales there’s no business
Sales is another scary word – but simplify it. You do what you do, you need marketing to let people know who you are and what you do, and marketing leads to sales. Marketing isn’t sales or vice versa, but in a lot of ways you can’t have one without the other.
6. You are a sales person, you just don’t know it
You’re a small business owner, your passion alone sells your business. Let’s imagine you’re at a networking event and someone asks you what you do – and you tell them – that’s part of marketing. If someone asks what you can do for them – that’s part of sales. We’re not all “good sales people” and some of us aren’t brilliant at asking for the sale or handling objections – but there’s a sales person in you… we know it!
7. Grow your business at your own speed – it’s NOT all about 6 or 7 figures
If you want to run a million-pound business – aim high, 7 figures here you come. But the average salary in the UK in 2021 was £25,971 – so if working just enough to pay yourself a salary is your goal – then in theory those are one and the same. 5,6,7 figures…. it all comes back down to point 3 – understanding your financial targets and expenditure limits, and point 2 – knowing who you need to help you get there.
8. You can’t know everything and do everything – that’s why you need MINT
OK a bit of self-promotion here, but we would’t be practicing what we’re preaching if we didn’t market ourselves and try and sell what we do. MINT, for so many of our members, is the tribe, the team, the network. Yes we deliver training, yes we throw networking events… but more than that, our members are for you what you can be for them. Your marketing assistant, your web developer, your HR adviser, your accountant…. your absolute MINT team!
9. Self employment is the BEST employment
Self employment isn’t for everyone. But for those who choose to run their own businesses, it’s the only option. Do you ever think you’re unemployable? You don’t like to follow anyone else’s rules, live by someone else’s timetable and work harder and harder and harder for the same pay? Then you’re destined to be self employed.
10. You deserve the business of your dreams – you are brave and determined
MINT will help you realise your dreams. Many of our members don’t even know they have dreams until our intentions setting sessions, masterminding events and bootcamps unlock them. We’ve seen members join when running their business from their bedroom floor and go on to have premises and staff. Actual paid employees… after starting a business in their bedrooms!? Yes – it can happen… but it all starts with YOU!
Now go back to point 1 and start putting all of this down. The MINT year planner can help you put this all in writing. Read this blog next, about why planning and reflecting is so important, and get ordering your planner. We’ll see you on the other side of your dreams!