Wow… 2022 is already flying by. And if you’re self-employed it’s a good time to reflect own what you want to achieve this year.
So, here are our SIX essential tips for self-employed business owners in 2022. We call these our six pillars of MINT – the essentials you need to get right so you can smash your goals and run tour dream business.
1. Think about you and your role
It’s vital that you know yourself and the role you play in your own business. Even if it’s just you, ask yourself “can I really do this on my own?”. The short answer is you can’t do everything – we’re not all accountants, or administrators, or web designers, or proofreaders… we do what we do, and we love what we do.
Decide what YOU bring to your own business.
2. Find your support network
Once you are comfortable with the role you play in your business and you’ve filtered out all of the things you’re not good at, 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. Don’t think about this as a cost.
Outsourcing what you don’t do and free up time to do the bits you’re good at.
3. Understand money
One of the most challenging aspects for the self-employed is getting to grips with money. Between budgets, turnover, profit, loss, tax, dividends, salaries, depreciation… there are so many terms that can confuse us. Keeping it simple, we need to understand the money we bring in (sales), and the money we spend (expenses). Tracking our sales income and our expenditure is where we start. And knowing our TRUE costs is essential. You make money, you spend money, you pay yourself… and what’s left is profit and you get taxed on profit.
If there’s nothing left, go back to the start of the last sentence and work out what bit you need to change.
4. Marketing is essential but you can get help
We have to raise the profile of our business. People have to know it exists in order to make a decision to buy from us. Whether you have to lead on your marketing or can get some help with it, marketing is THE essential process that every business needs. And if it’s not your bag, there are people who can support you. Remember, marketing is communication. Marketing is making people aware. Marketing is conversations, whether it be in person, at events, via digital platforms or the most MINT marketing of all – Word Of Mouth.
However it happens, it has to happen.
5. Without sales there’s no business
‘Sales’ is another scary word but let’s simplify it. Once you have talked about your business and your marketing is being done consistently, people have the chance to buy from you. Marketing leads to a sale. Conversation leads to sales. A sale is when the money actually hits your bank account. There is a process that we all follow to bring someone along our journey and invite them to spend with us. But if no money lands in the bank, there’s no business. Marketing isn’t sales or vice versa, but a sale always comes from marketing.
You are your own sales person and you CAN sell!
6. Grow your business at your own speed – it’s NOT all about six or seven figures
If you want to run a million-pound business – aim high, 7 figures here you come! But with the average salary in the UK in 2021 at £25,971, maybe that is your aim – to have a revenue stream that supports a salary – then we don’t need to be a millionaire! Whether you want to sell enough to have a 5,6 or 7 figure business (£10,000+, £100,000+ or £1,000,000+) it is your choice. Work out what you need for yourself and what you need to sell (understanding all your costs) and aim for that.
There’s nothing wrong with “just” earning a living.
Read this blog next, about why planning and reflecting is so important.
If you’re interested in finding out more about how MINT Business Club helps the self employed get the most out of their businesses, head over to our free Facebook Group here.