Ten essential tips for self employed business owners in 2022

by | Dec 3, 2021

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 are 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! It’s vital that you know yourself and the role 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 proofreaders… 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 need some support with.

2. Find your tribe – they are essential

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 to others saves us time and money in the long run and frees you up to do the bits you love and are MINT at.  Our tribe is critical to our success.

3. Understand your money – properly

Money. Money. Money. One of the most challenging elements for the self-employed is getting to grips with our 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 do your thing, sell your products and people pay you. You spend money to make sure you have products or services to sell. You PAY YOURSELF and pay out against all the other costs.

What’s left is profit and 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 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’ seems to be 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.

6. You are a salesperson, you just don’t know it!

You’re a small business owner, your passion can help sell your products and services. Let’s imagine you’re at a networking event and someone asks you what you do – and you tell them – that conversation is marketing. If someone asks what you can do for them, you’ve moved that person closer to a sale. They become a ‘lead’. At this point, you are working with them to get them closer to choosing you – that’s part of sales. If you sell products and someone visits your website over and again or comes into your shop multiple times, you work with that person to convince them to buy.

We often don’t see ourselves as “sales people” but we are. We just don’t know it!

And remember if you have made one sale, ever, you CAN sell!

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 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.

8. You can’t know everything and do everything – that’s why you need MINT

OK a bit of self-promotion here, but we wouldn’t be practising what we’re preaching if we didn’t market ourselves and give you the opportunity to join The Club.

MINT, for so many of our members, is the tribe, the team, the network. Yes we deliver training, yes we host networking events, yes we keep you accountable to your goals… but more than that, our members are for you what you can be for them. They become your confidant, your marketing assistant, your web developer, your HR adviser, your accountant and your business friends who get it … 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 often the only option. Have you ever considered yourself to be unemployable? Or 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 perhaps, like us, 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. Often when our members first join The Club, they can’t vocalise their ambitions and their dreams. But the community helps to unlock these ambitions, to write them down and stay accountable to them. We’ve had the absolute pleasure of watching our members grow personally, to expand from their bedrooms and dining room tables to premises, to outsourcing, to employing their own teams!  Yes – it can and does happen… but it all starts with YOU!

Let us help you with this journey. It’s what we do best. Our MINT year planner and training that supports it, will walk you through the tips in this blog post and give you a place to write it all down.

Read this blog next, about why planning and reflecting is so important, and get your copy ordered NOW because there are just a few left!

We’ll see you on the other side of your dreams!