Mistakes. Everyone makes them — some willing to admit more than others, but there’s no doubt we have all been there.
When it comes to starting and running your own business, mistakes are a part of the journey. If any business owner told you they knew what they were doing from day one, they’re lying to you. There are always bumps in the road which allow you to grow and learn, and everything you learn makes your business what it is today.
With that said, I’d like to point out 3 mistakes that you (probably) have or are currently making in your business today. Additionally, I’ll give you some tips on how to change that moving forward.
Mistake #1: You’re undervaluing your product or service
When you’re running your own business, and just starting out, it’s very difficult to know what to charge for your product or service. This requires a process of testing over time, and more than likely can take quite a while.
The worst thing you’ll want to do is undervalue yourself for too long. Starting out you really don’t know what that number is, so starting lower is completely reasonable — however don’t sit at that number for too long. You could essentially be leaving money on the table that’s deservedly yours.
Solution #1: Raise your prices every 6 months to start out, and then eventually once a year. When you have reached a point with your pricing where 1) you’re comfortable with it, 2) you’re profitable, and 3) you’re competitive, you are probably at a good number.
I’ve always been told that if nobody questions your pricing, then raise it — however, if you’ve gotten pushback more than a few times, then you might be too high. Not sure how to tell your clients you’re raising your rates? Snag a price increase letter sample here.
Mistake #2: You have no goals
Setting goals in your business is vital to your success. Without business goals, you are essentially just aimlessly doing business with no real purpose.
We all have bills to pay, some of us employees, and even families to feed and support. Because of this, it’s important to set goals for your income at the end of the day. Setting goals for your income can keep you in check with where you’re at and where you need to be.
Not only are goals meant for income, but you could also set goals for certain business tasks you’ve been wanting to execute. For example, you could say by December I want to run 5 ad campaigns on Facebook. Or, within 30 days I want to gain 3 more ongoing clients.
Creating theses goals keeps you on track with always improving yourself and your business overall.
Solution #2: Don’t get too optimistic with your goals — make them achievable, so that you know they’re within reach. Mixing in goals of both short- (30 days or less) and long- (3-12 months) term lengths is important because I’m a strong believer that when you reach a goal, your drive and determination grows. So hitting those short-term goals along the way can keep you focused for the bigger goal down the road.
Mistake #3: You’re playing it safe
Often times you could find yourself going through the motions on a daily basis. Nothing is changing, you take on the same work that comes with each day, and call it good.
If this describes your routine — you need to change it. By just playing it safe and not striving for more, your limiting your business, and by limiting your business you’re doing the same to your income.
You know you have more to give, so don’t stop short and settle into your comfort zone. Shoot higher than the average Joe, and give your business the attention it deserves. You didn’t work so hard to get here to only plateau at a certain point.
Solution #3: Create a new routine for yourself so you can get out of the rut you’re in. Set aside time each week to dedicate to working on your business. Try something new each month — like going to a networking lunch. Try stepping outside your box and do something different.
Albert Einstein once said, “The definition of insanity is doing the same thing over and over again, but expecting different results.” So don’t expect your business to grow by going through the motions.
So, are you ready to make some changes?
We hope this helps you realize some pain points in your business and gets you going in the right direction. Remember to keep working hard, don’t undervalue yourself, make attainable goals, and don’t get comfortable.