In this episode, we'll explore practical strategies to take your creative business to the next level in 2023. As we reach the mid-year mark, it's an opportune time to reflect, reassess, and make the next six months a true representation of your goals.
It's easy to get caught up in the day-to-day tasks and end up feeling like we haven't accomplished much. It's time to break free from this cycle.
We will cover three things you should start doing and three things you should stop doing. Instead of getting overwhelmed by trying to incorporate all six, focus on starting with two: one from each category.
Three Things To Start Doing:
- Find Your Enough Point: When starting a business, it's common to make sacrifices to gain customers' trust, often taking on orders that don't excite us or working long hours for minimal profit. It's crucial to define your "enough point" – the level of success that meets your financial needs without pushing you to exhaustion every month.
- SALESSSSS > Expenses (Goal)
- Sales > Expenses (Enough Point)
- Sales=Expenses (Breaking Even)
- No Sales < Expenses (Business is in the hole)
- No Sales/No Expenses
- Know Your Numbers: To make informed decisions throughout the year, it's essential to have a clear understanding of your business's financials. Don't wait until tax time to review your numbers. By tracking your sales, expenses, profit margins, and average order value regularly, you'll gain situational awareness and make smarter business choices.
- Set Boundaries & Establish Your Moral Compass: It's time to set clear boundaries within your business. Determine what you will and won't tolerate, both for yourself and your customers. Define your policies, such as response times, order deadlines, and social media guidelines. By doing so, you create a healthier work environment and ensure consistency in decision-making.
Three Things To Stop Doing:
- Obsessing Over Vanity Metrics: It's easy to get caught up in numbers that don't directly contribute to your bottom line. Focusing on likes, followers, or group member counts can be misleading. Instead, prioritize engagement, conversion rates, and meaningful connections with your audience.
- Stop Waiting for the "Perfect" Moment: Perfectionism can hold us back from taking action. Don't wait for ideal circumstances or the next benchmark before starting something. Embrace imperfections and start today. Waiting for the perfect time, caption, or equipment only delays your progress.
- Don't Try to Beat the Algorithm: Rather than getting caught up in algorithms and trying to outsmart social media platforms, focus on your audience. Listen to their needs, engage with them genuinely, and create content that resonates. By taking care of your customers, you'll naturally attract more engagement and build a loyal community.
As we move forward into the second half of 2023, remember that success in your creative business is within reach. By implementing these strategies – defining your "enough point," understanding your numbers, setting boundaries, and focusing on meaningful engagement – you'll create a solid foundation for growth and fulfillment.
I hope you found these strategies valuable for your creative journey.
- Find Your Enough Point: Determine the financial threshold that meets your needs without sacrificing your well-being. What is the amount that pays the bills?
- Know Your Numbers: Track your sales, expenses, and profit margins weekly to make informed business decisions. Record your data using a Seller’s Spreadsheet.
- Set Boundaries & Establish Your Moral Compass: Define your business policies and zero-tolerance items to create a healthier work environment. Incorporate them into your Shop’s Policies.
- Stop Obsessing Over Vanity Metrics: Focus on engagement, conversion rates, and meaningful connections with your audience instead of superficial numbers. Check your social media metrics once monthly versus daily.
- Start Today, Don't Wait for Perfect: Embrace imperfections and take action now without waiting for ideal circumstances. Start today on something you have been putting off.
- Don't Try to Beat the Algorithm: Focus on your audience's needs and create content that resonates, building genuine engagement and loyalty. Evaluate what works and what doesn’t with your audience.
Links mentioned in this episode
- Paper + Spark Seller’s Spreadsheet
- Turn Down The Hustle Private Facebook Community
- Product Drop Organizer
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