If you have a small business that generates less than 100k in revenue and you’re trying to apply sophisticated techniques to your game plan imitating some bigger entities, you will most likely fail. The harsh truth is, that most of what you’ve been told to do is irrelevant for a business under 100k.
How many times have you heard the following?
You need a website.
Make sure you have a great accountant.
Post regularly on social media and run online ads for xyz amount.
By no means am I diminishing the importance of all the above, however, if you’re just starting out or operating a business under 100k, you’ll need to adhere to a different set of rules than somebody who’s trying to scale above the 500k or 1 million revenue threshold.
Before we get into the nuts and bolts of the under 100k in revenue reality, let’s agree on the following:
There is no secret code that applies to all business owners.
There is no blueprint that works across all types of industries, markets and countries that guarantees success.
Mistakes, failure and constant learning are part of the process.
Hands-On Tips for Small Businesses Operating Under the 100k Revenue Threshold
Here’s a quick checklist to help you throughout the journey:
1. Strengthen your mindset as a business owner.
The business is a direct reflection of your thinking patterns, belief systems, behaviors, habits and execution. If you lack self-esteem it will be shown in your actions and ultimately, your business results.
When you look at your business as a magnifying glass of your limiting beliefs and personal challenges, you can no longer blame outside factors for your stagnation. This is a powerful insight as it enables you to change your mindset and get back into controlling the game.
2. Make sales a top priority.
The word “sales” sends cold shivers down the spine of a lot of small business owners. This is where your mindset ties in. What very few business owners understand is the fact that sales is more of a mindset than a skills game.
You can no longer afford to wing it when it comes to sales. We live in a noisy and highly competitive world which requires a strong work and ultimately, sales ethic. As buyers become more sophisticated and less decisive, your credibility as a business owner gains importance.
Get all the training you need. Sharpen your sales skills on a daily basis. Do more of what works.
3. Reach out to the right people for help.
Put your ego aside and get help from people who complement your existing skill set. Make sure you onboard people who are aligned with your values, vision and purpose.
4. Fail fast, recover fast.
I often hear people avoid the words failure and mistakes on purpose, only to replace them with the term “learning”. Whatever you like to call it, it’s important to test new things out and if they don’t work, to quickly gather yourself together and head over to new challenges.
Obviously, it’s wise to learn from other business owners’ mistakes but don’t be fooled, there are certain areas where you’ll be challenged maximally and put to test. You can’t outsource all experiences. This is your adventure and a unique path that is reserved just for you.
Never Give Up
Running a successful business isn’t meant for everyone. If you hate the game, you better not get involved in it, no matter how fancy the words “entrepreneur”, “CEO” or “business owner” sound on a card or social media profile.
This is not about a shortcut to becoming an influencer or some kind of celebrity. Yes, you could join the game solely for making money and there’s nothing wrong with that approach. For those of you however, who want to make money while also doing something they’re passionate about, owning a small business has a totally different meaning.
Do not give up on your dreams. Let go of what’s not serving you. Tweak whatever is necessary. Embark on a new business venture if you need to, but never give up.