12 Micro Business Tips To Help You in 2024
In the run up to Christmas, I shared 12 top business tips on my social channels, I am sharing them again here and adding a few more , so that you can move forth with confidence in your business in 2024, and hit the ground running with planning and goal setting.
Already stopped work for Christmas? Just pop back here in the new year and if you need a little reminder from time to time, they won’t be going anywhere.
Have a great time wherever you are and wishing you a love filled Christmas and prosperous 2024.
1. Create a thorough business plan (including financial forecasting)
It’s so so important to create some form of business plan (and even more so creating time for thinking about your plans), this can be as simple as a calendar of the year where you start by thinking about where you want to be in 12 months from now, and the goals and objectives you need to reach each month to make that happen, or it can be a traditional 20 page document - whatever works best for you.
2. Accept that you won’t earn as much as you did employment at the beginning
Launching a business and generating large profits can take time - it’s a long game. You probably won’t match your previous salary immediately and it’s important to accept this while you’re laying the solid foundation of your business. Knowing the minimum you need to earn to get by, is a GREAT figure to aim for in the early stages of business.
3. Set your boundaries and stick to them
Boundaries between work and home life can be difficult to maintain, when you ARE your business. Even in employment it’s easy to fall into the trap of overworking and blurring the lines, so for your own sanity, and to maintain a healthy work-life balance…it’s so, so important to set working hours for yourself and communicate them to your clients and team and make sure you reinforce them.
4. Create meaningful and valuable connections
Getting to know those within your industry/sector and community, and purposely building rapport with your contacts is really important. Finding common ground with other business owners and sharing your challenges will help you realise you’re not so alone on this journey - this is why I started Hive Collective and continue to Hive Meets events for businesses in East London.
5. Take Action
Take action by creating and following specific objectives towards your big goals. What do you have to do to hit your financial targets? How can you break these down into smaller steps? What can you do to ensure you follow these steps? Working with a coach or an accountability partner can really help with any struggles you may face.
6. Set your working hours and value your time
This ties in with point three, no matter how many times you set a boundary or reinforce them, things can happen that throw you off kilter. When you value your own time this is less likely to happen. If something does runover and you have other commitments, be confident enough to excuse yourself and leave and never apologise!
7. Be consistent with your online presence
Having a strong digital and consistent presence on your website, Google, video and social media, will have a huge impact on your success. The best place to start is creating consistency by showing up across your chosen platforms regularly, keeping the same look and feel across everything including your tone and the way you engage with your audience.
8. Don’t get hung up on number of followers & vanity likes
You may be thinking what... surely that’s important? You’re right, followers are important, but not the number of them, or the number of likes. The number doesn’t equal the quality, or the money you’re making from marketing. You could have 30,000 followers but if they’re not converting, then it’s likely you’ve reached the wrong audience.
9. The power Of partnerships
Business can be lonely, especially if you’re the only person running one in your circle of friends, so getting out there and working with other business owners, whether it’s online or face to face, through networking groups, can bring so many incredible opportunities your way, including great partnerships and increasing your audiences and client base.
10. Don’t be afraid to ask for help
This one is probably something the majority of us struggle with, it’s hard enough at the best of times, however it’s best to let go of our fear surrounding asking for help, especially at the very beginning of running your business - there’s only so much one person can do. Also certain tasks like web design or CRM may not be your forte so getting support will really help you in the long run and allow you to play to your strengths where possible.
11. Invest in Outsourcing
Unless you’ve been running a business for a while, you may not know that outsourcing is one of the most cost-effective ways to get support, not just to get the job done, but to run your business in a different way. You can work with an individual or an entire team and outsource pretty much anything - including child care and the cleaning! It truly is a game changer and you also get to meet some incredibly talented people.
12. Use the Power of Visualisation
I highly recommend using the power of visualisation to keep you connected to what success looks like for you and your goals. This will help you stay motivated and help you through any confidence wobbles. All you need to do is imagine how you want your business to look in full bloom and really imagine it. How do you feel? What are people saying to you? Who else is working with you? How have you grown?
I promise this works and ALL professional sports stars use visualisation!
BONUS TIPS:
1. Invest in insurance
Investing in insurance early on ensures you are covered against any claims made by clients for financial loss or reputational damage. A policy typically covers the legal cost to defend the claim. It’s also worth considering public liability insurance too, especially if you run any in person events or work at client sites. Although it’s not as common as you might think, it’s always better to be safe than sorry.
2. Push yourself in ways you haven’t before
A key part of running a business is pushing yourself to try new things, and step into a new confidence, breaking down the barriers of fear that come with stepping out of your comfort zone - it will have a positive impact on both you and your business - push through. You won’t regret it.
3. And finally, connect to your why
Why do you do what you do? Why are you passionate about it? What energises you when you speak about it. When you work from your why, your fire will be difficult to dim and you will stand confident in your decisions, with so much motivation. Connecting to your why is a great way to bring yourself back when you feel deflated and confidence is waning.
These tips have been incredibly useful for both myself, and my business coaching clients who I have worked with since I started business coaching in 2018. I have been lucky enough to see may businesses flourish and grow with so much confidence it really has been beautiful to watch and be a part of.
I hope you find these tips just as helpful as you move into the new year, and get every bit of success you deserve!
If you’re looking for 1-1 support in the New Year, whether you’re starting a business, growing a business - do get in touch - I am lucky enough to be able to offer business support for FREE to those who live or work within Waltham Forest.
Let’s kick 2024 off with a bang! Happy New Year!