Five Times You May Feel Stuck and How To Get Yourself Out of A Rut

Five Times You May Feel Stuck and How To Get Yourself Out of A Rut

This topic hits home for me on so many levels.  As business owners and entrepreneurs, we can get stuck.  Ever feel like you are just in a rut? Ever ask yourself, what am I doing?  Why is it so hard to make the kind of money I deserve? Am I not good enough?  Stop right there. Here is the thing: You are good enough. But when you’re stuck in a rut, things just don’t seem like they are going your way.  So the good news is, you are not alone in thinking these things. Everyone who has been on the journey as an entrepreneur has had at least one of these thoughts, or variations of, running through their head.  How do we get stuck? More importantly, how do we get unstuck? Keep reading about my take on it below.

What it looks like when you are stuck and how to get unstuck

There are 5 main contributors to feeling stuck that are damaging to any entrepreneur.

  1. Comparing yourself to others.  There is a reason why most leaders read books instead of watching TV.  On TV the dream of wealth is shoveled down your throat at every given opportunity.  It is exhausting, to say the least, and damaging. Keeping up with Kardashians is not real life and is not indicative of where you should be in life…Unless you are willing to make a porno with an R&B singer, I suggest you do not compare your status to others.  The first step to getting unstuck may be simple but it is far from easy: Take a look at what you have and what you are grateful for right now. Be present in what makes you happy. And then work towards what is most important to you (and not what you think should be most important to you).
  2. You have negative thoughts. I’ve been guilty of this myself.  It’s easy to get down, and think negatively about your goals, your company, and your worth.  The problem becomes critical when those thoughts become the norm. If you’re an entrepreneur, no one is going to believe in your product or service more than you are.  Potential clients can see a mile away whether someone genuinely believes in their company and the value they provide. The first step to getting unstuck is to think about something positive that you did for a client or something else that helped your business.  Then celebrate that small win. Small wins lead to bigger wins. Who you want to become is all in how you handle negative thinking.
  3. You don’t take any action.  How can you achieve anything if you don’t try?  This also is in line with lacking confidence and believing in yourself.  Inaction is guaranteed to lead you to failure. The first step to getting unstuck is to take a tiny step forward.  Call the client that you have been meaning to call. Step out on faith and promote your product or service to someone with an active following.  Do not let the possibility of someone telling you “No” to prevent you from taking action.
  4. You lack resources.  “I would be successful if….” Should not be in your vocabulary as an entrepreneur or business owner.  If you lack resources. What’s the game plan to acquire what you need? The first step to getting unstuck is looking for organizations or potential partnerships whose knowledge you can leverage to reach your goals.
  5. Ignoring problems.  I understand being in financial services that personal and business finances can be intimidating.  But to ignore problems that can impact your business is a recipe for disaster. How can you proactively improve yourself and your business if there are gaping holes in your strategy?  The first step to getting unstuck is to identify any and all issues. If the issues are beyond your ability to correct, then work with someone who can help you fix the problems within your organization ASAP.  You cannot get to the finish line if you don’t know where to start.

Conclusion

9 times out of 10 we feel stuck because of something that is internal.  Something inside of us, like excuses or the fear of change, can cause us to block our own success.  The best thing to get unstuck no matter what the situation is, is to take some form of action. No matter how small the action is, the tiniest steps can eventually lead us to success.

If you are in a rut with your business finances, we’d love to help. Book a free consultation with one of our experts.

Veteran Wealth Partners © 2018 All Rights Reserved

Insurance Products Offered through M&O Marketing and Crump Life Insurance.

The information on this site is for information purposes only and is not intended to provide tax, legal or investment advice. You should not rely on any material contained in the website and/or reports and should consult a licensed professional or seek independent advice prior to making a decision. The information does not constitute a solicitation. The information provided herein may be displayed and printed for your personal, non-commercial use only. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone, without the express written consent of Veteran Wealth Partners.

Veteran Wealth Partners, its affiliated companies, and their representatives do not give legal, tax, or Social Security advice. Producers and their clients are encouraged to consult a tax advisor, attorney, or the Social Security Administration via their local office or online at www.ssa.gov

Veteran Wealth Partners All Rights Reserved 2018

A Veteran Owned Business

Site designed by TC Creatives

The One Fear You Shouldn’t Be Fooled By As A Business Owner.

The One Fear You Shouldn’t Be Fooled By As A Business Owner.

Whether you are a startup or an established business owner, fears are completely natural.  Out of all of the fears we face as business owners and entrepreneurs, fear of failure should not be one of them.

My favorite quote is “There is no failure only feedback”.  No other statement has ever been more true. Think of failure as “failing forward”.  When we change our perspective of the word failure and can become a very powerful tool in our toolbox to succeed in business.  It’s powerful for these 3 reasons:

  1. It makes us look at the situation from another angle.

When a failure occurs, it’s extremely important to drill down to what I call the five layers of why.  My first job after the military was a systems engineer for the environmental control systems division of a major corporation.  FYI – environmental control systems is just a really fancy term for Air Conditioners and Central Heating on aircrafts. If a test a failed, we applied six sigma principles (six sigma is a disciplined, data-driven approach and methodology for eliminating defects) to drill down to the root cause of the failure.  You don’t need to be six sigma qualified to understand failure, but I learned that by asking yourself why until you can’t come up with additional reasons as to why a failure occurred will lead you to the root cause of the issue.

  1. It makes us consider alternative solutions

After discovering the “why” of the failure the action of considering alternative solutions is how we proactively move forward.  Recognizing the “why” something failed and planning on how to avoid failing that way in the future, is critical to how successful your business endeavors will be.  Alternative solutions also uncover what the market really desires. Whether or not you are a service based, product based or nonprofit entity, it’s extremely important to consider how to move forward from a particular failure and use it to identify what problem the market is experiencing and what type of solution you have that will solve it in a meaningful way.

  1. It helps us redefine the end goal.

Failure is also key to redefining what our true goals are for the business.  It helps us further define what our mission is in undertaking a business. Is it to enrich people’s lives?  Is it to provide a simpler, smarter, faster solution to an age old problem? These are questions we should be asking ourselves in addition to the lifestyle we would like the business to afford.

Conclusion:

Embrace failure.  It only makes you and your business stronger because it forces you to really understand your markets’ needs, how you can serve your market better, and define what is your ultimate goal is in serving others.

Veteran Wealth Partners © 2018 All Rights Reserved

Insurance Products Offered through M&O Marketing and Crump Life Insurance.

The information on this site is for information purposes only and is not intended to provide tax, legal or investment advice. You should not rely on any material contained in the website and/or reports and should consult a licensed professional or seek independent advice prior to making a decision. The information does not constitute a solicitation. The information provided herein may be displayed and printed for your personal, non-commercial use only. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone, without the express written consent of Veteran Wealth Partners.

Veteran Wealth Partners, its affiliated companies, and their representatives do not give legal, tax, or Social Security advice. Producers and their clients are encouraged to consult a tax advisor, attorney, or the Social Security Administration via their local office or online at www.ssa.gov

Veteran Wealth Partners All Rights Reserved 2018

A Veteran Owned Business

Site designed by TC Creatives

Know Your Worth

Know Your Worth

Knowing your value is critical for your business’ success

 

There are so many articles out there that tell solopreneurs, freelancers and other entrepreneurs on how to price their products or services.  The best course of action, is to first think about what type of lifestyle you want your business to provide for you and your family. Then, you can actually quantify how your products and/or services should be priced accordingly.

 

Opportunity cost and your magic number

 

What is the opportunity cost of being an entrepreneur or small business owner?  Opportunity cost is a benefit missed when an investor, individual or business chooses one alternative over another.  Simply put, what do you need to make annually to make the cost of leaving your job worthwhile? How much money (after taxes and expenses) do you want to make annually? What does that mean you have to make monthly?  Weekly? Take the time to reflect and provide an honest answer to this question. For some of us, the business is solely designed to replace the opportunity cost of our salary earned prior to leaving our job to start our own business, and that’s okay.  For others, their entrepreneurial goals are to provide for their family for generations to come.

 

I know my magic number, now what?

 

So, now that you’ve figured out your opportunity cost and know your magic number to make small business ownership or entrepreneurship worthwhile, are your services priced accordingly? Since annual targets are hard to focus on, I recommend breaking it down further to monthly targets.  If you offer a premium service, are they at a premium price? If you offer premium services, but it takes 100 people or more to equal your monthly target, you are undervaluing your services.

 

Let’s say you are priced at the top of your particular industry and you are still not meeting your monthly target.  Then it may be a perfect opportunity to add to your product or service lines. Figure out how this additional service can help you reach your monthly targets and then price accordingly.

 

Next Steps

 

We took a simplified approach to pricing to drive a particular point home.  There is so much more that goes into pricing your products and/or services. This is a good start for you to delve deeper into how your products and/or services can help you reach your monthly and annual targets.  Veteran Wealth Partners is a veteran-owned company and is proud to be the go-to resource for veteran-owned small businesses and entrepreneurs. If you’re stuck on how to get your business to the next level, Veteran Wealth Partners are experts at growing businesses serious about building wealth so that they can leave a legacy.

Veteran Wealth Partners © 2018 All Rights Reserved

Insurance Products Offered through M&O Marketing and Crump Life Insurance.

The information on this site is for information purposes only and is not intended to provide tax, legal or investment advice. You should not rely on any material contained in the website and/or reports and should consult a licensed professional or seek independent advice prior to making a decision. The information does not constitute a solicitation. The information provided herein may be displayed and printed for your personal, non-commercial use only. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone, without the express written consent of Veteran Wealth Partners.

Veteran Wealth Partners, its affiliated companies, and their representatives do not give legal, tax, or Social Security advice. Producers and their clients are encouraged to consult a tax advisor, attorney, or the Social Security Administration via their local office or online at www.ssa.gov

Veteran Wealth Partners All Rights Reserved 2018

A Veteran Owned Business

Site designed by TC Creatives

How Small Businesses Can Proactively Combat Cyber Lawsuits

How Small Businesses Can Proactively Combat Cyber Lawsuits

Cyber attacks on small companies are soaring, and businesses that have a data breach can face steep fines or lawsuits.  If you are a hair salon or landscape artist, it is laughable and completely unrealistic to expect your business to have the same level of sophisticated cyber security defenses as Microsoft or Cisco.  And yet, small businesses are forced to pay the same fines as big businesses, sometimes as high as $2500.00 per client data breach.

So now, businesses such as the hair salon or landscaping need to become experts in data security?  These fines are too large for small businesses to handle. What’s even more concerning, is that some states levy hefty fines on small businesses for breaches although there is no fault on the part of the business.

 

The Law

There are state notification laws that inform consumers about data breaches as well as potential problems that may arise from those breaches.  These notifications provide that if the consumer sues the company and wins, they get their attorney’s fees reimbursed from the business owner.

In addition to the fines by the state, business owners also have to deal with potential legal fees for both themselves and the folks that are suing them.  That can become quite a significant amount of money and extremely detrimental to the owner’s bottom line.

Then some court cases have required businesses to provide customers with an identity-theft protection service [which monitors consumers’ credit records and alerts them of activity using their personal information, at $25 to $60 per customer].

 

Things Can Change

Researchers Ms. Selznick and Dr. Lamacchia from Bloomsburg University of Pennsylvania made their case recently in the Journal of Business & Technology Law.   They argue, lawmakers should find a way to protect smaller companies from devastating penalties.

They suggest that small businesses obtain cybersecurity services from their information-technology vendors, so they get the advantage of the abilities of the vendor. A vendor could say, “If you use our application, we’ll give you cybersecurity protection.” It would be a market-driven solution.

 

Protect Your Business

In the meantime, how can businesses protect themselves from taking a significant financial hit from potential cyber lawsuits?  Businesses and Entrepreneurs should consult with a financial advisor that specializes in supporting them like Veteran Wealth Partners.  

This is one of many situations where the Wealth Protection Plan from Veteran Wealth Partners can help business owners and entrepreneurs mitigate exposure to potential lawsuits and protect their assets.

 

*Source: The Case for Protecting Small Firms From Cyber Lawsuits | Wall Street Journal

Veteran Wealth Partners © 2018 All Rights Reserved

Insurance Products Offered through M&O Marketing and Crump Life Insurance.

The information on this site is for information purposes only and is not intended to provide tax, legal or investment advice. You should not rely on any material contained in the website and/or reports and should consult a licensed professional or seek independent advice prior to making a decision. The information does not constitute a solicitation. The information provided herein may be displayed and printed for your personal, non-commercial use only. You may not reproduce, retransmit, distribute, disseminate, sell, publish, broadcast or circulate the information to anyone, without the express written consent of Veteran Wealth Partners.

Veteran Wealth Partners, its affiliated companies, and their representatives do not give legal, tax, or Social Security advice. Producers and their clients are encouraged to consult a tax advisor, attorney, or the Social Security Administration via their local office or online at www.ssa.gov

Veteran Wealth Partners All Rights Reserved 2018

A Veteran Owned Business

Site designed by TC Creatives