Last year taught a lot of business owners and people who are on the fence about entrepreneurship some valuable lessons.
1. Many companies that were viewed as durable and immutable closed their doors. Although they made hundreds of thousands of dollars a month, they were still paycheck to paycheck. This taught people that saving more than you spend, budgeting, and planning ahead is the only way to survive a crisis.
2. A lot of people who have been putting their all into their comfy little "job" and very little into their business were shocked when their company stopped paying them 2 weeks into the pandemic and they had to fill out a 20-page unemployment packet to survive. This taught people that being your own boss and pursuing your own dreams should come second to none.
3. The internet is INVINCIBLE. Online businesses have had little interruption financially besides the disruption in mail because of the election and the holidays. Besides that, internet-based companies have seen humongous financial gains in the last 6 months as people were at home with not much to do.
4. Brick and mortars with no websites are starving. Restrictions keep people from travelling to them and the social aspect of shopping in-person has all but been eradicated. However, brick and mortars that have been smart enough to connect themselves to the internet by having a website or a way for clients to order have found a way to stay relevant.
IF YOU HAVEN'T BUILT A SELF-SUSTAINING BUSINESS YET:
This year, you should use every day as an opportunity to establish your business so that you can double your income and most importantly MAKE MONEY IN YOUR SLEEP. There are 364 opportunities left in 2021. You have everything you need at your disposal. Save $5,000 and apply it to an online business that SOLVES A PROBLEM FOR PEOPLE. If there is demand, then you need to supply. Spend time building a customer experience, perfecting your product and/or service, and building your reputation. DM Web Services helps small business owners get their businesses established: dmwebservices.net/business-services.
IF YOU HAVE BUILT A SELF-SUSTAINING BUSINESS:
This year, you should add new services and products, take continuing education classes to learn new skills for your business, set new financial goals for each quarter, and build strong partnerships that will help enhance your business. Find out where your customers are and go to them virtually. You should also look into the tax incentives that are being offered to small business owners for your employees and contractors. Offering benefits makes you a more attractive employer who will attract supreme talent.
Let's hear from you: what do you think business owners should focus on with the 364 days we had left in this year?
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