Your Business Doesn’t Have to Reach Its Full Potential
What would reaching the full potential of your business cost?
Time? Energy? Stress?
For some, scaling a business and continuously reaching for the next goal is a pursuit rooted in passion. For others, it’s all-consuming.
You don’t have to go big with your business. In fact, you may be happier if you don’t.
How I’m limiting ambition and keeping my business simple
I used to be a hustler. I’m all about that delayed gratification and lived my early years on a timeline of goals.
I kept delaying my happiness, thinking that once I achieved the next thing, I could slow down. But I continued adding another “next thing,” which left me feeling like happiness was elusive.
You don’t have to hustle to be happy, successful, or worthy, and it’s ok to expect less of yourself and your business.
Last month, I shared with my newsletter subscribers that my business is shifting, and that I’m loving the mobility and stability (MOBS) classes I’m teaching at Studium Fitness.
One of my subscribers and business buddies replied, asking if I’d like to join her wellness collective by sharing office space.
I turned her down.
Though she would have been a fabulous studio mate, I’m not entirely sure of the direction my business is going. But I do know I want to keep it simple. Here are three ways I’m just doing that:
Working from home
For over seven years I rented office space, which cost $862/mo. between rent, internet, and insurance.
There were times I was able to reduce the expense to $428/mo. by having a studio mate and sharing internet with another tenant, but for the months I didn’t have that set-up, I was responsible for the full $862/mo.
Leaving wasn’t a financial decision, but not having to come up with hundreds of dollars to maintain a workspace has been a plus.
Some businesses need an external space to operate. Having a studio contributed to the early growth of my marketing business between foot traffic and the monthly business support group I hosted (remember the Posse of Proprietors?).
But now that I’m an established business owner and word-of-mouth is doing its thing, I don’t need that kind of exposure.
With my MOBS classes, I like showing up to Studium Fitness knowing I’ll be paid a set amount. It doesn’t matter if I have one student or several, I’m paid a flat rate.
If I had my own studio, I’d be fixated on class attendance so I could make my rent payment. I’d have to work more before I was profitable.
Not only that, I’d have to buy deal with the administrative aspect of signing up students, collecting payment, and everything that goes with it. Or I could invest in a software that would do all of that for me, but it would add an additional monthly expense.
It makes sense for Studium Fitness. They grew to two locations, several types of classes, personal training, and over a dozen instructors.
I don’t want to grow to that extent; I’d rather have the simplicity.
Being mindful of expenses
“It pays to have big dreams but low overhead” - Seth Godin
Any expense you incur is more money you have to work for. I’d rather spend less time working and have more of my income go to owner’s draws.
I do my own bookkeeping, file my taxes, limit my monthly subscriptions to what’s necessary to run my business, and I work on the laptop I’ve had since college.
Know your strengths and delegate your weaknesses - or invest in strengthening them.
I delegated the design of my recent rebrand, purchased a website design contract template, and have hired an accountant to file my taxes during the pandemic years when all the credits and new rules complicated things.
But learning how to manage my books has allowed me to become better acquainted with my cash flow, motivating me to take on additional projects and reduce expenses.
And when I didn’t have the money to hire a website designer, I learned how to do it myself, which led me to offering it as a service.
Resources
5 Reasons Why Your Business Can’t Afford to Pay You - And How to Change That →
Go DOGE On Your Business →
Is Your Spending Aligned With Your Values? →
not Hiring employees
There’s a misconception that you’ve made it when you hire your first employee - or that you’re not an official business without them.
In my 11+ years in business, I’ve never had an employee.
It takes time and energy to manage staff, and paying a salary, employer taxes, insurance, and potentially benefits adds up.
For many business structures, it’s wise to hire employees. If you own a retail shop, it’s unsustainable for you to work every shift, and if you own a restaurant, you can’t seat, serve, and cook all on your own.
But if employees aren’t necessary for your business, solopreneurship is much simpler.
What you should consider
Imagine your ideal lifestyle as a business owner. How much freedom do you want? How much time do you want to put into your business?
Growing your business to its full potential may not align with that, which is ok!
I’ve seen bakers opt for a micro-bakery structure, meaning they bake out of their home kitchen and offer pre-orders to customers who can pick up at their home or another location. These bakers also wholesale to local restaurants.
Same for product makers. Instead of renting a retail space, they wholesale to retailers, pop up at farmers’ markets, events, and other businesses, and sell their products on their website.
Opting for a simple structure may reduce your revenue, but less overhead could actually boost your bottom line.
Need help narrowing in on your values, ideal day, and business vision? Enroll in Self-Employed School! This self-guided online course will also help you determine what you should hire out or do yourself.
—
If you enjoyed this post, you can buy me a coffee or connect with me here. Thank you! =)
Hey there! I’m Meg:
LOVER OF CATS, ROLLER SKATING, AND VW BUGS
I also love business and share all kinds of tips and resources to help you grow yours.
Ready to get business savvy? Subscribe to my email newsletter. ;)
More Business Resources
