The ability to take risks by stepping outside your comfort zone is the primary way by which we grow. But we are often afraid to take that first step this episode covers the benefits of stepping out of your comfort zone.
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When you run a small business, then you will start to realise that every penny that you make is important. Particularly if you are also trying to look after your family too. Even with the best planning and plenty of effort, sometimes running your own business can be hard. There is always a chance that something could happen to really put a strain on your finances, and this could have a knock-on effect with your family life.
One way that you can try to minimise the risk of this is to have an emergency fund for your business. This “rainy day” fund will top up your cash supplies and ensure that when times are hard, you can still keep your business afloat.
But, when you are counting the pennies, it can seem hard to put money aside. So, how can you build an emergency fund for your business?
Lower what you spend out
Sounds like a simple way to save money, but you can be surprised by just how much you can spend out as a business. It is a good idea to try and negotiate with your suppliers, securing yourself a reduced rate and you can also try and see if you have any tax deductions that might be owing to you. Another thing that you can look at is the advertising and marketing costs that you are spending, is there a way to lower these?
Try to save when the profit is coming in
If you find that your profit can vary, particularly during different times of the year, then it is a great idea to make sure that you put more profit away at the times when you are making more. It might seem a shame not to enjoy such a high-profit month, but if you find that those profits dry up then you will be grateful that you made the effort to put the money away.
Save your money in the right way
Some people like to display their rainy day fund in cash, others like to squirrel it away in their savings account. As a business, you should definitely see your rainy day fund as an investment. It is a good idea to put it into a low risk and short term form of saving, such as an instant access account. Whilst this may not give you the best rate on interest, it will make sure that you can get to your money when you need it most.
Even the most successful businesses can have times when disaster strikes. If you are concerned that this could happen to you, then it makes sense to try and have an emergency fund. It might be a few thousand, it might be a few hundred. Just make sure that it is enough to keep you, your business and your family ticking over.
We all know that goals are important in everyday life. They give us something to aim for, to reach. They keep us motivated and keep our eye on the end prize.
The only downfall that comes from goals, particularly those that relate to our businesses, is if they are unrealistic.
Unrealistic goals can have the opposite effect. Whilst, at the beginning they may seem fine, if you have goals that are not likely to be reached, then you will be left feeling deflated. You may even end up wondering if there is any point in carrying on trying, which could lead your dream to fail.
So, with this in mind, it is important to think about how you can set realistic goals for your business. Here to help, we have put together our guide to set business goals.
Think about what motivates you
Without motivation, achieving your goals is never going to be easy. Therefore, during those early stages of setting business goals, you should make sure that you think about the things that motivate you. Not only this, that you perceive a value in achieving them. There is little point setting a goal that is irrelevant to the end vision for your business, not only will it seem so pointless at the end, but the chances of even getting there is much slimmer.
How often do you look at your to-do list, only to feel swamped by the sheer amount that you have to do? The same can happen with your goals. Set too many and you can end up feeling hopeless and that you are never going to get where you need to be. Instead, focus on those things that seem urgent to you right there. You are much more likely to get to the end.
Set SMART goals
Have you ever completed some form of performance report at work? If you have, then chances are that you might have had to consider the idea of SMART. SMART means that you set goals that are Specific, Measurable, Attainable, Relevant and Time-Bound. Essentially, you need to think about the particular things that you can measure as they progress. They need to be relevant to your bigger picture and also something that you can complete in good time. Paying attention to this concept means that you are much more likely to succeed.
Write them down
Whilst it is great to think about the goals that you have for your business, there is something much more final about writing them down. Perhaps it is the physical act of writing, an act that commits you to achieving the goal, or the fact that when you feel that you are flagging, that you can re-read it and find a whole new push towards getting there.
The main thing to think about when it comes to setting a goal is to stick at it. It is going to be hard at times, anything that is worth doing is, so keep on plugging away and you will get there! By this time, you may find that you need to set some new goals!
As a parent, setting up a business can be just as worrying a time as exciting. You will want to make sure that your business is a success, not to mention that it doesn’t have a detrimental effect on your family.
You are likely to hope that your family are 100% behind you for your business ideas and efforts, and if they are then it will definitely make things easier. That said, not everyone is lucky enough to have the support of their family when it comes to setting up and running a business.
So, what can you do if you find that your family are not supportive of the things that you hope to achieve when it comes to your business? Here are some of the things that you can consider.
Don’t argue with them
There is a good chance that the lack of support from your family will make you feel frustrated. Unfortunately, the last thing that you are going to want to do is try to argue with them in order to get your point across. Arguing is never beneficial. In fact, it can make the situation even worse. You can end up saying things that you don’t mean to one another, and there is a much lower chance that you will listen to one another’s point of view.
Get your vision across
Just because you should avoid arguments with those unsupportive family members, that doesn’t mean that you should just give up trying to get them to understand your point of view. Instead, it is a good idea to sit down with them and talk calmly about your business idea. You can show them how you see the business progressing and developing, as well as the end goal. If you can show them your vision, then there is a much greater chance that they will get on board and give you the support that you need.
Know what is a genuine concern
Hopefully, you will have plenty of positive people around you to support you when you are setting up and running a business. If you do, and these people raise a concern that they have about your plans, then it is probably on good grounds. You may find it hard to listen to any concerns that are brought up, but if you don’t then this could cause you a problem in the long run. Sometimes it is a good idea to take on board things that people say from outside, as it could highlight things that you are too close to see.
Keep on going
It can be tempting, when you have no-one behind you, to just give up on your dream. But, if you can, then keep on going. You may be surprised by just how much you can push yourself and that you can reach your end goal. And when you do, you can show your doubters that you were always going to get there!
If you’re a parent who’s got a great idea for a business or perhaps you’ve already taken the first steps, PIB HUB is for you. Whatever the shape, size, and nature of your business, and whatever sort of idea you’ve got, community is a great place to evolve, develop, and grow.
Our community will be particularly helpful if you:
- Feel like no one understands your position and don’t have anyone to turn to
- Lack the tools and resources to drive your business forward
- Aren’t making any or very little revenue
- Are feeling overwhelmed
- Are struggling to juggle your business and family life
Failure and how parentpreneurs can avoid business failure. There are many reasons why entrepreneurs fail from money mistakes to having high expectations. Listen in!
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Time is something that we all wish we had more of, this is particularly true for parentpreneurs who are going to feel that they are already stretched as much as possible.
Are you one of these parentpreneurs? Do you wish that there was some kind of magic wand that you could wave and make some more time?
Well, it may not be a magical solution, but we have some helpful hints that could really help you to try and save some time in everyday life. In fact, we have put together 7 productivity hacks that could really save you some much needed time.
Get the jobs you hate out of the way first
Whilst plenty of parentpreneurs are lucky enough to do something that they love. There are still some tasks that you are going to like less than others. The trouble with these jobs is that most of us are likely to put them off throughout the day. This means when the time comes to actually get them done you are going to feel less than motivated, and it could take longer than it should.
Rather than setting these to do at the end of the day, it is a much better idea to get these out of the way first. Not only will your brain be awake and alert, but you won’t be worrying the rest of the day that you need to get it done.
Tackle the quick wins
Not only does it pay to get rid of the tricky tasks first, but you may also find yourself saving some time by tackling the quick wins too. If you know that something is only going to take a few minutes to resolve, then tick these off the list first, this will reduce your to-do list in no time at all.
It will also help you to feel motivated to get things done, particularly other tasks that may take a little more time and a little more thought.
Try to avoid distractions
When you work from home there is always going to be plenty of things around to distract you. Social media, housework, our friends and family. All of these things can take your focus away from your work and leave you falling a little behind. This means, rather than tackling your to-do list, you will instead spend too much time trying to catch up on yourself.
Turn off your notifications on your phone, tablet and laptop and make sure that people remember that you are trying to work. Also, if you can, shut yourself away from the rest of the house, as then you won’t be tempted to wash up or load the washing machine.
Get away from your desk
It may seem like the opposite of being productive, but sometimes the best way to get your work done is to get away from it for a short amount of time. If you are sat at your desk for an extended period of time then after a while you are likely to feel a little stale. Getting up, away and active will give you a fresh new focus and help you to achieve all those things you set out to do that day.
This works best if you head outside for at least 10-15 minutes, but if you are really short for time, then perhaps just sit in the garden for 5 minutes.
Find ways to make things simple
Technology has been invented to try and make all our lives that little bit easier. Which means if you have the opportunity to do simple tasks that you need to carry out every day for your business, then take it.
There are a variety of ways that you can make your workflow that little bit easier. This comes in the form of apps and online tools that can help you to keep track of your workflow, record your finances and communicate with clients or colleagues.
Plan on a Sunday
Find that you lose time on a Monday morning planning in the things that you need to get done that week? Well, rather than wasting a precious few minutes, it makes sense to take an hour on a Sunday night to plan in all the tasks that you need to get done.
You can head off to bed knowing that you have everything in place for the next day and you can get up and focus on the actual tasks you need to do.
Have a no meetings day
Does the nature of your business mean that you need to join in on conference calls or perhaps attend meetings? If you are finding that these are eating into your working time, then perhaps it is a good idea to set yourself a no-contact day. This day gives you a chance to focus yourself on your work and really battle through the tasks that you need to get done, without having to be interrupted.
Of course, this may not always be possible to do on a weekly basis, but if you plan in every couple of weeks, or even once a month if you need to. Then you will be surprised by just how much you can achieve.
Now you know, there are some things that you can do to give yourself a little more time every now and then. How you spend that time is down to you. But one thing is for sure, you are really going to value having even just a few minutes a day.
Do you want to optimise your time and boost your productivity?
So what are you waiting for? Register now and start optimising your productivity!
When you are a parentpreneur chances are that you are going to feel that there simply isn’t enough time in the day to try and have any kind of social life, even friends. The thing is, friends can be a huge benefit to you.
Not only do they curb the loneliness that you may feel but they are also great for lifting up your mood. Some friends may be lifelong, some may be fellow parents. But one great friend that you should try to make when you are a parentpreneur are business friends.
There are a variety of reasons why business friends are a great idea, particularly if you are a new startup who is finding their way.
Here are 5 reasons why it is worthwhile making the effort to make some new business friends.
They give you plenty of encouragement
Running your own business isn’t always easy, and at times you can feel that you are far from winning. Well, business friends can help. They understand what you are going through and they know that sometimes you just need a bit of a personal cheerleader in order to get going again.
They are there when you need advice and support
As a business friend knows about business they are some of the best people to give you advice and support. They might not have a business in the exact same industry as you, but that doesn’t mean that they don’t understand business as a whole. Ideal if you need a bit of a nudge in the right direction.
You can share resources and knowledge
Things are always moving and changing when it comes to business. New tech, new approaches even new rules and regulations. It can be hard to keep on track of all of these things and make sure that you are in the know. This is why it pays to have business friends, they are also likely to want to learn about the business world and if they come across something that they will think is relevant to you (and vice versa) then you can share this information and make sure that you are both up to date.
They teach you how to take accountability
Staying on track in business isn’t easy. It is all too simple to go off track and find yourself nowhere near where you wanted to be. Taking account of yourself and your business is the first step to not only success but personal and professional growth too. If your business friend has been in the game for longer than you, then chances are that they have made mistakes themselves, that means they know just how important it is to not give up just because you have hit a bump and instead take responsibility for it and move on.
Someone to network with
There are very few people that like the idea of heading to a networking event alone, so why not see if you can make a business friend who needs to head to the same networking events as you? That way, you never have to worry about heading out alone. That said, it is important that you do utilise these events as a way to both make some new contacts, not just stand talking to one another.
Friends are important throughout your life. But business friends can not only be valuable to you, but they can also be incredibly valuable to your business too.
What is PIB HUB?
PIB HUB is a supportive community of entrepreneurial parents. It’s an inclusive network where you can share ideas, seek advice, and use your experience and expertise to help others.
It’s about sharing your struggles, your fears, and your concerns, and realising you’re not alone. It’s about learning from people who have been in your shoes, and really understand what you’re going through. Ultimately, it’s about feeling like you’re part of a true community.
Although you are a hardworking and ambitious entrepreneur with a goal to conquer the world, a little bit of me-time won’t hurt. This episode looks at why you should devote time to self-care.
Self-care is engaging in activities and behaviours that have a positive effect on your mental and physical health. There is no one thing or even a list of things that encompasses self-care. It’s different for each person. We are here to encourage you to take a little bit of time for yourself, away from the hustle of running a business, and the strain of taking care of your family.
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Thinking about setting up your own business and earning some money for yourself? This huge decision isn’t the easiest one to make. You are likely to feel worried, anxious, nervous and wonder whether it really is a good idea at all.
Well, let’s take a look at how you can quit your job and take the massive leap towards starting your own business.
Think about whether or not a new job is all that is needed
One of the most common reasons that people decide to set up their own business is because they are unhappy in their current career. Whilst this is a great driving force behind setting up your business and making your dreams a reality, some people find that they may just need to change careers. So, why not think about whether or not you are really ready to make that leap, or whether you need a new role to see if that can make you happy again.
Put some legwork in before you take the plunge
If you have a job then you are going to be paid on a monthly basis, this means that you and your bank balance are a little safer. Why not take advantage of this and put in some of the most basic legwork for your business before you take the plunge? Remember though, that you need to be aware that working on anything to do with your business in your current working hours could be seen as stealing, which could definitely get you into trouble.
Always start your business fresh
Is your business related to your current role? If it is then it is important that you are not tempted to take any information, clients or databases from your current role into your new business venture. This is a truly dangerous game and one that can cause huge repercussions for yourself. If you are good enough at what you do, then you will get there in the end. You just have to preserve, and it will feel 20 times better if you have done it all under your own steam too.
Never cut your ties
Despite it being advised to start things fresh, this doesn’t mean that you should cut all ties with your employer, particularly if you are leaving on good terms. You never know when these ties will benefit you and make a difference to your business plans. Whether that is just some advice on what to do, or perhaps recommendations, keeping this important, and established on side is always going to be a good thing for you and your business.
Quitting your job and setting up your business is scary, but it can be the best thing that you ever do. All it takes is some careful planning and decision making, and in no time at all, you will be on the path to making a career for yourself.