I feel like I won’t have a real business until I have office space.
I once said the above statement to my mentor, David. His reply back was, "That's just ego." David then told me a story about how he used to have a big office that included a conference room for his company. Everyone had been working out of the spare room in his home, but his ego led him to get an office. When the father of one of his key employees became ill, the employee requested to work remotely so he could move back home to care for him. David said yes and worked out a plan to make that work. Over time as they saw it working, other employees began to ask if they could work from home too. Soon it was just David and his assistant working in the big office space. He then got rid of the office that was costing him $5,000 a month in rent!
David highlighted for me that things like office space are ancillary to a business. He clearly did not need that office and was wasting a lot of money each month the whole time. Ancillary things are a cost that if you can avoid, you should. Feeling like you do not have a real business due to ancillary “needs” is nothing but ego.
In small business, cash is king. You must limit spending to things you truly need and that will benefit your business. On the flip side, you also must bring in the cash too. And that is where sales come in.
You might see the ancillary “needs” taking priority with some of your friends who are starting or contemplating starting a business. Or you may be facing this yourself. I often see new business owners spending gobs of money on things they do not need, because they think it will make them a “real” business. They spend it on expensive websites, marketing strategies, business cards, office space, the works. The most successful businesses start off getting the work done, hustling for the sales and focusing on their mission. It is once you start bringing in clients and sales that you can move onto other parts of your business.
When you are a business owner, you have so many competing priorities because you are wearing all the hats. But the most basic component of business is sales. If you make sales a priority, the rest will take care of itself. You will have cash coming in and you will not be wasting cash and ego on unnecessary expenses.
After sales, focus on your clients’ experience. Responsiveness leads to repeat clients and repeat clients lead to profit (more cash!). Only then should you focus on actions that can lead to more sales and better client experiences, such as marketing and operational efficiency.
Do you need an office for sales conversations? How about a website? A fancy logo? Probably not. Never lose sight on sales and the rest will fall into place.
For other small business tips and how to utilize a virtual assistant to help grow your business, visit www.Freedom-Makers.com.