The honeymoon phase does not only apply to your love life, but it also happens in business. You launched the website; you opened the store. Your optimism is at an all-time high. It feels like Christmas morning. Orders are coming in. Customers are coming in. But then reality set is. A few speed bumps arise, and the negative thoughts start pouring in. You start to lose motivation. Happiness levels dip after the first 6 months, and stress levels start to rise. What if I fail? What if it doesn’t work out?
Here are some tips to prepare for your next phase with your business after the honeymoon phase comes to an end.
Be Open to Change
The importance of being open to change. If you’re not always testing the best practices and moving in the direction of changes, you’re going to be left behind. Whether it be changing social media platforms or the way you market your business, you must be able to adapt to changes based on consumer behavior. Be open to changes in your business and be open to letting your business evolve. If you don’t adapt well, you will be left behind like other great companies that once were.
Expectations
Most marriages don’t fail because of money, they fail because of expectations. The expectations of the two parties were completely different. Managing each phase of the customer's journey is a major key to sustained success. Every good salesperson knows they must manage a client’s expectations wisely. You can do this by explaining exactly what they will get and when they will get it. It’s important to build a system and process to deliver that experience properly and stick to the timeline you give your client. If you manage expectations properly, you’ll likely have more longevity and success, along with repeat clients and referrals.
Expand your Network
The significance of networking is often overlooked. Professional networking can come with many opportunities for growth and longevity. Having a good network of individuals within and outside your business means you will have access to a more diverse range of connections. Networking gives you access to resources necessary for growth and expansion. Start looking for ways to start networking and building connections with fellow business owners. This can open new doors of opportunities for your new business. You can save yourself time and money if you surround yourself with people who have done this before.
Challenge Yourself
Take the amount of time you think it will take to achieve your goals and multiply that by two or three. Our business goals always take longer than expected. How successful you are in business and the skills you learn are decided by how many people you help and provide real value to. Identify ways you can improve your business. Ask for feedback from customers and employees. Feedback can help you understand what your clients need and identify problems with your products and/or services. Think about visiting your competitors. Attend a business conference or training workshop to help you gain new knowledge and ideas. Revisit your goals and set short-term weekly goals to help boost your confidence.
Create a Business Plan
A business plan helps you guide your company as you start to grow. It helps set the foundation and enables you to form a detailed strategy for growth. This, along with creating a financial model, will you help in the long run. If you aren’t sure how to develop these, find someone that can help. Take the time to figure out how to make your business financially sustainable.
Pushing through the honeymoon phase is a big factor that determines whether a business will make it long-term. Preparing for the honeymoon phase to come to an end will allow you to weather future challenges and level up to the next phase of your new business. Most entrepreneurs are likely to quit once the honeymoon phase comes to an end or they experience some sort of setback. Build a strong support network and stay committed to your goals. Continue to focus on the big picture and take the necessary steps to get there.
Dye Culik PC is a business and franchise law firm in Charlotte, North Carolina. Our business attorneys work with you to protect you and your business. If you need help with growing your business or have questions about starting a business, contact us today.