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Creating Clarity in Your Sole Business Venture

Over the last three years microbusinesses have exploded and we are seeing more and more individuals stepping into their dreams and desires of having their own business. Thank you pandemic, for giving some of us the kick in the arse we needed to turn a new leaf.

In fact, studies show that US microbusinesses grew to “4.4 million in 2020, a 24% increase from the year before and by far the biggest increase on record.” Forbes.com 2021

While in Canada “22 million people started a small business during the pandemic” theglobeandmail.com 2021

With uncertainty looming over the last few years, taking risk and betting on yourself has likely felt more digestible. So, how have some succeeded while others attempted then quit, or failed to make their dream a reality?

Well, we know one thing for sure, stats show that new and small businesses fail at an alarming rate. “20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years” Investopedia.com 2022

Congratulations, if you’ve been the “lucky” one who figured out the magic formula and are well on your way to success. (Trust us we know its not luck!) But for others who have tried it and feel it’s more of a struggle than initially thought you’re not alone.

Some common reasons for failure or inability to progress are:

- Lack of knowledge and research

- Financing and cash flow

- Where to focus efforts for the highest impact

- How to get started

- How to market and sell your creation

- How to avoid “shiny object syndrome”

Where many get stuck is overwhelming themselves with the thought of ALL the things required to run a business and considering costs associated with it. Or, being tugged in several directions based on what others tell them they should be implementing or doing. As humans we are notorious for overcomplicating things. This is where “Sole Business Lab” comes in to play.

The Sole Business Lab is a place for those who want to start a business, have already started their business or are looking to take a side-hustle full time. Our approach is all about simplicity and taking what big brands do and building a more simplified and modern approach for when you are just starting out.

Wellness is a key part of building your business so this blog will include topics to support building and balancing your brilliance.

It takes time to build a business. If you start now, where could you be in three years, five years? or 10? Do you want to look back and think “Crap, I could’ve been here if I just started a few years ago!”

OKAY let’s get started!

So, whether you’ve started your business or are waiting to HIT GO! here is a great first step to begin creating a solid foundation to your success.

Let’s start with CLARITY. This is the number one thing that sets the foundation for success in any small business or large corporation. There are so many things to get clear on when you are starting out. But we will just cover off on the very first step in this topic.

Don’t put too much pressure on yourself as the early stage is the best time for trial and error. To pivot when or if needed. To fail. Yes, not all your initial ideas will deliver the ultimate results. So, here is one way to begin building clarity today.

Are you 100% sure on what you offer? (Insert eye roll here). Of course, you do, right? Well, truth be told many companies and sole business owners struggle to answer this well. Many brands take days to filter this out and have honed this skill over time. Yet there are many businesses out there that still struggle with this one simple question.

So, when clarifying “what you do or offer” consider the following:

- What made you create this offering whether it’s a product or service?

- Who did you have in mind that this would absolutely be best for? (Maybe everyone but no, not everyone)

- What impact will this make for them or their business?

- What is the result for you and your business? Yes, money but beyond this?

Answering these questions does so much more than create clarity and a foundation to your vision. It can be expanded on for areas of your business such as your marketing, your website, your overall communications strategy. A business plan and your mission statement or purpose.

To help you get started download the FREE GUIDE that walks you through a 3 step exercise to building clarity for a solid foundation to your business.

Remember the part above about how many startups or solo ventures don’t succeed. This is a key component. Without clarity entrepreneurs struggle and often end up spending money and energy in the wrong areas to get their business started.

“Without a clear plan you cannot expect a clear future.”

Hate planning? Maybe that’s why you decided to venture on your own and step away from the corporate world. If so, great! Then Sole Business Lab could be right for you. We believe in simplifying and developing ways to achieve what big brands achieve but in a modern way and a way that comes naturally to you.

This is just the first step to many that need to be defined and clarified. If you’re already chomping at the bit to get your business kickstarted with a clear future, then check out the full “Sole Business Kickstarter” program where we create sole business milestones the modern way. You will be building a solid business plan without realizing you’ve built one.

All the best on your journey!