We’ve all heard the grim statistics that approximately 20 per cent of small businesses fail within the first year. By the end of the second year, 30 per cent of businesses will have failed. And after the fifth year, about half will have failed. It’s statistics like this that show starting and running your own small business is hard and can come with its fair share of false starts and failures. This is why your vision, your “why”, is so vital to the success of your business.
Why is my “why” so vital?
Your “why” will help you define your short and long-term goals and guide the decisions you make along the way. It will keep you grounded and focused when things are going well, and encourage you to pick yourself up, dust yourself off and keep moving forward when you feel like giving up. Ultimately, your “why” will be the reason you keep investing your time, energy and finances into your business. I have found that my “why” is the true driver behind my business and the only reason it still exists today.
How do I find my why?
Be Fit Food was born out of my passion to help people eat themselves to better health. I was working as a clinical dietitian when I noticed a of lot people were struggling to make positive change in their eating habits. I didn’t agree with the quick fixes on the market at the time and I quickly saw a solution. Be Fit Food was born.
It’s this desire to see people change their life through food that has sustained me all these years and continues to guide every decision I make.
To find your “why”, ask yourself what it is that you are passionate about? What is it about your area of business that gets you out of bed every morning? Business is really hard, but it’s much harder if you’re doing something you’re not passionate about.
Your why will give you clarity
If you know what you want to achieve, it leaves less room for you to get stuck when you’re putting together a business plan. I would encourage you to share this with a mentor. Not only is there no better way to learn than from the failures and successes of other fellow entrepreneurs, but it is also an invaluable opportunity to explain your vision, your steps to get there and seek feedback. In doing this, you’ll be able to reflect on questions like, “Is my vision achievable?” and “Who is my target demographic?” Sometimes hearing feedback from another small-business owner is the only way we can see what we might be missing, or what questions might need answering moving forward.
Lastly, believe in yourself
If you don’t believe in your vision, how can you convince others to? In 2017, I took the calculated risk of featuring on the television program Shark Tank on a whim, knowing full well that my reputation as a dietitian could be in jeopardy should I be underprepared to appear on screen. Despite this, I really did believe in the integrity of Be Fit Food. After all, we had spent so many hours and resources tirelessly researching, formulating and testing these products, so why wouldn’t I? If I didn’t believe in my vision, I’d never have been able to experience such a successful outcome.
Your “why” will keep you perseverant, passionate, and striving towards a bigger goal so it’s absolutely imperative that you find it.
When starting a new business always look ahead – your goals, vision and, most importantly, peace of mind that your business is insured. Austbrokers Terrace can offer you assistance in this area. Speak to them as you begin your journey.
Source: Inside Small Business
