Colorado creates more small businesses
It can be a daunting job running your own small business in Colorado or any state. Between the rising costs of health coverage for employees and securing appropriate financing for business growth, where do you find time to create a marketing strategy and train your employees? Colorado continues to be one of the most entrepreneurial states with an unusually highly educated workforce, but also has a high small business failure rate, especially in the early years.
A Colorado small business owner faces a list of struggles every day just to stay in business. Without the deep resources large corporations have, small businesses find themselves working hard to generate revenue and eek out a profit. Colorado creates more small businesses than most of the other 49 states, though they tend to be smaller than the national average and a larger percentage of them fail compared to the U.S. as a whole, according to a 2013 Colorado Innovation Network (COIN) Study.
According to a recent OPEN survey of small business owners
business owners recognize the importance of “down-time” in their lives and most are satisfied with the amount of leisure time they have (81 percent), most report that carving out this time does not come without stress. Two-thirds of business owners (64 percent) find it stressful balancing their personal life and their business. Women business owners are more stressed by work/life balance than their male counterparts (71 percent vs. 62 percent).
The survey, also, points out that entrepreneurs are not only concerned with their own well-being. When making business decisions, eight-in-ten business owners (80 percent) take into consideration how their decision will affect their employees and their livelihood, as well as their vendors. In terms of offering employee benefits, nearly seven-in-ten employers (69 percent) believe it is important to offer healthcare coverage to their employees.
So what can you do to make the upcoming business year less stressful?
- Make a plan. In fact make several plans. Have a Profit Plan for your Business. Have a plan for each of your employees. Develop a Marketing Plan for your business. Create a Professional Development plan for you and your key employees. And finally draft a Business Growth Plan.
- Seek input and help from others. Ask your employees for input in the above plans. Get together with other business owners and ask for their input. Find a mastermind group to join, so you can have this valuable perspective on an ongoing basis.
- Create a detailed budget for the upcoming year. Be sure to include a line item for profits and a raise for yourself and all your employees. It is amazing how once you already budget these items as an expense you will figure out a way to create that new income.
- Schedule regular time off for yourself. While, yes, family time off is important, but I mean regular you time. Put it down now in the calendar. This might be a monthly golf outing or fishing trip, or something as simple time each week to take the dogs for a walk. Whatever it is, the main point is that it is you time.
- Invest in yourself. Hire a Coach. Take a class that will help you in business. Join a professional organization. Attend a workshop or seminar.
- Join our mailing list to stay aware of the live events we have coming up in 2017 and opportunities to join our coaching program when availability opens up.
Make this year Outrageously Successful! Start now by planning the entire year out. If you need help, contact me.