Transitioning a promising startup to a profitable business is the true test for all entrepreneurs.
Anything new is intriguing, especially in today’s socially-driven business climate. Small business owners benefit from a more cost efficient, low barrier to entry, startup environment. And while success is sweet, it’s important to remember that none of us is granted endless prosperity.
Never take success for granted. Because more often that not, those who do are quickly dismayed by non-returning clients and dwindling sales leads. On the other-hand, entrepreneurs who avoid this quagmire share one common trait in: they never relax their discipline.
As a progressive editor for indie authors, my business can serve as a cautionary tale and case study of this phenomenon in action.
An Entrepreneurs Cautionary Tale
I enjoyed a hot start as a freelance editor. My decisive, unambiguous style and niche focus to help indie authors helped garner great projects and prospects. Success was inevitable. Clients were pleased. And life was good … until it wasn’t.
Somewhere along the line my sense of urgency waned. My outreach efforts slowed. My opportunity research faded. Predictable results followed: diminished leads, stalled growth and mounting frustration. The bottom line to my burdens was this: a dangerously, relaxed discipline.
Thankfully, all was not lost. But I learned that you must act fast before your business stalls, and the following courses of action helped me to reclaim my discipline and profit:
1. Surround yourself with accountable people.
The struggles of entrepreneurship need not be confronted alone. Associate with like-minded people that will hold you accountable to your word. I did so by co-forming a professional mastermind group. We meet weekly to review our business plans, share progress and commit to deliverables due the following week. My honor as an entrepreneur is on the line, and they help keep me focused.