April signals the start of the new financial tax year here in the UK so I thought it would be good to do a series of mini-blogs on how to inflate your income so that you have the best financial year ever! This blog looks at how you can take your business from survival mode to a thriving business that gives you the lifestyle you want by spending your time wisely!
Building your own balloon business can feel so hard (and whilst it really doesn’t have to be that way…) I know from conversations with lots of balloon business owners many feel that right now their business is just a bit the same, same with little major growth or worst still they are working crazy hours with not enough income to pay the bills.
If this is you OR you simply want to know how to inflate your balloon business income then the first thing you must do is to start by taking a look at how you are spending your time! People who own thriving businesses spend their time wisely in ways that inflate their income and grow their business….
You need to make sure you:
Book in CEO time EVERY month in your business.
It’s too easy to get caught up in the day-to-day running of your balloon business. Pretty soon you can’t see the wood for the trees and the months passed. You get halfway through th year and realise that you haven’t achieved half of what you should have by now. Every month book out dedicated time to spend looking at the bigger plan, where you are now, and the actions you need to take to move forward, and then schedule the actions in the diary for the month ahead. It’s not enough to write a to-do list you need to schedule them so that they actually happen.
Stop just doing….
Random actions create random results. Every action you take in your balloon business should be based on a reason and your business growth plan. Your daily to-do list should reflect the steps you need to take to hit your bigger goals. If not your balloon business is running you instead of you running your business! Every day make sure you have 3 key actions on your to-do list that you MUST achieve as they really will move your balloon business forwards and inflate your income. These shouldn’t be anything to do with getting orders ready or the day-to-day running of the business. They should be actions that will inflate your income and grow your business.
Avoid just working on now
You need to be always one step ahead and have a plan lined up for what is next. Too many balloon business owners get into a pattern of dealing with the opportunities that are present now. They get into a pattern of working – its a cycle of working hard… quiet period… working hard… quiet period, etc. This means there is a lack of consistent income in the business and many weeks of the year are lost where they could be making an income but don’t because they hadn’t planned ahead.
Stop working for free
If your prices are too low you are effectively working for free. If you spend far too long faffing with low-priced designs to get them perfect you are working for free. If you are giving discounts left right and centre you are working for free. Your time should be reflected in your pricing and your time is your most valuable asset!
Work on a positive thriving mindset
Often the balloon business owners I work with don’t realise it but are the biggest reason they are surviving rather than thriving. Take a hard look at yourself… Are you getting in your own way because you doubt your ability or you are resisting taking the steps you need to? Instead of spending time convincing yourself you can’t do it or blaming a zillion reasons why it’s not happening, spend time building your confidence. Be prepared to take bold steps outside of your comfort zone because when you do the magic really starts to happen. Remember… if you believe you can you will, if you believe you can’t you simply won’t!
Spend time focusing on the money!
In order to have a thriving balloon business you have to have a constant healthy cash flow but to achieve this it needs to be attended to, cared for, and nurtured. It’s not sufficient to see the money coming in… you need to track income, outgoings, and profit margins. You need to understand your financial targets, understand the projected income, identify the gaps and come up with a plan to find income even in quiet times.
I hope you found this useful! Do you have any top tips for growing a thriving balloon business? – We would love to hear them! share them in the comments below!
🎈Until next time… Stay Amazing! 🎈
In today’s unpredictable world it’s not enough just to make amazing balloons. You also need to know HOW to grow your business.
Having run my own balloon business for over a decade I now help other balloon business owners, just like you, grow thriving and sustainable businesses.