How to stay positive as a sole trader
It’s been a hard road for many as a result of Covid-19, but there are things you can do to turn it around, writes Cill´ın Hearns.
There are so many great things to be said about starting your own business and becoming a sole trader or, as I prefer to call it, an army of one.
When I started off back in 2012, a good friend of mine quipped that I can now work half-days if I wanted to. All I have to do is decide which half of the day I wanted to work – the first 12 hours, or the second.
Although said in jest, there is a lot of truth in that statement. No-one starts their own business to work fewer hours.
Perhaps you chose to set up by yourself because of a redundancy, or you got tired of the 9-to-5 grind, or you were inspired to do something great and contribute in a way beyond what was possible working for someone else.
Regardless of how you got here, there a lot of benefits to running your own business. While it can be very rewarding and personally satisfying, there are also some challenges too.
There is arguably no greater challenge in recent years than the Covid-19 pandemic. To the layperson it seemed to come out of nowhere and, within a matter of days, we moved from level 1 to level 4, preventing a lot of businesses from being able to generate revenue and stay afloat.
Apart from the worry of not being able to provide for ourselves and our loved ones, sole traders face additional stressors that can compound the situation. Not having any colleagues to bounce ideas off or just chat about how things is going can lead to a sense of isolation.
It’s been a hard road for many and it may seem difficult to remain positive, but there are things you can do to turn it around.
Start the cash flowing
The first priority is to get things back up and running and start generating revenue. When the cash starts to flow again it will give you a sense of certainty and will go a long way to relieve some of the stress you may have been experiencing. I know there may be obstacles that can get in the way of this but remember, you’ve started a business before – you can restart one again now.
‘‘Business has only two functions – marketing and innovation.’’ – Peter Drucker
What needs to change?
A useful exercise is to sit down one evening with a pen and a pad, and start brainstorming some of the things that may have been preventing your business from running the way you wanted it to. When I did this exercise years ago I realised I needed to get better at marketing and sales; this was my biggest Achilles heel and, of course, is essential for any business. Are there processes or systems that need to be refined or automated? Are there certain technical skills you need to improve upon to take your business to the next level? Do you need to put something aside for a rainy day, or a rainy pandemic? It’s also important to not just look at the business side of things. You need to consider the personal side of being a sole trader. I struggled with the sense of isolation – no one to share the good times with and no one to support me through the hard times. Jot down those things that impacted you personally.
Envision your future
Now that you’ve got that all down, it’s time to start creating your future. It’s time to get clear about your vision for your business and your life – one that will get you up early and keep you up late! So often we feel we have to push through things but a well-thought-out vision will pull you in the direction you want to go.
Make it the way you want it to be
Turn that vision into a wellformed plan. Jot down the top four things you will do to achieve your vision. It’s not necessary at this stage to know how you will achieve them; you can fine tune that later. For now, just write them down. Remember, it’s important to not only focus on the business but on where things are at with you personally. I managed to turn around that sense of isolation by reaching out to fellow coaches and setting up an informal network (The Wellington Coaches Network) where coaches from all walks of life can come to share their thoughts, ideas, and experiences. I made the extra effort of scheduling in catch ups over coffee when the time allowed. There is always something you can do.
It’s natural to take a step back and lick our wounds when life blindsides us but remember, you can’t stay in that place. You’ve got to move forward and take action. With a little momentum, you’ll be surprised how quickly things will take off for you again.
Cillı´n Hearns, director of Results Coaching, is a leadership and performance coach, helping business professionals enhance their core skills, so they are more productive and successful in their roles. He’s also the author of First, Lead Yourself (Practical Tools to Unleash Your Leadership Potential).