If you’ve started a new business, especially during the pandemic, it can be challenging to stay motivated, especially when times get tough. One of the outcomes of the coronavirus has been a general feeling of negativity around jobs, businesses and the economic situation the UK finds itself in. However, according to recent research by banner printing company instantprint, nearly half a million new businesses were registered in 2020 alone!
“We all felt a little bit more hopeful in the summer when it felt like the end of the pandemic was in sight. It seems new business owners also felt hopeful – June was the peak month for new business registrations in 2020, with 52,281 registrations during that month alone. January – before the pandemic even began – was the least busy with just 25,403 registrations.” – Craig Wassell, Marketing Executive at instantprint.
But despite this flourish of new businesses, there are both highs and lows of being an owner. Here are our top tips on how to stay motivated as an entrepreneur.
The importance of having a plan
Whether you’ve registered as self-employed or as a limited company, having a plan is key. One of the most crucial documents you’ll ever write is your business plan. This can help you in so many different ways from what your business intends to do or sell, what you want to achieve and why you believe there is an opportunity in the market. If you are planning to open an online business then check for opportunities in foreign countries as well. Incorporating a company in Hong Kong is one of the safest solutions for entrepreneurs.
It will also help you if you ever want to borrow money from the bank to be able to invest in inventory, hire staff or rent out an office space.
Create a strong mission statement and powerful brand values
Let’s face it, if you don’t believe in what you’re doing, no one else will. By creating a strong mission statement and brand values, not only will you always remember why you’re doing what you’re doing, but your customers and clients will begin to have faith in you too.
People often resonate with brands that they have similar values with. Whether you put these on your website or make them clear across your social channels, they’re an important factor in staying motivated.
Stay positive and surround yourself with motivational people
Running your own business is hard work. It takes a lot of time, energy and money to get it up and operating, and to make it a success. Because of this, it’s important to acknowledge how much of a physical and emotional toll it can have on you as a person. This is why it’s crucial to surround yourself with positive people that can lift you up when you’re feeling a little stressed or down.
You’re likely to have highs and lows not only when you start your business, but once it’s successful too. Remember to stay positive, keep calm and don’t forget why you started it in the first place.