Out Of Motivation In Your Business? Here’s How Discipline Keeps You On Track

Introduction

Motivation often peaks and valleys in the fast-paced corporate sector. It’s common to have an occasional lack of motivation and zeal. The good news is that there are other ways to keep your business on track than inspiration. Even when your motivation is flagging, discipline is a potent weapon that can keep you consistent and productive. We’ll look at how discipline may be your compass in this blog article when motivation fades you.

The Ebb and Flow of Motivation

We’ve all been there: you start your business journey brimming with motivation, eager to tackle every challenge that comes your way. But as days turn into weeks and weeks into months, motivation can gradually fade. It can result from setbacks, stress, or the monotony of daily tasks. However, it’s essential to remember that motivation is a fleeting emotion, while discipline is a long-lasting habit that can help you power through these difficult periods.

Why Discipline Matters

Consistency is Key

Discipline provides the consistency that every business needs to thrive. It involves setting specific routines, goals, and processes that guide your actions, regardless of your motivation. Whether it’s a daily schedule, a production plan, or a marketing strategy, discipline ensures that you follow through, even when motivation is low.

Focus on Long-Term Goals

Motivation often emphasizes short-term goals and quick wins. In contrast, discipline encourages you to keep your long-term objectives in sight. It enables you to progress toward your business’s ultimate vision, regardless of the daily fluctuations in motivation.

Self-control and Time Management

Discipline fosters self-control and effective time management. When you’re disciplined, you’re less likely to succumb to distractions or procrastination. You can allocate your time and energy wisely, ensuring that you’re consistently productive in your business endeavors.

Overcoming Challenges

Every business faces challenges, and they can be particularly daunting when motivation is low. Discipline helps you tackle these obstacles methodically, breaking them down into manageable steps and staying on course until the problem is resolved. 

Building Resilience

Resilience is a crucial trait for business success, and discipline plays a vital role in developing it. When you consistently push through periods of low motivation, you build mental toughness and the ability to persevere in the face of adversity.

Practical Tips for Maintaining Discipline

Set Clear Goals: Define your business objectives clearly. Having well-defined goals provides direction and purpose, even when motivation is elusive.

Establish a Daily or Weekly Schedule: that allows for time for key chores. In order to preserve consistency in your work, adhere to this routine.

Prioritize Tasks: Identify your most critical tasks and tackle them first. This ensures that even if motivation wanes later in the day, you’ve already made significant progress.

Break Tasks Down Into Smaller Steps: When presented with a difficult activity, divide it into more manageable chunks. It is simpler to maintain discipline and achieve steady growth as a result.

Hold Yourself Accountable: Tell a mentor, business partner, or someone else who can help hold you responsible for your ambitions. Checking in frequently may help you stay disciplined.

Conclusion

While motivation can be a powerful force to drive your business forward, it’s not a constant companion. Discipline, on the other hand, is a dependable ally that can keep you on track during periods of low motivation. By maintaining discipline through consistent routines, self-control, and a focus on long-term goals, you can weather the ebb and flow of motivation and continue working towards your business’s success. So, the next time you find yourself out of motivation, remember that discipline is the key to keeping your business on the right path.

Deciphering the Millionaire Mindset: A Roadmap to Financial Success

Introduction

Have you ever questioned what distinguishes millionaires from the rest of us? Is what they’ve discovered pure serendipity, a lucky break from fate, or a secret code? You might be surprised to learn that it all depends on their thinking. Anyone may develop the millionaire mindset in order to find their way to financial success. It is a combination of ideas, attitudes, and rules. In this article, we’ll look at what the millionaire mindset is all about, what it comprises, and how you may adopt it to achieve your financial objectives.

Understanding the Millionaire Mindset

The millionaire mindset is more than just a wealth-building strategy; it’s a holistic approach to life, success, and financial freedom. Here are some of the key tenets that define this mindset:

Financial Literacy: Millionaires often have a strong foundation in financial knowledge. They understand the intricacies of investing, the power of compound interest, and how to make money work for them. They continuously seek opportunities to educate themselves about money matters.

Goal-Oriented: Setting clear, specific, and achievable financial goals is a fundamental aspect of the millionaire mindset. These goals act as guiding stars, providing direction and motivation in their wealth-building journey.

Work Ethic: The millionaire mindset is anchored in a robust work ethic. Millionaires are willing to put in the time and effort required to realize their aspirations. They comprehend that success is rarely an overnight feat and that consistent effort is paramount.

Taking Smart Risks: A millionaire’s attitude is characterized by the ability to take smart risks. They don’t go into risky endeavors wholeheartedly, but they aren’t reluctant to push outside of their comfort zones to take advantage of possibilities when they present themselves.

Resilience and Persistence: Millionaires understand that setbacks are a part of the journey. Instead of throwing in the towel, they use adversity as a stepping stone to learn and grow, embodying an unyielding spirit of persistence.

Financial Planning: Thoughtful financial planning, budgeting, and disciplined saving are at the heart of the millionaire mindset. Living within or below their means and building wealth over time through prudent financial decisions is a core principle.

Mentorship and Networking: Millionaires surround themselves with mentors and like-minded individuals. They recognize that learning from those who have achieved success can significantly expedite their own growth and development.

How to Embrace the Millionaire Mindset

Now that you have a grasp of the millionaire mindset’s core principles, here’s how you can begin integrating it into your life:

Educate Yourself: Invest in your financial education. Read books, attend seminars, and stay informed about the latest trends in finance and investment. Knowledge is your most powerful asset.

Set SMART Goals: Define your financial goals in a Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) manner. Write them down and develop a strategic plan to achieve them.

Work Diligently and Smartly: Cultivate a strong work ethic and manage your time efficiently to maximize productivity. Consistent effort is the cornerstone of success.

Embrace Calculated Risks: Be open to calculated risks, assess potential rewards against consequences, and take the leap when the time is right.

Learn from Setbacks: Instead of viewing failures as insurmountable roadblocks, see them as valuable learning experiences. Adapt and refine your strategies as you encounter obstacles.

Plan Your Finances: Create a budget, stick to it, save a portion of your income, and avoid unnecessary debt. Financial planning is the scaffolding upon which financial success is built.

Seek Mentorship: Identify mentors who have achieved what you aspire to. Their guidance and insights can prove invaluable as you embark on your journey to financial success.

Conclusion

The millionaire mindset is not a magical formula for instant wealth. It’s a way of thinking and acting that leads to sustained financial success. By incorporating the principles of financial literacy, goal setting, hard work, risk-taking, resilience, financial planning, and mentorship, you can nurture the millionaire mindset and progress towards your financial objectives.

Remember, the goal isn’t merely to become a millionaire; it’s to attain financial independence, security, and the liberty to live life on your own terms. So, start cultivating your millionaire mindset today, and witness the transformation of your financial future. The path to prosperity is open to everyone who dares to walk it.

 

 

 

Elevating Your Business: What It Truly Means to “Level Up”

Introduction

In the ever-evolving landscape of business, the phrase “level up” is frequently used to describe the pursuit of growth, progress, and success. But what does it really mean to “level up” your business? Is it about rapid expansion, increased profits, or something more profound? In this blog post, we will explore the concept of leveling up your business, diving into what it entails, and how you can achieve it.

Defining the “Level Up” Mentality

“Leveling up” your business goes beyond superficial growth. It’s a mindset that encompasses various dimensions of advancement:

Sustainable Growth: True business evolution involves growth that is sustainable and not merely a short-term boost. It’s about ensuring that your business can flourish over time without compromising its core values.

Adaptation: In a constantly changing business environment, leveling up means being adaptable. It’s about being open to new ideas, technologies, and approaches that allow your business to thrive in the face of challenges.

Improved Efficiency: Efficiency is a cornerstone of business success. Leveling up entails optimizing your processes, workflows, and resource allocation to maximize productivity and reduce waste.

Enhanced Customer Experience: Your customers are at the heart of your business. Leveling up means continually improving your products, services, and customer interactions to exceed expectations.

Innovation: Embracing innovation is crucial. It involves seeking new solutions, exploring creative ideas, and remaining at the forefront of your industry.

Strong Leadership: Effective leadership is essential for business growth. Leveling up your leadership skills ensures your team can work cohesively and efficiently toward a common goal.

Strategic Planning: A well-thought-out strategy is essential for long-term success. Leveling up involves crafting and implementing a robust business plan that aligns with your goals

Invest in Your Team: Your most precious assets are your staff. Investing in their growth, establishing a healthy work environment, and luring top personnel are all parts of leveling up.

How to “Level Up” Your Business

Now that we’ve clarified what it means to level up, let’s discuss how you can make it happen:

Establish Specific Goals: Specify your long-term and short-term objectives. These objectives must be SMART, or specified, measurable, attainable, relevant, and time-limited.

Continuous Learning: Stay up to date on market trends, developing technology, and recommended procedures. Update your knowledge and abilities frequently to stay current with ever-changing conditions.

Operational Excellence: Streamline your operations by identifying areas for improvement. Eliminate inefficiencies and allocate resources wisely.

Customer-Centric Approach: Keep your customers at the forefront of your decisions. Gather feedback, analyze it, and use it to enhance your products and services.

Innovate Boldly: Encourage innovation in your organization. Embrace creative thinking and empower your team to experiment with new ideas and concepts.

Spend money on developing your leadership abilities: In order to develop as a leader and motivate your team, think about executive coaching, leadership development, and mentorship.

Strategic Planning: Develop a robust business strategy that aligns with your vision and goals. Regularly review and update your plan as needed.

Develop a culture of growth: inside your company to benefit employee development. Create a collaborative and creative workplace by investing in staff training and development.

Conclusion

To “level up” your business is to embark on a journey of sustainable growth, adaptation, and innovation. It’s about being efficient, customer-centric, and forward-thinking, all while developing your leadership skills and nurturing your team. The “level up” mentality represents a commitment to continuous improvement and the pursuit of excellence.

By adopting these principles and maintaining a forward-focused approach, you can steer your business toward long-term success and prosperity. So, embrace the “level up” mindset, and watch your business rise to new heights in the ever-changing world of commerce.

Asking for Testimonials with Confidence: Your Path to Success



Hey there, fellow enthusiasts of personal and professional growth! If you’re reading this, it means you’re on a mission to boost your credibility and showcase your awesomeness to the world. Kudos to you! Testimonials are your golden ticket to building trust and proving your worth. But don’t fret if asking for testimonials feels a tad intimidating; we’ve got your back! In this blog, we’ll walk you through how to ask for testimonials with unshakable confidence and a dose of encouragement.

Step 1: Believe in Your Value

Before you embark on your testimonial-gathering journey, remind yourself of your incredible skills, dedication, and the value you bring to your clients or customers. Confidence starts with self-belief. You’re fantastic at what you do, and people should know it!

Step 2: Timing is Everything

The secret to a resounding “yes” is picking the perfect moment. Ask for a testimonial when your clients or customers are bubbling over with happiness about your work. Timing is key to capturing their enthusiasm.

Step 3: Craft a Heartfelt Message

Start with a warm and sincere message. Express your gratitude for their trust in your services or products. Let them know how much their feedback means to you. People are more likely to help when they feel appreciated.

Step 4: Keep It Simple

Don’t overcomplicate things. Make the process of leaving a testimonial a breeze. Offer clear instructions on where and how they can share their thoughts – whether it’s through email, a feedback form, or a review platform.

Step 5: Provide Guidance (But Keep It Open)

Sometimes, clients or customers might feel unsure about what to write. Offer some gentle prompts or questions to get their creative juices flowing. For instance:

  • ~What was your biggest takeaway from our service/product?
  • ~Would you recommend us to others, and if so, why?
  • ~How has our product/service positively impacted your life or business?
  •  

 

Remember, you want their honest thoughts, so don’t dictate their words too much.

 

 

Step 6: Show Your Gratitude

When you receive a testimonial, don’t delay – send a heartfelt thank-you! Acknowledge their contribution and let them know how much it means to you. Gratitude creates a positive feedback loop.

Step 7: Put the Spotlight on Them

Once you’ve gathered a collection of stunning testimonials, shine a spotlight on your clients or customers. Showcase their words of praise on your website, social media, and marketing materials. Make them the heroes of your story.

Step 8: Keep the Momentum Going

Don’t stop at just one round of testimonials. Continue to gather feedback from your clients or customers on an ongoing basis. This keeps your testimonial bank fresh and demonstrates your consistent excellence.

Step 9: Respect Privacy and Preferences

Always seek permission before using someone’s testimonial, and be respectful of their privacy. Some may prefer to remain anonymous or share their testimonial without personal details. It’s crucial to honor their wishes.

Step 10: Embrace Growth

Lastly, use the feedback you receive from testimonials as a tool for growth. Constructive criticism is your friend. It’s an opportunity to refine your skills and enhance your offerings further.

Conclusion

Asking for testimonials with confidence is a journey of self-assuredness and celebration of your excellence. Remember, you’re doing the world a favor by letting your brilliance shine. People want to support those who exude confidence and deliver outstanding value. So, go ahead and ask for those testimonials with a smile on your face and a heart full of assurance. You’ve got this!

With the help of an experienced business coach, discover the keys to optimal performance, strategy, and expansion. Take a look around my website (click me) or go to allisontodd.com to get started on your path to a prosperous future right away!

5 Things Microprenuers Should Do To Establish Their Presence Online

Introduction

As a microentrepreneur, I know firsthand how challenging it can be to establish a strong online presence. However, through trial and error, I’ve learned some valuable strategies that have significantly boosted my online visibility and helped my business grow. In this blog, I’ll share five easy-to-understand steps that all microentrepreneurs can take to establish a powerful online presence and reach a wider audience.

Step 1: Create an Engaging Website

Your website serves as your digital storefront, and it’s essential to make a strong first impression. Work on creating an engaging and user-friendly website that reflects your brand’s identity and showcases your products or services.

In my journey, I collaborated with web design experts to revamp my website. They helped me choose a visually appealing design, organized the content in a user-friendly manner, and optimized it for mobile devices.

Step 2: Produce Quality Content

Content is king in the digital world. Share valuable and relevant content that speaks to the needs and interests of your target audience. Whether it’s through blog posts, videos, or social media updates, ensure that your content provides real value.

I started blogging about topics related to my industry, and I was amazed by the positive response from my audience. They appreciated the useful information and started sharing my content with their networks, expanding my reach organically.

Step 3: Leverage Social Media

Social media platforms are powerful tools to connect with your audience and build a community around your brand. Identify the platforms where your target customers are most active and engage with them regularly.

I initially struggled with social media, but with dedication and guidance from digital marketing experts, I learned how to create engaging posts, interact with my followers, and leverage social media advertising to reach a broader audience.

Step 4: Optimize for Search Engines

Search Engine Optimization (SEO) is crucial for improving your website’s visibility in search engine results. Conduct keyword research to understand what your potential customers are searching for and optimize your website and content accordingly.

SEO seemed intimidating at first, but with the help of SEO specialists, I learned the basics and implemented strategies to improve my website’s ranking on search engines. As a result, more people discovered my business when searching for relevant keywords.

Step 5: Engage with Email Marketing

Email marketing is an effective way to stay connected with your audience and nurture leads. Collect email addresses from interested visitors and send them valuable and personalized content on a regular basis.

Initially, I underestimated the power of email marketing. However, after building an email list and sending targeted content to my subscribers, I noticed increased customer loyalty and repeat business.

Conclusion

Establishing your online presence as a microentrepreneur may seem daunting, but with the right strategies and perseverance, it’s entirely achievable. Through my journey, I’ve come to realize the importance of a compelling website, quality content, social media engagement, SEO, and email marketing.

If you’re ready to take your business to the next level, don’t hesitate to embrace these five steps.

At AllisonTodd.com, we understand the unique challenges microentrepreneurs face in the digital world. Our goal is to help you succeed by providing a range of tailored digital marketing services that will elevate your brand and attract your target audience.

With a team of dedicated professionals, we offer top-notch website design, captivating content creation, social media mastery, SEO optimization, and personalized email marketing campaigns. We are committed to understanding your vision and tailoring our strategies to align with your business objectives.

Should You Hire Your Family? Let’s Settle the Debate

Hiring family. Some people swear by it, and build entire businesses upon it. For others, it’s an absolute no-no and a fast-track to drama and problems.

Whether your business is a startup or a large organization, there’s no doubt that the possibility of hiring family members will come up at some point. So, should you hire your family? The answer isn’t quite so simple.

Advantages and Disadvantages of Hiring Family

There can be many advantages to hiring family members. They’re less risky than strangers since you know them, and if you have a good relationship, it can make the day-to-day more fun and interesting. Family members are also more likely to be invested in your business’s success.

Hiring family comes with significant disadvantages as well, however. Family members can expect special allowances or privileges that a regular employee wouldn’t, and they may treat you the same in the workplace as they do at home. If you’re the boss, that could be a problem.

In addition, some people won’t work with family because issues at work could spill over at home, and vice versa, and may permanently impact the relationship. For example, think of how your next holiday gathering may go if you had to fire your nephew or aunt.

 

Is Family a Good Fit for Your Business?

As mentioned, there are a lot of advantages to hiring family. If you have family members who are a good fit for your company culture and genuinely good workers, hiring them may be the best thing you could do for your business.

Be sure to consider all the factors you’d consider with a regular candidate, however, such as qualifications, values, experience, stability, and skills. This isn’t a favor or an impulse – it’s a fit for both parties.

If you believe your family member is a good fit, that can be a huge asset for your business. Don’t just hire family to do someone a favor, or just for the sake of making it a “family business.” Someone not invested in the position or well suited for it won’t serve your business in the long run.

Another thing to consider is the potential impact hiring family can have on other employees. It’s vital that you treat family like any other employee to avoid any conflict. You may want to have a nepotism policy in place to protect you and your family member from any issues of favoritism.

 

Tips for Working with Family

If you do decide to bring family members into your business, you can keep the working and personal relationships strong and separated. Here are some tips:

 

Keep it professional.

  • No matter how close you may be out of work, address each other professionally in the workplace.

 

Show respect.

  • Family members should always show respect appropriate for their position at the company, even if the dynamic is different in the family. For example, your uncle may be a perceived authority figure in normal life, but if you’re his boss at work, he should treat you like a boss.

 

Keep work at work.

  • One of the biggest challenges is keeping professional and personal lives separate when you work with family. Vow to keep work at work and home at home, so you can maintain your previous relationship dynamic outside of the office.

 

Looking for Business Support?

Navigating the ins and outs of business can be challenging. Whether you need help with hiring, growing and scaling, or other aspects of your business, a professional coach can help. Work with Allison Todd directly and set your business up for success! 

Is Work-Life Balance Actually Possible When You Own a Business?

Starting a business brings a lot of responsibilities and tasks that can quickly eat up your time. If you’re starting a business while also balancing home and family time, or a full-time job, it may seem impossible to get any true work-life balance.

Is it possible? Can you achieve work-life balance while owning and running a business?

Yes! It takes some changes to how you approach work, but you can make it happen! Here’s how.

Reflect on the Big Picture

If you’re struggling with your work-life balance, or lack thereof, the first step is to give yourself some distance and reflect on the big picture.

For many business owners, this reflection only happens when something significant happens, such as a death or the birth of a child, but it doesn’t have to take such a big upheaval.

Consider your sources of stress or dissatisfaction. How are the circumstances affecting your performance? Your happiness with your work or personal life? How are your priorities? What are you giving up pursuing your business goals?

Once you have a clear picture, you can take concrete steps to change them.

Delegate Wherever Possible

Small business owners are go-getters, which is great for getting a business off the ground, but not so great for taking on way too much. For many, the idea that “if I want something done right, I have to do it myself” can quickly take over.

Delegating can free up a lot of time, provided you can relinquish some control. Remember, it’s a choice to continue doing tasks that could be outsourced or delegated to someone else. This not only impacts your work-life balance, but as your business grows, it will pull you away from mission-critical tasks.

Take More Time Off

I know, easier said than done. But taking the appropriate time off is essential to keeping your wellbeing and work-life balance intact. Otherwise, you can quickly find yourself working every day and losing a sense of satisfaction with your life.

One helpful way to ensure you get the time you need is with a four-day workweek. With this approach, you can still be productive and make money with just four days, and you’ll be able to devote more time to personal responsibilities and leisure.

Set Rigid Hours

One of the ways business owners can get too caught up in their business is by keeping a flexible schedule. For traditional employees, they typically have set shifts, so they can manage their personal time.

When you own a business, it’s too easy to work 10, 12, or 14 hours without realizing how much time you’re really putting into it. You try to get “just one more thing” done in the day, and before you know it, you’ve worked far beyond a normal workday.

Start by setting a clear time that you begin and end your workday, even if you’re working from home. Remember, more time isn’t necessarily more productive time, and you’d be better served by sticking to a set schedule and forcing yourself to manage your time effectively.

Find Your Work-Life Balance

No one said running a business was easy. In fact, business owners typically work more and longer days than a comparable employee, but it doesn’t have to be that way. With some tweaks, you can find your work-life balance and still run a successful and profitable business.

Are you looking for some guidance with your business from a professional coach? Work with Allison Todd directly and see how you can reach your business goals!

Streamline These Services with SOPs

Your business will have repeatable processes, even if you’re a sole proprietor. On your own, you may be keeping a lot of information in your head, since you’re doing it all yourself.

Unfortunately, that can take a toll over time. You may do the same things daily, weekly, or monthly, but eventually, you may come to a point of wondering if you did what you needed to. Or worse, you may be wondering how you did it the last time.

Developing standard operating procedures, or SOPs, is an important step in building a viable business that’s ready to grow and scale.

What Are SOPs?

SOPs are outlines or checklists that demonstrate how to complete the repeated tasks that take place in your business, such as your social media management, customer service procedures, or other tasks.

They may not seem as important when you’re on your own, but as you scale, SOPs are essential to keeping your brand consistent and ensuring that everything is done on time and as efficiently as possible.

Also, creating an outline for repeated tasks helps you see where you can streamline your processes to save time. For some tasks, you may be creating more work for yourself because you have to start from scratch.

When you have SOPs, you have everything you need at your fingertips each time. You’re taking out everything that’s unnecessary, which is MUCH easier when you have a clear outline and plan.

Benefits of SOPs

How do SOPs help you streamline your business?

You can move faster through tasks, get more accomplished, and ultimately, earn more. You cut back on the time it takes to do the repeatable tasks your business needs, giving you more time to focus on mission-critical aspects of your business or to serve customers. In short, more money for fewer hours – who doesn’t love that?

You can bring on more team members and ensure that your standards are upheld. A well-documented process makes it much easier to bring on new team members and delegate tasks to them without concern for how it may impact your business or processes.

How to Create SOPs

SOPs aren’t as simple as they may seem to create. They take planning, coordination, and research to be fully functional.

Fortunately, there are numerous tools and templates to help, but here’s a quick breakdown.

Clearly articulate the vision of why you’re writing an SOP and what you’d like the reader to achieve.

Identify the reader you’re writing for. Identifying and understanding the audience ensures your SOP is appropriate for the employee and suited to their knowledge and experience.

Define the scope of the task. As your business scales, some tasks may overlap between departments, and this is where SOPs can get tricky. Before you begin, define whether the SOP will be general or specific to one department.

Choose the relevant format. Formatting is important in SOPs. Your general format should include:

  • – Title page
  • – Department, date, and ID
  • – Purpose statement
  • – Definitions
  • – Step-by-step instructions
  • – Additional information that’s relevant to the task

 

Let’s Get Started!

If you want your business to grow, SOPs are a must to streamline your processes and develop consistency across all employees and departments.

Are you looking for help with growing and scaling your business? Get expert guidance with experienced business coach Allison Todd! Work with Allison Todd directly.

4 Ways to Scale Your Side Hustle into a Full-Blown Business

Whether you started a side hustle as a passion project or you finally followed your dreams with your free time during the pandemic, it doesn’t have to be a side hustle forever.

Sure, starting a side hustle helps to bring in some extra cash, but what if you could do what you love full time? That can be a reality with the right planning and effort.

1. Research Your Market

According to Harvard Business Review, the best predictor of success is how well a business leader understands the market.

Is your project something that will still have a market in a year? In five years?

Here are some questions to ask:

  • Who is your target market?
  • Can your target customers afford your product or services?
  • Who are your competitors? Do they offer more or less than you? Have they been around longer?
  • Does your business have the potential to keep growing into the future? What do you need to make that happen as far as staff and overhead?

If you think your business can still grow and thrive in the long term, you can make it a reality.

2. Take the Necessary Steps to Scale

Many people take on a side hustle and keep their full-time job to increase their income. But before you can turn your side hustle into a full-time job, you need to know what steps are necessary to grow.

For example, maybe you started a small side hustle selling baked goods in your home kitchen. Do you have the setup to sustain a full-time business in your home kitchen?

As a business owner, you need to prepare for what you’ll need to scale your business, even if you hold on to your full-time job in the meantime. Whatever your dream is, you should envision your path to success and how you’ll attract and retain customers.

Consider things like:

  • Commercial space to produce or store your inventory and reach a higher volume of customers
  • Commercial-grade equipment or machinery
  • Employees you may need to hire to help you with the day-to-day operations

3. Create a Business Plan

A business plan forms the foundation for the future of your side hustle as a bona-fide full-time business.

Your business plan should include:

  • A business name
  • A description of the current target market
  • Competitor analysis
  • Cost analysis, including material costs, registration costs, staff costs, marketing budget, space rental, pricing plan, estimated volume and profits for each month, and a break-even point

Having a strong foundation can help you develop realistic expectations and attract investors to your business.

4. Seek Investors

Starting a business can be expensive, but investors can help you get a strong start. Your business plan is an essential tool to securing startup capital.

Consider options like:

  • Bank loans for small businesses
  • State and local grants
  • Small Business Administration loans
  • Crowdfunding platforms

Once you have the funding, you can get started scaling your business!

Keep Hustling

If you have a side hustle right now, you have the drive, passion, and talent to turn it into your full-time job and business. The road to success can be long and arduous, but strategies like these put you in the strongest position for future success.

Looking to scale your side hustle with the guidance of a professional coach? Work with Allison Todd directly! 

Mitigating the Impact of Inflation on Fundraising

Everyone is seeing the impact of inflation, from a trip to the grocery store to monthly utility bills. In the past year, inflation amounted to 7.9% — the fastest pace since 1982 – according to the Bureau of Labor Statistics.  

Inflation isn’t likely to resolve anytime soon, especially with the increasing energy costs due to Russia’s invasion of Ukraine.

This is especially troubling for nonprofits. Many charitable organizations receive a significant amount of funding at the fiscal year’s end – June 30 – and the budget implications are only just now obvious.

Nonprofit leaders need to navigate uncertainty and position the valuable work as critical, regardless of what economic indicators show.

What Is Inflation?

The simple definition of inflation is that it’s a sustained upward movement in the price of goods and services in an economy. If all else stays constant, this reflects a loss of purchasing power for a currency. It takes more currency units to buy the same goods and services.

Simply put, your money doesn’t go as far. You can’t buy as many groceries or essentials for the same amount as you did previously.

Many consumers associate inflation with the rise of a few key goods or services, such as oil or the real estate industry. but inflation is only present when the overall price of goods and services is increasing across the board.

When inflation increases faster than wages, it leads to a decrease in purchasing power that causes people to put up more money to buy necessities, but getting less for it. For the average consumer, this can create financial strain and reduced discretionary spending.

The problem here is that many people don’t understand what inflation really is. They believe the prices are increasing, when that’s not what’s happening. The value of each dollar is declining.

Why the distinction? If people believe that it’s prices, not dollars, donors may unknowingly reduce the value of their donations because they don’t regard inflation as the reduced value of money.

They’re not deliberately giving less – they’re accidentally giving less because they’re failing to recognize the diminished purchasing power of their donations.

Even if inflation were to return to its previous levels, it would take time before we see the effects of that. With the end of the year approaching quickly, fundraisers need to take a proactive approach to combat the effects.

Plan Ahead in Thinking, Giving, and Strategy

Donors want to make a difference – that’s why they donate. They’re not trying to decrease their gift, but they just don’t appreciate that it doesn’t have the same purchasing power.

We can’t expect them to know this on their own, however. They can be politely reminded that inflation affects nonprofits, too, and the cost of staffing, supplies, services, and more. It also impacts the lives nonprofits serve – if it’s this difficult for the people who can pay, imagine what it does for those who can’t?

Bottom line – we need more money to make the same impact. We need to ensure donors understand the need for the work and how the dynamics of the world impact it. Donors want to hear stories about those served by their donations, and how, so highlight some of your top stories.

If possible, show metrics of how donations allow impact. Whether the nonprofit is focused on food security, education, literacy, clean water, or support for families, showing the metrics ensures that donors know the impact of their investment – and why it matters if money doesn’t go as far.

How Can We Help?

External pressures like inflation can be a big catalyst for creativity and collaboration. How can we, as community leaders, partners, and corporations, plan ahead and be proactive in our efforts?

The simple solution is to increase the gift to account for inflation and ensure that nonprofits have equivalent purchasing power. But writing a check isn’t the only thing we can do.

Inflation not only decreases what can be done with the donations, but increases the costs for the nonprofits. Volunteering helps nonprofits do more with less, reducing the burden and ensuring that help goes where it’s needed.

Finally, there’s advocacy. You can spread the word about the efforts of nonprofits and encourage others to get involved. Whether they offer monetary gifts, volunteer their time, or spread the word themselves, it all makes a difference. 

Let’s Talk About It!

I’ve had wonderful conversations with innovative leaders ready to grow their community and “put their back in it.” I’d love to talk to other leaders and business owners who feel the same. Schedule a 15-Minute Discovery with me and let’s get started!