Mindset: How to Navigate the Ups & Downs of Business

Starting a massage practice isn't easy and there will always be ups and downs to deal with as you grow and run your business. Learning how to gracefully embrace your accomplishments and figure out how to cope with setbacks is an important part of business ownership. Finding gratitude during the down-times, and having awareness about your perspective can help you weather any obstacles that come your way.

The key to all this is mindset. If you can maintain a positive (or at least more realistic) mindset during the tough times, you'll be better equipped to get your business back on track no matter the situation. Let's take a look at some small business tips that will help you to maintain a positive mindset while navigating the ups and downs of running your small business.

Fail Forward

Oftentimes when people set out to do a task they expect to be successful right from the start. This can lead to disappointment when they don't meet their goal and some even give up completely! Let's get real- being successful at anything on your first try is unlikely, especially when it comes to running a business. You're learning new skills and experimenting with your ideas. Success does not happen overnight.

Consider “failing forward” meaning, instead of focusing exclusively on some societal metric of success, use those 'failures' to course correct and improve your business. By expecting failure, and using it to your advantage, you can learn from your mistakes faster, strengthen your emotional resiliency + become a wiser business owner, and ultimately grow your business through the lessons you've learned.

Creating a Realistic Road Map to Success

A realistic roadmap to success comes with unexpected stops or fuzzy directions along the way. When you create a roadmap or plan for your business to help you achieve your goals, make sure that you leave some room in it for adjustment. This is because things rarely go 100% as planned so you have to take into account that there will be difficult times when running your business.

If your plans have to change, don't be afraid to steer off-course, pivot and find another route to success. Practicing flexibility can help you improve your business along the way. For example, say you want to introduce a new service. You've generally mapped out your marketing plan but then it totally falls flat- no one is buying the add-on in the launch month. Instead of throwing in the towel, consider shifting one piece of the puzzle- maybe you need to talk to your clients more about what they really want; maybe there's something off in how you're talking about the service. You don't have enough data in one month to determine if this is a failure or not. Consider shifting one thing and see if it impacts your results.

Keep an Emergency Fund

One of the most important small business tips is to have an emergency fund to support you during the difficult times. In fact, if things get really rough, you may even start losing money. To help deal with worst cases scenarios like this you should have an emergency fund that you can use to keep your business afloat.

How big your emergency fund depends on many factors such as how volatile your industry is, and how many business expenses you can afford to cut if you really need to. From the start, consider paying yourself (and your savings), first. Instead of the standard revenue model that subtracts your expenses from your revenue and then you pay yourself, consider flipping this. Take your salary from your revenue first and then, pay expenses with what's remaining (read more on profit first here). While it may seem annoying putting a portion of your earnings in an emergency fund, you'll be glad you did when your business needs them.

Preparation, Expectations, and Mindset

Staying positive(ish) when business is slow isn't as hard when you've made the correct preparations. Strengthening your emotional resiliency and developing a positive mindset starts with learning how to embrace failure, learn from it, and stay on your toes. If you can do this, then there's nothing you can't handle in the world of business, and beyond.

About Vita Wellness

Vita Wellness offers massage practice owners tools, resources, and courses that help them improve their business skills and grow their massage practices. Get more tips + strategies in the FREE, 'Make More Money' ebook: Download it now