Every new venture is exciting, regardless of what it is. When kids get a new toy, they don't want to play with anything else. That new toy becomes the center of attention, but when the excitement of it being new wears off, they forget all about it. Suddenly, playing with it is not exciting anymore. We were all kids once and are familiar with this situation and how it creeps into our adult life, even in business.
New business owners tend to start with tons of motivation and excitement about their new business, and it's not necessarily the fact that it eventually stops being something "new" that kills motivation. A recent study showed that 33% of small business owners lost the motivation they had at the beginning of their new business adventure.
Starting a new business is a lot like starting a relationship. You will surely go through tough times, but you can work through them, you have to put in the time and the work. The amount of stress, the inability to maintain a good work-life balance, having a hard time getting a regular or stable salary, and the earning potential being lower than expected, are some of the most common reasons why small business owners lose that fire that kept them going during the very early stages of their entrepreneurial journey.
These and other circumstances —keyword here is circumstances— can lead you to start putting off important business projects, not be as present in day-to-day business matters, neglect your website and social media, among other things. However, closing your business is not necessarily something that has crossed your mind, you just lost your groove, and that is temporary —as long as you identify it on time and start making changes.
You went through so many things to get this far; there is no quitting now. You know what they say: "when there is a will, there is a way."
There are many things you can do to get your 'mojo' back, one of them —probably the most important one— being able to think of the reasons why you decided to start your business in the first place. This sounds very simple but you'd be shocked to know how many people forget why they started and of course, if there's no purpose behind it, why would you keep on going?
Other things you can do that will help you stay motivated are refreshing your brand —particularly, if your business has been around for quite some time now, look for new challenges, and set new goals. Adopt a healthy routine that helps you keep a good work-life balance, and give yourself some time off work to 'reset' your mind and start fresh once more.
How's your life as an independent insurance agency owner going? There will always be challenges, but the benefits are still higher when you keep going. Haven't started your business yet? Join AAI!