Troubleshooting when things don't go according to plan

Starting your own business can be a challenge, especially since most businesses have their ups and downs.  Ups are great, of course, though if things go too well, you might get in over your head.  Downs are especially challenging because they may make you question whether you're even doing the right thing.

So let's focus on the downs and how to cope...

1) Reduce stress

The first thing you should do is lower your stress response.  Sure, you may feel that you're justified in being stressed when you've got a big hole where your revenues were supposed to be.

But stressing isn't going to help that hole go away. You need to be calm to take the kind of action that'll make a positive difference.

So gather up a few stress management techniques that work for you and keep them in a place where you can find them when you need them.

Just a few ideas: deep breathing, calming aromatherapy, calming herbal teas, EFT (Emotional Freedom Technique), calming meditations, prayer, or making a gratitude list.

You might also want to go for a walk outside, preferably in nature.

2) Research common business mistakes and what to do about them

You should also focus on prevention as well as preparation.  They go hand in hand.

And a highly effective way to approach this is to research common business mistakes other people have made and how to avoid them.  Thinking these things over will also help you come up with some solutions in advance, so if you do run into trouble, you'll be better prepared.

a) Lack of market research

One of the most common mistakes is lack of market research.  Imagine you want to create an ecourse but you neglected your research. You may find that no one is interested in paying for the information you're offering. 

And if you had done your homework, you might have known that, and you could have created a product on something else.

What if you discover too late that you're off track?  See if there's a related market that might appreciate this product, or if you could use it as a bonus or a lead gathering tool and monetize it in a different way.  For example, you could give it away and make money off the affiliate links you have inserted in your product.

Sometimes, you can salvage your business by broadening its scope, and other times, you might do better if you specialize.  Research and possibly experimentation will help you figure out which way to go.

Then again, your problems may stem from ineffective advertising.  If you spend too much on advertising and get too little in return, you should reevaluate your approach and experiment with other ways of getting the word out.

b) Spending too much - or too little

Another thing that often causes problem is money management.  Curiously enough, both spending too much and spending too little can get you in trouble.

You're probably familiar with the "spending too much" side of the equation: spending too much on training, resources, advertising, and so on without getting a decent return on your investment.

However, where you might not be spending enough:

You might skimp on advertising, or on fixing up your website so that it's more effective.

You might skimp on getting help to make your business more profitable, whether that be a coach, a copywriter, a marketing consultant who could help your website capture more leads, or something else.

And what about outsourcing the work?  You might try to do everything yourself, which won't leave you enough time and energy for the work ONLY you can do. Find someone else for the busywork and focus on what's really important.

c) No business plan

That's probably the most common mistake.  Many entrepreneurs don't believe they need a business plan since they're financing their venture themselves and don't plan to get a loan.

However, having a business plan is valuable for lots of reasons, and one of the most important ones is to give you direction. 

So what do you do if you're running in circles because you don't have a business plan?

Write one! 

And here's a secret.  Many people are intimidated by writing a business plan. And the reason for that lies with overly enthusiastic business advisors who make writing a business plan seem unnecessarily complex and complicated.

The fact is, a business plan does not have to be that complicated.  Start with a simple statement of what you plan to do.

Write down how you plan to accomplish your goal.

Next, add some projected timelines, how you plan to advertise and get clients, and how many you would like to get.

And don't worry about adding numbers that may not pan out.  You won't be held to them.  People know you're not psychic.  They're guidelines to help you move in the right direction.

3) Take massive action

If things really look scary, it's time to take action.  First, evaluate to find out where you are, and if your situation is salvageable.

If so, there are a number of things you can do to remedy the situation.  Mostly, the problem involves not enough customers and/or not enough revenue.

Many activities address both at the same time. Exactly which ones will work for you depends on the nature of your business.  Here are some ideas:

a) Build your customer base

Build your customer base, by getting the word out in as many ways as possible.  Make sure you're active in relevant forums, set up your accounts correctly on LinkedIn, Facebook, and Twitter, and provide value.

b) Sell more

You can sell more by getting your existing customers to buy more, or by broadening your customer base.  To bring money in quickly, you could run a fire sale, whether you're selling products or services.  Just be sure not to undersell your services.

If your products are virtual, you won't have overhead, so selling them in a dime sale will work great.  On the other hand, if you're dealing with physical goods, you have to be more careful. 

And if you're selling services, you need to make sure you still make enough to make it worth your while.  However, there are ways to run specials even for services by adding extra value or giving a (reasonable) discount, or even the famous buy two get one free strategy.

Knowing you have options will help you stay calm under pressure and take action.  Spend some time NOW to figure out what could happen and what you can do to prevent those things, and also have a plan ready for potential emergencies.