Entrepreneurship ventures throw different kinds of curve balls at us and these include slumps.
In fact, the reason why I want to share this post with you is because I just recently was and am still going through entrepreneurial slumps (I’ve been in two slumps so far). I can say for sure it doesn’t feel good; something just hits you hard, drains your motivation to the point when you start to question not just your business, but sometimes even your whole life.
The good news is that you can definitely pull yourself out of this pesky situation.
In this post, I will help you with 6 tips on how to get out of the slump in business.
What Are Slumps?
Slumps are periods of time, when your the productivity level are minimal, if present. They can happen in any parts of life and in business.
Slumps can also include and/or lead to results far under your expectations. Even worse, they can harm your business in one degree or another, depending on how long have you been in the slump.
Why Do Slumps Happen?
There are tons of reasons why slumps occur. One of them is a simple burnout. You were working on your business non-stop (plus you probably have other obligations such as work, family, kids, etc.) and you just ran out of energy. As a result, you barely find any extra energy to make another step closer to your goals.
Maybe you had some devastating event in your life such as loss of a relative or significant other that brought you down and screwed up your momentum.
The good news, as I already said, are that slumps do not last forever. However, the only person who can do the best job at pulling out of a slump as soon as possible is you.
Now, let’s go through some tips on killing slumps and getting back on track.
1. Take a Break, Reset Yourself
This is especially important if you’re experiencing slumps due to burnout. Earlier, I mentioned that some businesses don’t make it because of the owners’ burnout.
Either way, when you feel you’ve hit a slump, just take some time off to do something that will help you relax. You can spend time with family or significant other, which I think is very important.
You can also consider going to the gym or go for a bike ride.
When you feel calm and all stress is gone, sit down and create a list of your long-term and short-term goals, and break them down; figure out how you will achieve them.
2. Keep Reminding Yourself of the Reasons Why You Started
We all have a huge reason we start an online business. It can be quitting your regular job to start living your way, or building a legacy for your kids, grandkids, and so on.
Whenever you hit an entrepreneurial slump, you must remind yourself of your motivations to start your business.
Just like Robert Kiyosaki said in Rich Dad Poor Dad, your reason to start and grow your business must be stronger than harsh reality. My reason, for the most part, matches his; to stop working in a traditional sense and retire young to do what I want.
3. Visualize Your Goals
To help you motivate yourself more effectively, you need to visualize these huge goals and dreams that you’ve set for yourself.
Find pictures that are related to your goals. If you’re artistic and good at drawing, you can draw these yourself.
If your goal is to travel the world, find photos of places that are on your bucket list, and put them somewhere you’ll run into them more often. It can be on your desk, on your bulletin board, on your fridge, or on in your smartphone or laptop.
I, for example, keep all these visualizations on my portable devices, mostly on my smartphone.
4. Start Gaining Momentum in Baby Steps
To be honest, I’m quite an ambitious and impulsive person. Sometimes, when I set some goals for myself, I expect them to be done as soon as possible, pretty much immediately.
Unfortunately, I’ve learned the hard way that it’s not how things work. The same applied to pulling myself out of the slump.
When you’re in the slump, your energy and motivation levels are minimal. Hence, it’s quite difficult to go to high levels and do everything you’ve planned right away.
The best way to restore all motivation and drive is to start doing things in small steps. As I mentioned earlier, breaking your goals into smaller goals can help you regain your momentum.
5. Be Proud of Your Achievements, Even If They are Small
If you’ve made some progress on whatever business front, make sure that you pat yourself on your shoulder for this. Whether you finished a long article for your blog, or you made a sale on your online store, you’ve put an effort into it.
Whenever you make a certain achievement, it excites you. You feel fired up. Once you feel fired up, you become more active in your online business. You would want to do great things, and keep building upon your accomplishments.
What I’m also trying to say is that you should also take advantage of whatever you achieved in the past. Turn it into a fuel that you will use to make something bigger or more valuable; something that will propel you forward significantly.
6. Learn Something New
This is one of my favorite points that Jarrod Glandt mentioned in the Young Hustlers. If you learn something new, your curiosity sparks again. You would want to know this A through Z and test it.
This can be anything: a new marketing strategy, a new business model, a new niche, a new tool certain online business operations, a better sales pitch (I currently a door-to-door salesperson, so that’s why I decided to bring this one up).
One of the ways you can learn something new is by analyzing your current strategies and your progress, find out what areas of your business need improvement.
Once you’ve identified this area, Google solutions for it, and you will find many new techniques, tools, models, or other things that will grab your attention and fire you up.
This is what I wanted to say about entrepreneurial slumps and how to deal with them.
It is also very important to make sure that you put all your effort into pulling yourself out of the slump as soon as possible, because the longer your slump is the worse impact it can have on your business.
Have you been previously in a slump? How did it feel? Maybe you just have some questions or feedback to share? Whatever it is, feel free to leave it in the comment section below. I will be more than happy to read your responses and help you out, if needed. 🙂