No one will tell you that entrepreneurship is predictable or linear, and neither are these 5 stages of entrepreneurship; rather, they are overlapping and interdependent. Fail to be diligent in one stage, and others will collapse. Be strategic but also adaptable and fluid, like water.

Stage 1: Seed Stage – Planting the Idea

This initial phase is akin to planting a seed; it's where your entrepreneurial journey begins. You're brimming with ideas, exploring opportunities, and conducting extensive research (never skip the research!). This stage demands introspection and market validation. Here, clarity in your values, vision, and mission becomes the cornerstone of your enterprise's foundation. Remember, it's not just about having an idea but understanding its potential and feasibility.

Stage 1 Insight:

“The seed stage is your time to dream big but ground those dreams in reality. Validate your idea, research your market, and assess its viability. This groundwork is crucial!”

Stage 2: Startup Stage – Cultivating Growth

Ah, the startup phase – where the rubber meets the road! This stage involves turning your validated idea into a tangible business. You're developing your product or service, establishing your brand identity, and initiating your market entry. Here, agility and adaptability are paramount. Embrace the inevitable challenges; they're growth opportunities.

Stage 2 Insight:

“Embrace the chaos and crazy of the startup phase. Adaptability and a willingness to pivot will define your success. Remember, things aren't likely to turn out exactly as you once envisioned them. Get used to change now because in our world it never stops!”

Stage 3: Growth Stage – Scaling Up

Congratulations, you've survived the infancy of your business! The growth stage is where your efforts begin to yield results. You're acquiring customers, experiencing increased demand, and fine-tuning your operations. Scaling becomes the buzzword here. Strategic decisions and efficient resource allocation are key. This phase demands a robust infrastructure to accommodate expansion. The Growth Stage is when most of my coaching clients find me because they’re smart enough to realize that you don’t know what you don’t know. There’s so much to learn here about leadership, culture building, systems and processes, delegation, and evolving from the doer to the visionary.

Stage 3 Insight:

“Focus on scalability without compromising quality. Streamline operations, invest in talent, and embrace technology to fuel sustainable growth.”

Stage 4: Expansion Stage – Diversification and Innovation

As your business matures, the expansion stage beckons. Now is the time to diversify your offerings, explore new markets, and innovate relentlessly. You're solidifying your market presence and seeking opportunities beyond your initial niche. It's about staying ahead by adapting to changing market dynamics. You may even consider an acquisition at this stage. Approached right, acquisition is an efficient way to achieve growth!

Stage 4 Insight: 

“Innovation isn't just about products and services; it's about processes and customer experiences too. Embrace calculated risks, and don't fear exploring new horizons!”

Stage 5: Maturity Stage – Sustaining Success

The maturity stage signifies stability and a well-established brand. You've become a market leader, and your focus shifts from rapid growth to maintaining your market position. Strategic partnerships, customer retention, and continuous innovation are vital. However, complacency is the enemy; evolving consumer preferences and trends necessitate ongoing adaptation.

Stage 5 Insight:

 “Stay nimble and alert even at the peak. Keep reinventing and evolving. Remember, what got you here might not keep you here!”

Final Thoughts:

Understanding these five stages isn't just about navigating them sequentially: it's about embracing the dynamism of entrepreneurship. Each phase presents its unique challenges and opportunities so be fluid, rather than linear in your approach.  Embrace failures as lessons, celebrate successes, and remember, your mindset will be your greatest asset throughout this journey. Hire a great coach! Surround yourself with mentors and supportive people. Being an entrepreneur can feel lonely, don't let that be you.

So, are you ready to conquer the entrepreneurial landscape? Contact me to set up your complimentary consultation. Your success story awaits!

The post Navigating the 5 Stages of Entrepreneurship: Your Roadmap to Success appeared first on Marla Tabaka.

Allow me to tell you a story.

One entrepreneur’s business took off during her second year of coaching with me. In addition, her husband started a company of his own, which grew quickly and substantially. Their 2022 combined household income was three times what it had ever been. This year, both businesses continue to flourish.

I always remind my fast-growing business clients to meet quarterly with their accountants to double-check numbers, plan spending, and ensure their earnings are appropriately taxed. However, working with a business coach is a new experience for most clients, and they don’t always realize the importance of a quarterly financial checkup, so many small business owners neglect to heed this advice. They are well-meaning, but things get busy, and important meetings get placed on the back burner. As a result, my client just got hit with a state tax debt of $10,000 for 2022. That was manageable, even though it was disappointing. But it wasn’t as upsetting as the $100,000 IRS tax debt notification she received two days later!

Why did this enormous tax debt happen? Because the client’s accountant had adjusted quarterly taxes at the end of 1st Quarter but not since. Scheduled meetings would have prevented these shocking tax debts seven months into the following year. Sure, these taxes need to be paid one way or the other, but you can imagine the infuriating surprise of an unexpected bill of this size. It’s better to pay taxes on a schedule than to receive a shock like this one.

Business Coach Advice: Don’t let that happen to you!

Now is the time to delve into operations, bookkeeping, goal assessment, and future planning for your business. I often advise my clients to schedule two or three days away so their time is free of interruptions and distractions. Book yourself into a lovely hotel just far enough away from home and work to keep distractions at bay. Tell everyone, including employees, friends, and family, that you will check in once at the end of the day and are otherwise unavailable. Use this time to follow the checklist below and complete what you can.

Important tip: Also, schedule an end-of-day massage and at least one decadent meal somewhere nearby!

Here is your 4th quarter checklist.

Begin now to clean up your 2023 plan and go into 2024 feeling good about yourself and your small business. The 1st piece of business coach advice on this list should be obvious by now!

Schedule a 4th quarter meeting with your business accountant.

Your accountant will know what to talk about, but here are a few suggestions:

• Ensure there are no tax code changes that will affect your business.
• Double-check your tax withholdings.
• Ask if you should increase your taxable spending.
• Review payroll to see if year-end bonuses or pay increases are possible.

Check on your inventory history and plan for future sales.

• If you carry inventory, be sure that holiday stock is on order. Allow time for delayed shipping and out-of-stock inventory.
• Do a review of the current year. Where did you fall short on supply? Plan for those months during the upcoming calendar year.
• Will you add new items for holiday gifting? What new product line ideas do you have for next year?

Revisit your other 2023 goals.

Are there remaining goals on your list that hold the possibility for completion yet this year? If so, forgive yourself, schedule time to work on them, or, better yet, think of someone to delegate them to, even if it’s a 1099 contractor. Be realistic about your goals; otherwise, you will let yourself down repeatedly. Of course, if lack of completion is an issue for you, hire a business coach to help you manage and eliminate this issue.

Review operations and documentation.

Have operations run smoothly in 2023? If so, congratulations! If not, any number of things could be to blame.

Plan for documentation of your primary processes and procedures in 2024. The lack of training materials is usually a significant problem for owners who see a lot of operations issues. Again, the main complaint about the documentation process is time consumption. I always tell my clients to imagine how much more time they’d have if they didn’t have to deal with a plethora of mistakes and oversights. Documentation isn’t only for training purposes; it serves as a guide in each job role. These materials give you a tool for effective employee reviews and dismissals, and it keeps your organization running smoothly.

What else is essential to know about clear and thorough documentation? It adds value to your company. This collateral is considered proprietary information, and should you ever sell or seek to be acquired, there must be processes in place before anyone takes you seriously.

Also, review staffing needs. Will you require an additional headcount or freelancers in 2024? If additional payroll is something you need to consider, add this to your accounting discussion. Schedule time on your calendar to define the job role and get your onboarding plans in place. This is another area where a business coach could be essential to the process.

Consider automation for 2024 or 25.

Customer Relationship Management tools are about more than just managing client relationships. These money-saving tools are a powerful means for running your business efficiently. A customized CRM will reduce errors and oversights. Your notifications to prospects and clients will go out on a timely basis. Your CRM will keep all correspondence branded and consistent, and it will track your job progress, flag issues, and be your project manager. Some will even integrate and track your inventory.

Some contractors specialize in customizing just about every CRM on the market, and you’ll likely find a list of preferred vendors on the CRM builder’s website. A contractor’s fee is well worth a reasonable investment. Do your best to work this into next year’s budget, but shop around for your contractor!

Create or revisit your 4th Quarter marketing plan.

Preparing a marketing calendar in advance with the big-picture strategy broken down into monthly, weekly, and daily bite-sized action steps is always a great idea. If you haven’t done this before, work with your marketing person or business coach to create your marketing calendar for next year. This task is a great 4th Quarter activity.

For now, consider your sales goals for 2023. Have you fallen short or exceeded your projections? Either way, it’s time to revisit or create marketing initiatives to achieve the current plan or continue to surpass your initial goals. Try something new or build upon what’s been working. If you set your sights on improving operations, realistic goals, and a solid marketing plan, you can and will increase profits in 2024. Who knows? You may be able to add revenue to 2023; it's not too late!

Book your hotel or getaway location today! If you’re so inclined, email me a few pictures, and I’ll include them in a follow-up blog later in the year!

The post Business Coach Advice: Boost Sales With This 4th Quarter Checklist appeared first on Marla Tabaka.

The details are in the devil.

This old idiom alludes that something may seem simple, but in fact the details are complicated and likely to cause problems. For business owners in Italy, the details are most definitely complex, but some may find disappointment should they choose to come to the US to live out the American Dream. One of the reasons I feel that's true is that Italians, like most, believe that success is hard and you must struggle your way through it alone.

Entrepreneurial Success is Hard.

As a coach, I've learned that the familiar refrain, “Success is hard,” is a shared belief system among entrepreneurs, and we certainly experience hard times. The path to success isn't always easy, but it doesn't have to be a living hell either.

During our stay in Verona, Italy, we toured Dante's Inferno. We had an excellent guide who shared the lore of Dante's grueling travels through hell and purgatory to find his way to Heaven. The young guide told us that one of the greatest sins for those destined for hell is the refusal to ask for help. It's pride, he told us, and it's a lack of desire to achieve something meaningful. “Strong, positive desires point us toward heaven,” he said.

That said, Dante's great need and desire to find his one true love, Beatrice, kept him strong and determined enough to climb the treacherous path from hell and graduate through the levels of purgatory to the Garden of Eden, and Beatrice, in Heaven.

Being an Entrepreneur Should Not Feel Lonely.

As a coach of twenty years, I have learned that the entrepreneur who attempts to travel alone on their path to success experiences more hard times than those who are wise enough to look to coaches and mentors for help along the way. Business owners who finally come to me for help have often reached the point where owning a business truly feels like a living hell.

This article is not intended to be a lesson in religion but to translate these religious beliefs into a powerful metaphor for the human journey, most certainly the entrepreneurial journey.

Trusting Others is a Healthier Choice Than Doing Everything Yourself.

One of the greatest challenges entrepreneurs face in growth stage is to trust. Trust the guidance of an experienced mentor or coach, trust employees to take over parts of the operation, and trust themselves to find the success they seek. Dante, I thought, was like an entrepreneur practicing free will and learning about the power of choice. The tormented Italian poet could ask for help, assist others in the journey, and remain determined to reach his destination. The alternative choices would be to travel alone, unaided by fellow travelers, unwilling to lend a helping hand, and possibly give up the journey altogether or fail. Either way, each choice has its consequences, some desirable, some not so much.

We are here on earth to learn and grow; there's no denying that. Every missed opportunity and denial of support caused by stubbornness and refusal to change keep us in our metaphorical hell or purgatory. When entrepreneurs feel stuck and don't seek help, they deny the human right to choose freedom from these punitive environments and experiences. It's first important to acknowledge that you don't know everything you need to know to reach your intended destination. It's imperative to understand that asking for help does not make us weak or less than. With a strong desire to achieve, virtually everything is possible unless we attempt to do it alone.

Sometimes, Being Alone is a Selfish Choice.

As entrepreneurs struggle with daily challenges and financial woes, the act of going it alone could be misconstrued as a selfish one. Why? Because we then deny yet another human right to achieve our desires. And, because it's not only you who suffers. Think of those around you, people who care for you, and what they must be going through as they watch you suffer. Ask yourself, “How are the people I love affected by my current position?” Also, think of the people who want to help. Consider not only those close to you but coaches like me. There is no greater joy and privilege than working with a client who is open to receiving help, eager to succeed, and willing to change. Watching entrepreneurs journey to their idea of Heaven is one of the most thrilling experiences of my life. It's the same for your family and friends who want to witness you living your dream.

***Contact me to explore if I can help you to reach your entrepreneurial dream!***

You get to choose!

Is it time to exercise your freedom to choose? Because, yes, it is possible to choose success over failure. Through my experience of owning businesses, living life as I choose, and witnessing countless entrepreneurs decide to open their minds to change, I will tell you that you don't have to struggle and suffer. If your business model is truly viable, yet success alludes you, it only means that you are missing the answers that lie within you. It takes an outside perspective to help you find those answers and open the path to learning and growing.

Dante eventually landed in Heaven with his beloved Beatrice because he had a dream and allowed his fellow travelers to support him. He chose to aid others as he could and believed in the group's ability to reach Heaven, despite the temptations of crippling whispers from the devil. We all hear those whispers. Perhaps not from the devil, but the whispers of our inner critic that tell us to stop, give up, and deny our strengths, gifts, and talents. Don't listen to that voice, no matter how loud and ugly it gets. Instead, learn how to silence the damaging soundtracks, seek assistance in your growth journey, and believe in your ability to get there!

The post When Life as an Entrepreneur Feels Like a Living Hell, Metaphorical Inspiration appeared first on Marla Tabaka.

When your time belongs to something else—work, parenting, caregiving, your business—it can seem you’re trapped inside someone else’s agenda. Entrepreneurs easily fall into this cycle, sacrificing themselves and their time to long-term goals and the needs of others. If you’re not careful, the daily stress of giving yourself away diminishes any sense of self and well-being.

I recall my twenty-plus years of working in corporate: a fifteen-minute drive to the train, a forty-minute train ride into the city, then a brisk twenty-minute walk from Chicago’s Union Station to work. The commute was filled with paperwork and scheduling so I could lessen the load before a hectic 8 to 10 hours in the local news world. At last, I followed the routine of my reverse commute home to my kids for the few short hours we had together.

I loved my job, and being a mom, but what I didn’t love was the feeling of being lost inside the mechanics of every task-filled day. I rarely stilled my mind to capture the most important moments in life or to create a space that felt like mine because I belonged to everyone else. I never stopped to realize that I was lost, that there was something inside of me that felt unsatisfied—until one early morning when I missed my train, which left me with a rare twenty minutes to do nothing.

I felt nearly giddy with the anticipation of a precious few silent moments to myself. I randomly strolled across to a little coffee house where patrons cheerfully bantered with the fun-loving proprietors while waiting for their lattes and mochas. “Oh my! A cinnamon scone,” I thought. “Dare I? Oh sure, it was a special day.”

A special day? Why? It hit me then that treating myself to a few laughs with strangers, a fresh cup of coffee, and a cinnamon scone filled me with giddy anticipation of the next moment and the next. I took my warm coffee and scone to a park bench and savored them, along with the joy that filled my heart as I noticed, for the first time, the beautiful fall colors that had begun to tinge the leaves of the old oaks. “I feel like I’m on vacation,” I thought blissfully. I went to work that day with more emotional and physical energy than I’d had in a while, with a bit more spirit in my step.

That evening I journaled about my mini-vacation experience, and I found it so meaningful that it was decided, then and there, that I would “put a little vacation in every day.”

Put a little vacation in every day.

So, what does that really mean? Missing your train or a meeting, so you can sit idly in a park warming your hands on a cup of joe? What if it wasn’t that random? What if, without sacrifice, you could escape the everyday demands to capture time for yourself? To connect with yourself and your surroundings in a way that eludes you on a typical day? To stop and smell the roses, as they say.

It sounds like too little to mean a lot.

Too good to be true? You may ask, how can five or ten minutes make a difference in how I feel? What might this do for your well-being, health, and spirit?

1. Let’s look at the more practical side of this concept first. Research tells us that taking purposeful breaks (anywhere from 5–60 minutes) to refresh your brain and body increases your energy, productivity, and ability to focus. This is especially true during periods of intense concentration, like study and work projects. Short breaks will give you more time to do other things, making you more efficient and accurate.

Ok, now that that’s out of the way, let’s look at the more meaningful side of taking your little vacation breaks.

2. Purposeful mini-breaks can change the way you think. This is what I call, Bullshift™.

When we don’t have time to ourselves to just “be,” much of life’s more meaningful content gets swept under the rug. We neglect to find gratitude and appreciation for the good stuff and tend to focus on the more stressful aspects of our day-to-day life. Your mind is like your body, it becomes what you feed it. We must nourish our brains with positive thoughts, intent, and beliefs to live a happy, healthy, and fulfilled life.

When you take yourself away from the hustle for a few minutes spend that time finding the good: breathe deeply, look for something beautiful in your surroundings, notice the feel and scent of the air, savor the taste of something delicious, or observe an exchange between happy individuals. These simple actions will reinforce new neural pathways in your brain that eventually become automatic. Translation: You are teaching your brain to default to a positive attitude!

A little vacation in every day has become second nature to me, and I hope it does for you as well. Negativity is exhausting! Life is more fulfilling and hopeful when we can teach our brains to find the positive, even during difficult times. Rather than allowing daily demands to deplete you, capture something special in your day to make it yours because you deserve it!

The post How About 365 Vacations This Year? Here’s How–and Why appeared first on Marla Tabaka.

Successful entrepreneurs see a direct correlation between the level of their success and the amount of work they've invested into a positive mindset.

Any thriving entrepreneur will tell you that personal development is paramount to success, but one component often gets overlooked in translation. No personal development regiment is complete without the ongoing development of a positive mindset.

Is “mindset” just a buzzword?

The word, mindset, is being used more often, not because it's a fad or phase, but because people are becoming increasingly aware of its importance. New studies in neuroscience continue to produce consistent evidence of the power of a positive mindset.

What exactly is mindset?

You possess a collection of thoughts and beliefs based on your unique life experiences. Some of them benefit you and support the likelihood of success, and many probably don't. These beliefs shape your thought habits and, therefore, your actions. They affect your energy levels and the way you feel in general. Your unique beliefs dictate how you view others, the world, and your future. Mindset is a big deal for everyone, but for entrepreneurs, mindset is everything.

I find that until an entrepreneur develops a positive, healthy, supportive mindset, they will not achieve their ultimate goals in life and business. A negative mindset never leads to success and happiness.

Successful entrepreneurs invest in their mindset.

The founder of the multi-billion-dollar company, Spanx, credits her success to the power of mindset development.

Blakely is not alone; successful entrepreneurs, in general, invest in themselves and habitually observe their thought patterns and related actions.

Build a foundation for a healthy, supportive mindset.

I've identified these 4 opportunities to Bullshift™ into a healthy mindset.

1. Resolve past hurts.

Carrying the burden of anger, resentment, pain, and/or a victim mentality weighs us down emotionally and physically. It depletes our energy and supports negative beliefs about others and the world in general. If you find yourself thinking and talking about life events that hurt you, you are perpetuating the painful effects of the incident. This cycle uses up more energy than you may believe–energy that could be applied to your business and happiness.

It's often difficult to let go of negative memories and the beliefs associated with them, let alone forgive those involved. If you are holding on to something from the past, work with a coach or therapist to resolve it.

2. Think positive thoughts.

Psychologist Rick Hansen, Ph.D., says that “negative events and experiences get quickly stored in memory, in contrast to positive events and experiences. Positive events usually need to be held in your awareness for a dozen (or more) seconds to transfer them from short-term memory buffers to long-term storage.” We have a cognitive bias toward failure and negativity, so it's natural to hold on to negative thoughts. We must put effort into positive thinking.

Positivity is a precursor to success, whereas negative thoughts narrow your mind and push you to hyper-focus on negativity. Positivity broadens your sense of possibility and opens your eyes and mind to the opportunities, ideas, and options that will support your success. This study, published by positive psychology researcher, Barbara Fredrickson, is only one of many that support these findings.

3. Believe in yourself.

Athletes frequently break records once believed to represent the limits of the human body. To achieve this, they must believe in themselves one hundred percent. Can an inventor build something that they do not believe in? No, they must believe in their project and their ability to bring it to fruition.

The practice of visualization is one of the most powerful means to raise your confidence and embed a stronger, more supportive belief system around success. If you spend only 20-seconds to a few minutes a day visualizing and, most importantly, feeling your success, it will make a remarkable difference in your life.

4. Be grateful.

Since it takes more effort to store positive experiences in our long-term memory, it's common for entrepreneurs to focus on what they have not done rather than their achievements. Flip that around by keeping a list of positive accomplishments, large and small. Also, add at least three things a day worthy of your gratitude. Avoid the “ya but” that you may tend to add after thinking or talking about a positive step you've made:

“Today, I crossed three things off my list.” (Feeling grateful.)
“Ya, but four more things got piled on.” (Feeling defeated.)

Celebrate even the most minor wins, and you'll experience many more victories. The benefits related to intentional gratitude are many. Here's a great resource, written by psychotherapist and Psychology Today author Amy Morin.

To Bullshift your way into a positive mindset takes an investment of time, persistence, dedication, and sometimes money. However, the time and effort spent on an empowering mindset offer the best ROI you'll ever experience.

The post 4 Steps to Bullshift Your Way Into a Positive Mindset for Success appeared first on Marla Tabaka.

(This post about lack of confidence was originally written for Inc.com where it has received over 350k views.)

I'm not sure if you have the time to read this article, and I'm sorry if it's taking you away from something more important. Really, I hate to bother you–it's just that I think I have something kind of important to tell you. Is that OK?

The post 7 Phrases That Scream Lack of Confidence appeared first on Marla Tabaka.

Entrepreneurs are more likely to plan the future than evaluate the past. But how can you fix something when you don't know it's broken? How will you celebrate achievements when you don't realize how significant they are to the big picture? If you do not conduct an annual review of your business, it's likely that you’ll go year-to-year with the same troubled systems, processes, and problems. Even if you had a great year, you want to grow. By establishing what is and is not working for you, you'll create a more powerful plan to support your future growth. 

If you have a written plan for your business, use it as a guideline to ascertain your achievements, delivery of goals, and where you missed the mark. Here's a guideline for your business review. Customize it to meet your needs to make planning for the future years a snap.

Set your intentions.

Understand exactly what you want as a result of performing this exercise. A review includes separating yourself from the business to access a bird's-eye view. It's wise to disconnect yourself emotionally by approaching the process with curiosity, rather than fear and criticism. Set an intention to celebrate the wins and identify opportunities to pivot where necessary. Go into this process with a positive mindset and look forward to your results–because no matter which way it goes, you're about to make it better.

Make a list of questions.

Being intentional about your process sparks creativity and prevents you and your team from overlooking important pieces of information. Examples include:

• What are my (our) achievements?
• How did they impact our growth?
• What did we learn in the past year and how did it support our growth?
• What were our biggest disappointments?
• Did we implement a strategy to pivot or constructively address the disappointments?
• Did we have unexpected expenditures and how can we plan better for next year?

Schedule proper time for your review.

A proper annual business review is not done in one afternoon. This is a deep dive into your business, values, and goals. Keeping the pace is important, so schedule time slots in each day during one particular week. Your needs may dictate more or less time. Don't shortchange yourself; everyone from your team to your customers deserve this time and attention.

Identify your metrics.

What do/will you use to measure your company's performance? Certainly, your financial statements. Other metrics may include: email list growth, your website's Google analytics, conversions, customer retention, new customer growth, and podcast downloads and new subscribers.

Carefully review your metrics and ascertain what contributed to your growth, as well as best practices for further growth. Are there any other tools and resources you can add to your metrics dashboard?

Recognize and celebrate the good stuff.

I am constantly helping entrepreneurs interpret the significance of their achievements. Many tend to focus on the letdowns, which only serves to keep them from success. When you focus on the negative you are subconsciously inviting more of it into your life.

Review all of your achievements and then list the top three. Note any tools and processes you used to achieve them–don't forget pure talent and your magnetic personality.

Review last year’s goals and identify future goals.

Identify which goals are worth keeping, which will be eliminated, and how you will redirect your energies to realize your desired outcome. Don't be hasty in eliminating worthwhile goals that did not pan out. Instead, look at other avenues you might take to achieve them. Your new list of goals should include the long term (3, 5, and sometimes 10 years) and short term (immediate through 12 months).

Review company values and culture.

I always remind entrepreneurs that if you don't intentionally build a company culture, it will build itself–and you won't like the results. Even if you're flying solo, having well-defined values offers you a roadmap to your success.

What did you do this past year to cultivate a positive culture? What opportunities were missed? How will you be even more intentional about it in the upcoming year?

Follow up.

Once you've completed your review and planning process, schedule a monthly, or quarterly meeting to perform mini-reviews. This is a living document, fluid like water. Make changes, note your wins, and continue to celebrate them.

The post Here’s Your Guide to a Smart Annual Small Business Review appeared first on Marla Tabaka.