According to the Office of National Statistics, ”The number of self-employed increased from 3.3 million people (12.0% of the labour force) in 2001 to 4.8 million (15.1% of the labour force) in 2017.”
So that’s more people than ever here in the UK who are picking up self-employment as a means of income. Over the pond in the US the trend is growing similarly with self-employed Americans increasing to 40.8 million, up 2.8% from 2016 (Forbes, June 2017). Reasons for this trend range from employers preferring to hire freelancers or consultants for more skilled projects, to individuals believing that they could earn more money doing what they do for themselves. Either way it doesn’t look like a trend about to slow any time soon.
With the rapid growth of online retail sales, including a rise in digital products (Smart Insights) it feels more likely than ever that those looking for self-employment will seek some sort of revenue from an online business model. That’s more competitors that you must stand out from.
Why you need to start thinking about investing in your online business
Today I had a live session as part of Issue 3 of My Craft Biz magazine called ‘Why you need to start thinking about investing in your craft business’… here it is in case you missed it;
I wanted to expand on that subject here on the blog, because I think there are two types of investment you always need to consider which can make a massive difference to your business.
1 - Investing in Your Business
Like any other business an online business requires work and investment. It requires infrastructure, stock, systems and tools to help you manage sales prospecting, customer transactions and aftercare.
During the live session we covered how time, money and a plan can help you create the right action on this for your online business today. Make sure you watch it again to get clear on this.
2 - Investing in Yourself
Investing in yourself is probably the more overlooked aspect of being a business owner. We are quick to think about our business needs; systems, stock, or the like and we are less likely to understand what investing in ourselves is, or how it can be beneficial.
Investing in yourself is about helping you become a better business owner and a better version of yourself. It’s the opportunity we take in learning how to grow as individuals and how to succeed in what we do, with better results.
It is incredibly important because it gives us drive to pursue the actions we need to take that lead to the type of results that help us stand out. I mention this in the live session too, so watch it again to make sure you are clear on this.
In my own craft business I had several stages of investment each planned and perfected with the right actions and for me it lead to business growth rates far bigger than before. I am positive that it can work for you too.
Why now is the right time to invest and explode your online business
If we are to continue to see growth in self-employment and online business then we are going to need to learn how to stand out in an increasingly crowded market place. Standing out doesn’t always mean more stock, or a bigger online platform, but it certainly does mean investing wisely at the right time.
I believe today is that day for you, because if you don’t then someone else is going to beat you to the punch. So, sit down and work out what your online business needs in investment today to be brighter tomorrow… if you need help with that, then watch yesterday’s podcast to find out how planning is the best starting point for this.
I learnt first-hand that the right investments made at the right time can explode your online business. My original investment for my craft business was £100 and over 11 years I turned that into almost 7-figures of turnover.
I wasn’t some chick out of a top London business school, I was just like you someone wanting to carve a living out of something I loved. The real difference in my business plan was always to invest in my business and most importantly in myself.
With some planning you can start your journey to your own success today.
· My Craft Biz eZine Issue 3, ‘Planning for 2019’ – this issue is packed with detailed advice on how to create your 2019 plan and how to work on your mindset, so that you will commit to the work ahead of you.
· 1-2-1 Craft Business Coaching – I offer 1-2-1 sessions for those who need them. We talk for about 30 minutes a month and I help you plan your best strategy for growth. You also get dedicated email support, so if you get stuck, or are struggling to achieve your goals for the month I’m there to help, drawing from my 11 years of experience running my own successful craft business.
Have you invested in yourself and your business recently? Let me know in the comments and tell me how it’s worked for you so far.
Thank you for reading! I hope that was helpful? If you have any questions or comments, please pop them in the comment section below.