Navigating the Question: “How’s Your Business Going?”
Since leaving my corporate job last April, I’ve embarked on a journey fueled by passion and ambition to launch my own business. Rather than fixating on arbitrary milestones, my focus remains on sustainable growth while ensuring our clients are satisfied and preparing for future expansion.
A common inquiry I encounter is simply, “How’s your business doing?”
So, what does success really mean in this context? My venture operates as a bootstrapped professional services company. At present, we serve 12 clients, boasting an annual recurring revenue (ARR) of approximately $330,000 alongside total sales nearing $350,000—which includes our initial setup fees. While we’re beginning to see consistent profits, we have yet to pay ourselves a salary.
As any entrepreneur can relate, some days I feel on top of the world, believing we’re poised to dominate our market. On other days, I question my decision to leave the security of a six-figure salary.
So, how should one tackle this seemingly simple question? Here are some strategies to consider:
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Provide Context: Share where your business currently stands and what that means for you. You can talk numbers, but also include your company’s unique mission or vision, which can often resonate more with your audience.
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Emphasize the Journey: Instead of purely focusing on quantifiable results, highlight the learning experiences and growth that have come with starting your own venture. This adds a personal touch to your story and normalizes the ups and downs of entrepreneurship.
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Invite Input: Use it as an opportunity to engage others. Ask for their insights or experiences in business. This can turn the question into a valuable conversation where both parties can learn something.
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Maintain Positivity: Regardless of your current numbers, focus on the positives. Share any recent achievements or milestones, even if they seem small. Your enthusiasm can be infectious and help others understand the exciting aspects of your journey.
By adopting these strategies, you can transform a routine question into an enriching dialogue that reflects your entrepreneurial spirit, while also inviting others to share their experiences. Embrace the journey, and remember that every stage of growth holds its own significance.
2 Comments
First off, congratulations on taking the leap into entrepreneurship! Transitioning from a stable corporate job to starting your own business is a significant step that demands courage and vision. When it comes to answering the question “how’s your business going?” there are both strategic and emotional components to consider, especially in the early stages of your entrepreneurial journey.
1. Define Your Own Metrics of Success
Since you mentioned you’re not keen on setting arbitrary goals, it’s important to establish intuitive benchmarks that resonate with your vision. Success can mean different things at different stages. For instance, while you currently have 12 clients and are experiencing steady growth in your annual recurring revenue (ARR), consider what aspects provide you with a sense of fulfillment. It might not just be revenue—client satisfaction, personal development, or even brand recognition could be metrics that reflect your journey. You can share these perspectives with people who ask about your business. For example, “We’re building solid relationships with our clients and are focusing on scaling our operations sustainably.”
2. Frame Your Response Positively but Honestly
People appreciate authenticity, but they also like positivity. You can structure your response to incorporate both by acknowledging the ups and downs of entrepreneurship, which are part of the journey. For instance, you might say, “It’s a rollercoaster ride! We’re experiencing significant growth, have solid clients, and are finally seeing profits, but like any new business, there are days when I doubt myself.” This approach encapsulates the reality without focusing too heavily on the struggles, allowing you to express genuine enthusiasm about your business’s potential.
3. Educate Your Audience
Use these conversations as opportunities to share what you’re learning. Many people may not fully understand the journey of building a bootstrapped company. Perhaps mention how you’ve refocused your business model based on client feedback or discuss a recent project that exemplifies your growth. This not only informs inquisitors about your work but also positions you as a knowledgeable leader in your field. For example, “We’ve learned a lot from our clients about what they value most, which is shaping our services for future scalability.”
4. Highlight the Customer-Centric Approach
Focusing on how you serve your clients can positively illustrate your dedication to your craft. Talk about how you’re delivering value — maybe share a specific success story or a glowing testimonial from one of your current clients. This shifts the conversation from just financial metrics to the very reason your business exists: to provide solutions and support for your customers.
5. Be Prepared for Different Types of Reactions
Be ready for various responses when you share your journey. Some people may admire your entrepreneurial spirit, while others might exude skepticism. That’s normal, and it’s essential to remain confident in your path. Their inquiries or concerns could even open up further discussions or networking opportunities that benefit your business.
6. Stay Connected Through Updates
Consider using this frequent questioning to keep contacts updated through occasional newsletters or social media. Sharing updates about your business milestones can create a more significant narrative about your journey, allowing people to feel more engaged and informed without needing to ask every time they see you.
By embracing these strategies, responding to “how’s your business going?” can become less of a daunting question and more of a chance to share your journey. Celebrating the small wins while being candid about the challenges creates an authentic dialogue, not just an obligatory conversation. Each interaction can deepen your connection with your network and even carve pathways for future opportunities. Good luck on your entrepreneurial journey!
Thank you for sharing your insights on navigating the common question, “How’s your business going?” Your perspective on focusing not just on the numbers but on the broader journey and personal experiences is refreshing and aligns well with the essence of entrepreneurship.
I would like to add to your point about inviting input. Rather than just seeking feedback, consider framing the conversation to encourage shared experiences. For instance, you could ask your audience what challenges they faced in their early days, or how they defined success in unconventional ways. This not only fosters a deeper connection but can also lead to meaningful networking opportunities and collaborations.
Additionally, highlighting your mission can be a powerful tactic. When you articulate your business’s core values and objectives, you create a narrative that resonates on a personal level, potentially inspiring others who share similar goals or challenges.
Lastly, while celebrating the small wins is crucial, don’t underestimate the value of vulnerability in your story. Sharing the real challenges and fears you face as a new entrepreneur can create a stronger bond with your audience and make your successes even more impactful.
Your journey is an inspiration, and it’s vital to remember that the entrepreneurial path is filled with learning opportunities, both good and bad. Keep sharing your experiences; they are invaluable to those navigating similar paths!