Business Corner: Shift Your Mindset
Where is your mindset when it comes to running your spiritual business this year?
The most successful business owners are the ones that are driving their passions and providing a service or product that meets the needs of others. You may be living your dream. You may love going to work every day. It may be filling your passions but is it successful?
Take the time to be honest and answer the following questions:
Did you make a profit last year?
You must be tracking revenue and expenses to answer this question. Do you know what your revenue was last year? Do you track your expenses for your business? Expenses would include operational costs, rental fees, supply costs, etc.
Keep in mind, most businesses will not make a profit for up to the first five years of being in business. The business must get established and build a customer base before it will begin to see a return on investment.
COVID has not helped small businesses. In fact, it has impacted them from getting to a solid revenue stream. Some of the challenges have been:
- Consumers have found alternative ways to shop and receive services. They shop online and have items delivered to their home and they receive services through online sources.
- Consumers have had different viewpoints about the risk of being exposed to groups of people and public places.
- Consumers have been cautious in their choices of how to meet the needs of their families or how to use their limited resources.
The truth is that it may extend the normal length of time before small businesses are able to be profitable. Business owners are having to really manage their expenses and get creative in meeting the needs of their customers, clients, and students.
It has affected our business. We had to completely rebuild our customer base after re-opening July 2020. Many of our customers have not returned, but we have gained new customers and continue to have people find us. The center has expanded in size and looks completely different than it did on December 2019 when we temporarily closed due to a flood and the pandemic.
Did you flex to meet the needs of your customer, client, and student?
It is important to be listening to your customers, clients, and students. You may have started a business based on your passions, but you need to make sure that your product and service is meeting the expectation of the consumer.
Small businesses have been forced to shift their businesses to meet the needs of the consumer. Some have:
- Expanded their offerings for online shopping, course deliveries, sessions on Zoom/Skype, etc.
- Set up processes for curbside pickup and deliveries for their products to the consumer.
How has your delivery of products and services shifted since COVID?
I have been building more and more online offerings for individuals that would like to take educational programs from the comfort of their home. I have also been considering how to offer more hybrid programs that would include in-person and online classes happening at the same time. I personally love the in-person offerings for connections but understand that there is a need to be able to offer programs for those that may not live in the area or would prefer the flexibility of taking a program from the comforts of their home.
You can love what you do and still think about it as a business. The truth is that you will not be able to continue to do what you love if it does not meet your basic needs. It is not about chasing the money. I believe that the money will come if you love what you do, but you must also be wise in your expenses and understand your revenue flow. You will need to find balance between your passion and seeing it as a business.
Are your ready to be a spiritual business owner?
Written by Vialet Rayne, Magical Creator of Discover Your Spiritual Gifts
Vialet has been on a healing path her whole life. She has been called a spiritual guardian that is strongly connected and highly intuitive. A teacher, coach, healer, and spiritual leader that dreams of a peaceful and harmonious world.
Her mission is to provide individuals with the tools and resources to discover their own healing powers within themselves so they may empower their own lives. Vialet's spiritual journey has provided her with everyday life rituals, experiences, and spiritual wisdom that allow her to overcome difficult situations and to create a life that she has always dreamed of.
Vialet wants everyone to discover their spiritual gifts in the tools and rituals that will improve their lives and the lives of their families. Find out more about her here.