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5 Ways to Find the Time for Self-Growth While Running a Business

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Taking time out for self-growth is by far one of the best things a business owner can do to secure a winning future. You’ll be surprised to know how investing in personal growth can contribute to business success. Self-growth boosts creativity, confidence, and motivation. It persuades us to create systems in our personal and professional lives that lead us to success.

Business owners and entrepreneurs have to wear multiple hats and may not always be able to find time to invest in their personal growth. However, self-growth cannot be achieved at random. It’s a continuous process that requires dedicated efforts and time.

Below are 5 tips that’ll help you focus on self-growth, transform you into a better business professional, and steer you towards success:

1. Be a Ruthless Prioritizer

The power of ruthless prioritization cannot be trivialized. Life as a business owner can get so busy that personal priorities and self-growth goals tend to take a back seat.

Business-related tasks and responsibilities can never disappear, but we can definitely plan ahead and prioritize tasks to get organized and make time for ourselves. I like to use Eisenhower’s Urgent/Important Principle to classify tasks and prioritize like a pro.

Master the art of delegation. Trust your subordinates with smaller tasks and gradually delegate bigger responsibilities to them, thereby maximizing productivity and making time for yourself. I often play to my team’s strengths or train them on managing critical business tasks. This leaves me time to focus on personal growth. Effective delegation not only keeps us sane amidst tight deadlines but also helps us focus on ourselves.

Remember to allocate time to the person who matters most – You! Prioritizing tasks will leave you enough time to invest in your creativity, self-confidence, knowledge, health, and relationships.

2. Learn to Say No. Period.

There’s a lot we can learn from Warren Buffet. The American business magnate puts it across in simple words – “Really Successful People Say No To Almost Everything.” The primary reason why modern business owners and entrepreneurs have less self-time is because of their inability to say no when required.

Resist the urge of being wired to the perpetual yes mode. Say no to unproductive tasks and requests that continuously consume your time and energy. This will help you find the much-needed me-time to define life’s priorities and reflect on your personal growth.

Make it a policy not to take business calls on weekends. Let your stakeholders know and respect the fact that weekends are personal time. Similarly, you can design a policy to eliminate late nights at work by forbidding meetings after 6 pm.

Being consistent with this policy will help you overcome the guilt and anxiety that come along with saying no. You not only create a positive work culture, but also make time for self-development.

Further, getting rid of unproductive tasks will free up your cognitive space, allowing you to pursue self-improvement strategies like enrolling for an online course or attending a workshop for small business owners.

“The art of leadership is saying no, not saying yes. It is very easy to say yes.” – Tony Blair

3. Befriend Technology

Technology has been enabling entrepreneurs and business owners to adapt quickly to the changing business needs, allowing them to make better use of time and resources. For instance, the cloud offers immense flexibility allowing business owners to access data from any location and using different devices. Project management and collaboration tools, such as Trello, Harvest, and GSuite can help you focus on multiple tasks without wasting too much time.

Similarly, email marketing automation tools enable business owners to organize their customers’ email addresses and send targeted emails, deal notifications, and product information in a scheduled manner without having to get into the nitty-gritty.

Besides, modern technology is redefining learning experience for entrepreneurs and business owners. Several online learning platforms are offering immersive educational experience through web and mobile apps. These platforms provide business professionals and busy entrepreneurs learning beyond the classroom by helping them upgrade their skills from any part of the world.

Going tech savvy not only makes life easy but also helps you save time. Using high-tech tools can help you stay on top of your tasks and fuel personal growth.

4. Eliminate Distractions

Many business owners unknowingly waste a huge chunk of their day accomplishing tasks that can be easily delegated or avoided. A study by Inc. reveals that business owners waste a staggering 21.8 hours a week. That’s almost one day lost! Imagine what you could achieve in that time.

Eliminating the common time wasters can significantly increase the amount of time available for self-growth.

Here are a few time-wasters you should avoid to make time for yourself.

Spending Excessive Time Online

A Vertical Response survey reveals that 43 percent of business owners spend 6+ hours per week on social media, surfing websites, emailing, and going through apps. The fear of missing out (FOMO) often compels us to keep checking connected devices, thereby wasting too much time online.

To make time for yourself it’s critical to challenge the dominance of social media in our lives. Block the distraction of the online world using various apps. These apps allow you to block your social accounts and the internet, allowing you to focus on self-development.

Similarly, emails are time-sucking black holes that can cause you to lose focus. Set a specific time of the day to check and respond to emails. Better still, avoid checking emails until you have finished important tasks.

Random Networking

Building relationships is critical for every business owner, however, there’s a fine line that separates networking and wasting time in meaningless socializing. It is easy to lose time in such random networking that does nothing for your personal growth. Therefore, it’s best to avoid such chatty situations. For instance, if you have set time aside to upskill yourself by taking an online course, make sure you wear headphones to focus and keep random schmoozers at bay. Alternatively, don’t shy away from asking the person to get back to you at lunch break or after you have finished the task at hand.

Futile Business Meetings

A business owner is required to keep a bird’s eye view on various business operations. Although meetings help us do just that, it’s important to not waste time on unstructured and pointless meetings. Did you know, American businesses alone waste USD 37 billion per year in unnecessary meetings? Avoid drowning yourself in pointless meetings. If you must attend one, make sure it has a clear agenda, allowing you to reclaim your time for self-improvement activities.

“By prevailing over all obstacles and distractions, one may unfailingly arrive at his chosen goal or destination.” – Christopher Columbus

5. Use Idle Time Effectively

Downtime doesn’t always have to be unproductive. Those idle moments when you are traveling or waiting for a customer can be spent doing meaningful activities like recording goals in a bullet journal, social listening, reading a self-development book or a business article, listening to Ted Talks, or learning a new language. Make a conscious effort to pursue value-adding activities during your idle time, thereby fostering personal growth.

Running a business isn’t easy. Most business owners spend so much time and resources in scaling their venture that they are unable to find any personal development time. Use the effective tips shared in this post to make time for self-growth in your jam-packed schedule.

With everything you need to do during the day, how do you find time to get it all done? Share your tips and advice below!

 

Gaurav Belani is a Senior SEO and Content Marketing Analyst at The 20 Media, a Content Marketing agency that specializes in data-driven SEO. He enjoys writing about business, digital marketing and the latest emerging technologies. Connect with him on Twitter @belanigaurav.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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