How to Keep Your Momentum Going When Starting a New Business

Updated by Kristin Vegh. 

Deciding to “just do it” is often the first step in launching your own business. But running a small business is a marathon, not a sprint, and there can be many steps to get your business going. In fact, studies show that only about 12% of resolution-makers cross the finish line. 

To achieve success, experts say it’s critical to set goals, make a detailed plan, and take small, incremental steps. But even with the best-laid plans, becoming a business owner is overwhelming, and taking the first step can be scary. 

Fear not. We’ve provided a business launch guide with advice for keeping your momentum as a new business owner, a round-up of articles packed with small business must-haves to help you beat the odds and achieve your goals.

How to Get Your Business Going — And Keep it Going

Remember your “Why”

What prompted you to start your business? According to our survey of solopreneurs, more than half (53%) started to pursue a passion. And nearly a third (32%) did so for more flexibility and autonomy. 

But it’s easy to feel lost at sea and disconnected from your motivation when you’re just starting out. If this rings true, there are a few ways to right your course and get back on track:

• Craft your mission statement. A mission statement should cover, in brief, what your business does and why. They’re typically a single sentence. The benefit of making a mission statement is that it allows you to revisit why you decided to go into business and help you make sure your business aligns with your values.
• Reframe how you view the concept of “failure.” When your business isn’t taking off at the rate you expected it to, it can feel like a personal shortcoming. Just remember: Every perceived failure is just an opportunity to learn, especially if this is your first time running a business.
• Picture your future. Don’t be afraid to envision where you want to be in a year, in five years, and beyond. Obviously, it’s possible to get too invested in a certain vision you have for your business — to the point where it holds you back. But there’s nothing wrong with having an idea of how you want things to work out and use it as an inspiration. 

Prioritize structure and goals.

One of the benefits of being a business owner is that you get to be your own boss. But not having to report to anyone also can translate to a lack of accountability and have a negative impact on your productivity unless you’re careful. That’s why it’s so important to make sure you have clear goals. Here are a few tips to help you prioritize your work and maintain some sense of structure:

• Set achievable goals. One way to make sure your goals are realistic is to follow the SMART framework. SMART goals are specific, measurable, achievable, realistic, and timely. Working within this framework can set your business up for success — and help you avoid falling short on unrealistic expectations. 
• Live by a routine. It’s difficult to stay motivated and on-task when your schedule is all over the place. Maintaining a daily routine and staying consistent will make it easier to keep your business on track.
• Celebrate the little wins. There’s no victory too small to celebrate a little bit. Taking time to appreciate how far you’ve come and what you’ve accomplished can be a great motivator, buoying your spirits to help keep you going — even when things get tough.

Focus on self-care.

When you’re juggling everything needed to keep your business going, it can be easy to overlook one important priority: yourself. Your business may be first on your list, but nothing will run as well as you want it to if you’re neglecting yourself too much. When we surveyed over a thousand solopreneurs, 34% said they’d considered giving up on their business at one point or another. The top reasons? For 72% of those who considered giving up, it was financial stress. And for 53% those who thought of closing their business, it was burnout and emotional well-being.

So, what can you do to manage stress and mental health? Here are a few ways to give yourself some much-needed attention and support:

• Build your support system. In addition to leaning on your friends and family, it also can be beneficial to meet other business owners, entrepreneurs, or people in your industry. They can be great sources of advice and also an understanding ear when you need to commiserate. 
• Take breaks. It might feel counterintuitive when you have so much to do. But not having any time to yourself to recharge can lead to burnout. Stress management is key for small business owners, so be sure to carve out a little time to get some rest or have some fun. It will ensure you keep bringing your A-game. 
• Consider outsourcing. Obviously, it’s not always feasible to hire an extra employee or onboard a contractor to help you with business tasks. But sometimes the benefits of outsourcing certain things to a professional can outweigh the cost. Common examples are bookkeepers, tax professionals, and accountants, because the work they do is difficult, involves specialized knowledge, and can be disastrous if done wrong. 

Tools, Tips, and Guidance to Start Your Business

Looking for more resources? We can help. Here are a few guides with advice for new business owners. 

How to Be Self-Employed While Working 9-to-5

This article provides a low-risk business launch guide filled with solopreneur business ideas and tips on how to decide which business to start. Learn how to start your business as a side gig while keeping your day job, and make a smooth transition without risking your financial safety net.

You can also read the second part of this article here. 

The 9-Step Checklist for Starting a Business in the US 

There’s a lot involved in starting your own business, and if you’re doing it for the first time, you may not know where to begin. Fortunately, this article breaks down the basics in a nine-step checklist. You’ll learn more about defining your business, getting registered, tackling the financial element, and more. 

FREE Business Plan Template for Small Business Owners

Whether you’re applying for a small business loan or setting goals for your growth, a business plan is one of those small business must-haves. This business starter kit also offers a free easy-to-use template to help entrepreneurs like you to create your own business plans, providing step-by-step instructions and guidance. 

LLC vs. Sole Proprietorship: What’s the Difference?

This straightforward article not only explains what an LLC and what a Sole Proprietorship are, it also demystifies the distinction between the two. Understanding these differences is crucial, especially when considering the legal requirements for starting a business. Learn how to protect your growing business with information on start-up business insurance and the importance of being licensed and insured.

Change is Hard — We’re Here to Help

Remember, change is a process, and we’re here to help you stay motivated and learn and adapt. These articles and tools are just a small sampling of what we have available for you in our Resource Center. It’s part of our commitment to help small business owners succeed. And when it’s time to think about insurance, we’re pros at that too.