Why Working ON Your Business is Just as Essential as Working IN it
As freelancers and self-employed folks, it’s easy to get caught up in the day-to-day shuffle.
Yet, we all have the same 24 hours in a day.
It’s what we choose to do with those hours that make all the difference.
There may be things you want to do (work ON your business) and things you need to do (work IN your business).
More often than not, we find ourselves focusing only on the need-to-do things and not so much on the want-to-do items.
Case in point, when you have a lot of client work going on, it may seem great that you’re busy. (Yay, work!) Yet, chances are, you find yourself allocating all your available hours to work on said client work. So, there’s no time to work on your business.
Keep in mind, only working in your business is a great way to get burnt out. And quick.
Only working in your business can also lead to the dreaded feast or famine income cycle.
You’re never planning ahead, so you’re either swamped because you have too much paid work to do or freaking out because you have no work to do. (Sound familiar?)
Conversely, if you don’t have a lot of work at any given time, it may not seem so great, and you may find yourself in a funk or depressed mood and, therefore, not have the motivation to be intentional with your time to work on your business.
The number one problem for freelancers and solopreneurs when first starting out is they don’t necessarily believe they’re capable of running a business. And that may very well be the case. (It’s okay; you’re not alone!)
Statistics show that half of all businesses never make it to their 5th anniversary.
Don’t be in that statistic! Set yourself up for success by also working on your business.
Working IN Your Business
Working in your business means actively doing the part that delivers the product or service you offer. It’s working at a high level and for a specific amount of time.
Think of it as short-term projects … regular, everyday work … things a regular full-time employee might do.
Some working IN your business tasks might include:
Paid work / Client work
Reading / Replying to emails
Managing your calendar
Scheduling meetings
Data entry
Bookkeeping
Invoicing
Taxes
Managing vendors / subcontractors
All of these items may very well seem like must-do tasks. And they are.
Yet, where are the items that’ll set yourself up for growth?
If you’re stuck wondering how to grow your business but are only focusing on getting the must-do items done, you’re missing out.
It’s a mindset shift.
Think of it as a growth mindset vs. maintenance mindset.
Working IN your business is maintenance—the things that need to get done. Working ON your business is working on your growth—the strategic things that’ll help you level up.
You’ve got to change up your perspective. You’ve got to build a business that works.
To do so, you’ve got to look at the big picture.
If you want to scale, you must also be willing to work ON your business.
Working ON Your Business
Working on your business can be a total gamechanger.
Besides, it’s how real entrepreneurs think.
Working on your business is thinking strategically. It’s focusing on the future and doing the things necessary to achieve your goals.
If you’re okay with being a fly-by-night freelancer until the next full-time job opportunity comes your way, that’s one thing.
But if you’re wanting to build a successful solo career, you’ve got to also take other things into consideration. And make time to do them.
Think of it as long-term planning … doing the things that’ll help you grow.
Here are some items to consider to work ON your business:
Engage in relationship marketing
Create systems to help things run smoothly and efficiently
Create email marketing templates and content
Devise a strategy and set up social media scheduling
Write blog articles / LinkedIn articles
Develop a sales funnel
Create a freebie, welcome packet, or what-to-expect document
Create a passive income stream
Update your portfolio, website, LinkedIn profile, résumé or bio
Clean out your email inbox
Sign up for continuing education / personal development
Update your marketing plan or business plan
Read a business book, take a class, attend a conference
Set up automation tools for your business
Devise new product / service offerings, packages, upsells and bundles
Create lead gens
If you’re experiencing some down time, you’ll have plenty of time to work on these tasks. Shift the narrative in your head to being grateful for the free time to be able to work on the things you’ve been wanting to do.
Conversely, if you find yourself with too much work to do, it’s important to carve out time to work on these tasks … especially if you never seem to be able to find the time to get any of these things done, let alone think about them. Perhaps consider outsourcing or subcontracting to help offload the work. That, or be very cognizant of the time you allocate to client work to ensure there’s still some time to work on your want-to-do items.
Are You Achieving Your Goals?
This very philosophy may be what’s holding you back.
Create a Business Model That Allows for Working Both ON and IN Your Business
Try by starting to dedicate at least one hour a day to working on your business. Some high-level entrepreneurs carve out half a day, every day; some set aside one full day each week with no scheduled calls or meetings. Others spend 25% of their available time.
Really, it’s up to you.
It doesn’t matter what formula you choose. What matters is you understand how essential it is to dedicate the time to work on your business if you want to take it to the next level.
Remember, it’s big picture thinking. If you want to grow faster and more intentionally, you need to do the things you both want and need to do in order to have less stress and busywork.
Want to get in this habit?
Start by making a list of items that constitute of working on vs. working in your business … things that are specific and applicable to your business. (Feel free to use the lists above as a starting point.)
Plan how you’ll work on your business: when, how often, and where (offsite? coffee shop?)
Assess if you can accomplish your tasks by yourself or if you’ll need any help (i.e., a VA, attorney, accountant, or business coach).
At the end of the day, working ON your business is always a good investment. Create the time and space you need to work on it and, guaranteed, you’ll reap the rewards.
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