Terry Dry

Are You Falling Out of Love with Your Business? Discover 10 Ways to Reignite the Spark

Rediscover Your Love For Your Business

The past few years have thrown some curveballs at mid-market businesses. Economic uncertainty, staffing challenges, and unpredictable market swings have left many owners feeling worn out. At Future Proof Advisors, we're right there in the trenches with these companies, helping them navigate through all the ups and downs. And as entrepreneurs ourselves, we get it. We know firsthand how exhausting it can be to keep pushing forward when it gets tough.

Feeling overwhelmed is natural. What's important is how you respond. We've learned a thing or two about shaking off that burnout and rediscovering your love for your business. So, if you're feeling stuck, try these 10 strategies to help you regain your momentum.

10 Ways to Fall In Love With Your Business Again 

1. Reconnect with Your Passion: Think back to why you started your business in the first place. Reflect on those early days and what lit the fire within you. Sometimes, reconnecting with your passion can reignite that spark and remind you why you're on this journey. If you're feeling lost, try revisiting your mission, vision, and purpose. Ensure they remain the driving forces propelling your business forward and aligning with your core values.
2. Realign Your Business With the Life You Envisioned:  Take a moment to check in with yourself. Are you living the life you envisioned when you started your business? Sometimes, we can get caught up in the day-to-day and forget that our business should be a vehicle to support the life we want, not the other way around.
   
   Think about this: Are your current actions aligning with your dreams and aspirations? It's time to reflect on whether your business is still set up to support the lifestyle you want. Take a cue from books like "The E-Myth" and evaluate if your business model is in harmony with your ideal life. Passion dwindles when you feel like you're just punching a clock. By reshaping your business to serve your life, you can reignite that fire.
3. Shift Your Mindset: When life throws those curveballs, it's easy to get caught up in the negativity. At Future Proof Advisors, we like to say "Change is Inevitable. Struggle is Optional." So instead of fighting against the tide, why not ride the wave? Embrace the challenges, and you might just find some hidden opportunities waiting for you. Take, for example, a business owner facing a slump in sales due to an unexpected economic downturn. Instead of dwelling on what you can't control, why not focus on what you can? Get creative! Maybe it's time to pivot your approach or offer something new to your loyal customers. When you approach things with a positive mindset, you'll start seeing possibilities you never even knew existed.
4. Revisit Your Goals:  It's easy to set goals and then kinda forget about them.  We've been there ourselves, running our own companies. We know how goals can gradually drift away from our original vision. But here's the good news: It's never too late to hit the reset button. Take some time to revisit those goals—both the ones you set for your business and the ones you set for yourself. Are they still in line with your values and aspirations? Have they evolved, and if so, why? By reconnecting with your North Star, you can realign your path and get back on track. And if you haven't quite nailed down your North Star goals yet, we've got a worksheet to get you started. Check it out here.
5. Explore Opportunities to Optimize:  Is your current approach to business still hitting the mark? Are you, your team, and your customers all on the same page? Or is there some room for improvement? Picture this: You're the CEO, dealing with constant production challenges. Costs are skyrocketing, and profitability is plummeting. It might seem daunting, but with a bit of fine-tuning—like optimizing your supply chain, renegotiating vendor contracts, or implementing new technology—you can enhance efficiency and cut down on disruptions. Suddenly, you're back in the game, providing exceptional value without the headaches of delays and distractions. Now, you can focus on what truly matters, reigniting your passion in the process.
6. Stay Focused:  Instead of getting lost in a sea of problems, keep your eyes on the big picture. As entrepreneurs, we've all been there - feeling like we're drowning in issues that need fixing. But instead of trying to untangle every knot or pretending they don't exist, let's refocus on what truly matters. Take a step back, prioritize your tasks, and think about the overall health of your business (and yourself!). Remember what made your business shine in the first place.
   
   For example, if your company's known for its fantastic employee culture but you're now seeing morale drop due to increased workloads, don't panic. Reconnect to your roots as an employer. Revisit what made your workplace great and find ways to enhance it. Maybe you've lost sight of your core values somewhere along the way. It happens! The key is to identify where things went off track and get back on course. By staying focused on what truly matters - your vision, your values, and your people - you'll find the clarity and motivation you need to steer your business in the right direction.
7. Avoid Burnout: Running a business can be a marathon, and sometimes, you hit that wall. Recognizing the signs of burnout is key, and taking proactive steps to prevent it is even more crucial.  Start by offloading some tasks, making time for yourself, and setting boundaries to maintain a healthy work-life balance. But don't stop there; revisit your North Star goals to realign your personal, professional, and business aspirations. Remember, your business should serve the life you want to live, not the other way around. So, when you find yourself burning the midnight oil or juggling multiple responsibilities, remind yourself of this fundamental truth.
   
   And guess what? You also don't have to tackle everything solo. Entrepreneurship can be isolating, especially at the top. That's why it's essential to tap into resources like external advisors, mentors, and like-minded business owners. Having a trusted team to confide in can provide relief and reignite your passion for your business. Even just an hour of outside help from those who have been in your shoes can work wonders and stave off some of those feelings of isolation. We like to call these "Power Hours." Learn more about how they can transform your business here.
8. Try Saying No: When your business is slumping or you're feeling the pressure as an owner, it's tempting to say yes to everything and try to do it all. You're hoping that something will work, anything to turn the tide. But spreading yourself too thin only leads to further burnout and drifts you even further from your business focus.
   
   Instead, take a step back and assess each opportunity. Does it align with your business goals and values? If not, don't be afraid to decline. Your time and resources are valuable, so invest them wisely.
9. Work on Your Business, Not Just in It: Ever find yourself buried in day-to-day tasks, losing sight of the bigger picture? It's a common trap for entrepreneurs. Getting lost in the weeds of your business can feel comfortable, almost too comfortable. But here's the catch: It's also a fast track to resentment.
   
   Think about it. Did you start your business to spend endless hours on org charts or invoicing? Probably not. Yet, it's easy to get sucked into the minutiae and lose sight of your original vision.
   
   Try delegating operational tasks to your team (you know, the people you hired to handle them), or consider outsourcing if you're flying solo. With that newfound time, carve out dedicated moments for strategic planning. Not sure where to start? Our Strategic Initiatives Template is here to help you kickstart your strategic planning journey.
10. Acknowledge Your Progress: Don’t forget to celebrate the victories, no matter how small. At Future Proof Advisors, we kick off our advisory sessions with our members by shining a spotlight on progress made, key learnings, and successes. It's a simple yet powerful way to shift your mindset from focusing solely on challenges to embracing progress, no matter how incremental. By dedicating time each week to celebrate landing a new client, hitting a milestone, or overcoming a hurdle—you can keep the momentum going and stay laser-focused on your long-term goals.
    
    In addition to celebrating progress, practicing gratitude can significantly impact your perspective. So, when you're basking in the glow of your achievements, take a moment to express gratitude for your successes and the hard work of your team. It's amazing how a little appreciation can fuel positivity and reignite your drive to tackle challenges head-on.
    
    Looking for a tool to help you track your progress and celebrate those wins? Check out our Progress Tracker Template here.

But, What If I'm Still "Out of Love" with My Business?

Even after trying these strategies and doing a lot of self-reflection, what if you still feel disconnected from your business? Sometimes, despite our best efforts, the spark just doesn't reignite. That's when you might start thinking about what's next.

Maybe it's time to shake things up a bit. You could consider switching up your role within the company or passing the baton to someone else who's ready to take the reins. And selling the business might even be on your mind. If that's the case, these questions can help guide you through the decision-making process.

It could also be that you've realized your business needs a major facelift to keep up with the times. Markets change, customer needs evolve, and sometimes, what worked before just doesn't cut it anymore. Hanging onto outdated ways of doing things isn't doing you or your business any favors.

Recognizing that your business has outgrown its original purpose or that your leadership style needs a refresh isn't a sign of failure—it's a chance to grow.  Embracing change means being open to new possibilities and being willing to let go of what's not working anymore. Remember the age-old saying, "If you love something, set it free. If it comes back, it's yours. If not, it was never meant to be"? Well, it applies to business too!

Propel Your Business and Yourself Toward a Thriving Future

Rediscovering your passion for your business again is possible, even in the face of setbacks. By shifting your mindset, reconnecting with your passion, and getting back on track, you can reignite that entrepreneurial spark. 

But, remember, the journey to falling back in love with your business is not just about overcoming obstacles, it's about crafting a future that excites you and aligns with your aspirations. Along this path, you might uncover a newfound appreciation for the company you've built, discover parts of yourself and your business you hadn't considered before, and yes, at times, you may even find it necessary to let go and set your business free. Whatever direction you take, embracing these strategies can equip you with the tools to make decisions that align with your vision and propel your business toward a thriving future.

Navigating Entrepreneurship Later in Life: 5 Tips for Success

Navigating entrepreneurship later in life holds profound personal significance for me. It's a journey that resonates on a deep level because I've personally experienced the highs and lows of entrepreneurship throughout my career. With the benefit of hindsight, I feel far more capable and confident than I did in my younger days.  And I’m not alone.  Entrepreneurship isn't just a game for the young anymore.  Would you believe that people aged 55 and up are stepping into the entrepreneurial arena more than those in their 20s and 30s? There's a growing trend that's rewriting the rules, and it's all about starting a business later in life. And these “late bloomers” aren’t just surviving - they’re thriving. It might surprise you to learn that a 60-year-old startup founder is 3x more likely to succeed than their 30-year-old counterpart! 

Why Starting a Business Later in Life Makes Sense

So, what’s driving this trend? Well, it boils down to experience. As the saying goes “With age comes wisdom.”  But it's more than that. It's also about the connections we've built, the relationships we've cultivated, and sometimes, having a bit more financial cushion or, at the very least, a better grasp of our finances. And let's not forget about the operational and execution skills we've honed over the years. The significance of that "been there, done that" mindset cannot be underestimated when it comes to being better prepared for the inevitable curveballs that life throws at us.

The entrepreneurial landscape is undergoing a transformation. Founders over the age of 45 now make up a third of all new entrepreneurial activity.  And here’s an eye-opener:  42% of entrepreneurs over 50 aren't starting businesses out of necessity; they're doing it because they're deeply passionate about their ideas. 

I can personally relate to the desire to embark on an entrepreneurial journey later in life because I've walked that path myself.  My entire adult life has been dedicated to entrepreneurship, and along the way, I've been fortunate as I’ve accumulated a wealth of knowledge and transformative experiences – some gained through mistakes, while others through successes. In the early stages of my career, I co-founded a marketing agency that exited to a public company. My second venture, a SaaS business that I started in my late 40s, sold faster and more seamlessly than my first.  These experiences, complete with all their struggles and triumphs, eventually led me to establish one of the companies that I run today - Future Proof Advisors. My mission is to help entrepreneurs avoid the pitfalls I once encountered and provide them with shortcuts to get further faster. Launching this venture at a younger age wouldn't have been feasible simply because I hadn't amassed the wealth of experiences and established the relationships that now enable us to provide invaluable guidance to our member companies.

So, if you're contemplating embarking on an entrepreneurial adventure in your later years, here are five practical tips that have not only shaped my path but continue to influence the way I approach the world of business.

Five Tips for Later-in-Life Entrepreneurs 

1. Prioritize Your Personal Goals: Starting a venture later in life offers a unique opportunity to align your business ambitions with your personal goals. It took me a while to figure this out, but it's an important lesson. Your company should serve the life you want to lead, not the other way around. Take the time to define your personal objectives, whether they involve achieving financial security, pursuing lifelong passions, or gaining the freedom to do the things you love. Allow these personal goals to inform your business strategy. 
2. Achieve a Work-Life Balance: As you step into entrepreneurship later in life, finding that elusive work-life balance becomes crucial. Your business demands dedication, but it shouldn't overshadow the other meaningful aspects of your life. It's about staying connected with loved ones, nurturing your passions, and, most importantly, taking care of your health and well-being. This balance isn't just about personal happiness; it's a secret sauce for long-term business success. In my journey, I realized this balance as my kids grew up, and my parents entered their later years. It struck me how vital it was to be there for them and savor those moments. Plus, with age comes a newfound ability to manage stress, sharpen your focus, and excel at prioritization. Discover the equilibrium that suits you best, enabling you to thrive both personally and professionally.
3. Embrace Risk, Regardless of Age: Entrepreneurship thrives on innovation and calculated risk-taking. Don't ever let the number of years you've lived hold you back from exploring new horizons. Trust your instincts and be prepared to step out of your comfort zone. Here's where life's experiences become your secret weapon. Your journey has likely handed you a treasure chest of wisdom to make informed choices and navigate risks like a seasoned pro. Those who dive into entrepreneurship later in life create substantial economic value by introducing radical innovations capable of disrupting entire industries. Don't allow your age to undermine your confidence, let it embolden you! Speaking from experience, I co-founded a SaaS business called RSVD in my late 40s. Our mission was to make “waiting in line optional.” What began as a simple idea became a three-year labor of dedication and hard work.  Eventually, RSVD underwent a merger and a profitable exit, becoming RESERVE powered by CLEAR. Today, the service helps travelers breeze past those never-ending airport lines through scheduled appointments. This venture is a testament to the boundless possibilities that entrepreneurship offers, regardless of age. It all comes down to passion, determination, and a willingness to take a leap of faith. 
4. Stay Tech-Savvy: In today's digital world, keeping up with technology trends is essential for ensuring your business's success. While it's true that as we age, some of the newer tech, like AI, can seem a bit like deciphering hieroglyphics, embracing technology is essential to streamline your operations, engage with customers effectively, and maintain a competitive edge. Remaining “tech-savvy” as a "middle-ager" actually inspired my latest venture. I currently serve as the co-founder and CEO of The Smarter Service, a tech concierge company catering to older adults.  Our mission is to empower individuals at different stages of life, including those actively contributing to the workforce and fellow business owners by equipping them with essential skills and confidence needed to thrive in our ever-changing world. I've witnessed firsthand the transformative power of technology, especially for those who embark on new ventures later in life. It's not uncommon for them to seek guidance in navigating the ever-evolving landscape of innovations and tools, all of which can work wonders for their businesses.
5. Tap into Your Expertise and Relationships: One of the significant advantages of starting a business later in life is the network and expertise you've built over the years. Leverage this valuable asset by seeking advice from mentors, collaborating with like-minded individuals, and using your past experiences to your advantage. Drawing from my own journey, I've learned that you don't have to face every challenge alone. I firmly believe in the adage, "Never try to solve a problem that’s already been solved." This mantra is what led me to establish Future Proof Advisors, a platform where I could harness the collective wisdom of a network of experts and advisors who've "been there, done that." I've come to realize that while I may not have all the answers, there's always someone out there who does. So, don't hesitate to tap into this treasure trove of knowledge and connections. Surround yourself with individuals who can help you accelerate your growth, enabling you to achieve exponential success on your entrepreneurial journey.

Embrace Entrepreneurship Later in Life

Embracing entrepreneurship later in life can be incredibly rewarding, both on a personal and professional level. The notion that age should limit your success in the business world is a misconception we must dispel. We're witnessing a seismic shift in mindset, with more older adults pursuing new opportunities, proving that the entrepreneurial spirit knows no age limit.

So, whether you're fueled by a long-held passion, the desire to create something new, or simply the pursuit of a fulfilling and balanced life, always remember this: age can be your greatest asset. Your life experiences, the relationships you’ve nurtured, and the wisdom you’ve accumulated along the way are all powerful tools in your entrepreneurial arsenal.

Drawing from my own experiences and as someone who now dedicates their expertise to supporting entrepreneurs and older adults, I can wholeheartedly vouch for the immense potential that entrepreneurship holds at any age. Embrace the opportunities that come your way, prioritize your personal goals, carve out a work-life balance that resonates with you, never shy away from well-calculated risks, stay tech-savvy to harness the power of innovation, and, above all, tap into the wealth of expertise and relationships you've cultivated over the years. These guiding principles aren't just a roadmap; they're your compass for not only achieving success but also thriving as an entrepreneur later in life.

Here's to your future success, no matter where you find yourself on life's remarkable journey!

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Have questions or want more entrepreneurial tips? Connect with me on LinkedIn, drop me an email at Terry@futureproofgrp.com, or subscribe to my newsletter.