Setbacks are a normal part of the business. They’re unavoidable. That is why if you are an entrepreneur or business owner, you should prepare yourself for the unexpected. You can never control everything, given how many moving parts there always are, but you can learn how to respond when things go awry. That’s what Charlie McCoy, owner of barbershop Artisan Barber and salon Orchard & Ludlow in NYC, has mastered. Armed with his insightful experience, Charlie has some tips on how to overcome setbacks in business.
- Have a Clear Vision
From the beginning, make sure you have a clear vision for what you want to create. This should also be something that is clear and understandable to anyone who will be working for you. Also, it’s essential to be purpose-driven. This will act as a constant reminder of what you are working so hard for.
- Set Attainable Goals
The goals you set for your business should be reachable. When you begin to attain them and check them off, this will provide you with additional fuel to keep going in the face of hardship.
- Be Malleable
Being able to adapt and pivot, in order to move accordingly when things change, is essential. Things will always change. It’s the only constant in existence. When they do, you should be able to adjust.
Having a vision and purpose for your business is essential. These will get you through the hard times and help you stay focused on the bigger picture. Staying purpose-driven will help you stay in a positive mindset and push forward despite obstacles that will undoubtedly rear their heads.
Charlie suggests setting weekly and monthly goals that you can look forward to and accomplish. When you set goals that involve revenue, hiring, or customer acquisition, you will be giving yourself the motivation you need to achieve your goals.
Charlie believes that it is absolutely essential to stay malleable in business. The economy and societal trends could suddenly change, which are things beyond your control that can negatively affect your business. Being able to pivot and adapt to these kinds of changes will help ensure your business can survive.
Charlie suggests considering adding new products to your existing product line, adding a new service, or switching physical locations. Basically, anything that may be able to generate more sales for you should be on the table.
As someone not immune to the pandemic-related economic fallout, Charlie has had to adjust his businesses as well. They were shut down for three months after lockdown measures were imposed. For him, that time provided him the opportunity to analyze the direction his company was moving in, as well as its long-term profitability. That’s what led to the founding of his Artisan Barber product line, as well as the relaunching of his downtown Artisan Barber location into a unisex salon called Orchard & Ludlow. Charlie also acquired the European men’s grooming brand Duke & Hyde, which gave him access to a number of hair products he didn’t have before.
All of these shrewd business moves allowed Charlie to bounce back from significant obstacles that could have led to a permanent shutdown of his business.
You can learn more about Charlie’s brand, Artisan Luxury Brands, by heading over to his website.