A study by Guidant shows that a little less than ⅓ of business owners said that their biggest motivation for starting a business is that they are ready to be their own boss. If you’ve decided that you want to open your own business, there are numerous ways to create a successful business, but the first place to start is defining success for you.
What does success mean to you? How do you create a successful starting ground for your business?
When first thinking of creating a business, many of us have different motivating reasons why but, of course, we all want to be successful. Success for many of us means profit but success could also mean you want to help people (solve problems) or you’re extremely passionate about sharing your hobby with others. Defining success for you is the first step in creating value in your business. This is a critical step because knowing what success means to you allows you to focus your time and energy on what matters most (to you). Even with our different definitions of success, there are quite a few things that help make a business successful.
For starters, have a strong business idea. You will want to pick a good, niche thing in your industry of choice. This means picking something that isn’t too specific nor too broad. Digging deep and learning more about your niche may help you to decide what exactly you are putting into the market to help everyone and allows you to become more knowledgeable in your future business overall. Furthermore, bear in mind the current market demand for your product/service. (Does your target audience want/need this? Is the market already over-saturated with this?) When you have a general concept of what your business idea is, consider talking to your friends and family. They may give you valuable feedback that is more suitable and aid in looking at the possible faults of your idea. After you’ve solidified what your business idea is, be sure not to over-sell your product/service. Over-selling could mean falsely advertising things your product doesn’t actually do or setting a bar too high and going over your area of (current) expertise. Also, set clear policies for everyone. By doing this from the beginning, it can reduce confusion for everyone and protect you from potential conflict down the road.
Defining success & having a solid, concrete idea is just the beginning of owning a business. Even though there are many factors in the success of a business, there are plenty of ways to make your business shine!
Business building tips for success
As is life, there are many factors outside of our control that can influence the success of our business. By being proactive to these outside influences, you can enhance your business for success. To begin, your leadership and the team behind you are vital. As a business owner, be sure to practice intentional kindness. A good leader is kind as well as honest, transparent, and genuine. Kindness plays into how customers perceive your business as well as employee morale. (Refer to Kindness & Its Value In Your Business as we covered more about kindness & the value it brings to your business!) When you are a great leader, your team benefits, too. As we covered in Well Put-Together Teams & Their Significance, having a high quality team boosts profit, productivity, and helps all business relationships flourish!
The next essential part of your business are the customers. When handling customers, remember that you are the leading expert in your business, so be sure to look at your products/services from their point of view. Understanding where a customer is coming from can mitigate any challenges that may come up. Although you should try your best to solve any issues before they reach the customer, it is inevitable that problems will arise from time to time. Spending time to make sure employees are especially equipped to deal with customers can create a better experience for everyone involved. Additionally, if an employee brings feedback about the customer service back to you, truly hear them out and take action to resolve the issue so it doesn’t happen again. Another way to enhance the customer experience is connecting with them via gifts (like nice baskets from your business or a simple hand-written thank you) because this creates a personal connection and makes the customer feel even more significant to your business. Finally, who doesn’t love a great deal? Hosting deals like BOGO (Buy one get one free), having a free trial period, and creating loyalty or referral programs incentivizes customers to spread the word about your business and be rewarded for it.
Moving to our next point, make sure your business reflects you as a person. Your morals should clearly be reflected in the company and your personality should radiate through! An impactful way to show who you are through your business is in your advertising and marketing. By being authentic in your social media posts, those who resonate with your morales will be more drawn to your business – attracting them and possibly others to your business. In addition to original content, try to include more than just ads or promotions. Having segments where you give something, like a guide to a monthly calendar if you’re in the fitness industry or a weekly column where you write up advice in your industry, can make your social media more appealing. Additionally, in our digital world, traditional marketing is often getting left behind. In a 2017 study by MarketingSherpa, consumers were asked what ads they trust the most. The top scoring categories include: print ads (82%), TV ads (80%), mailer ads (76%), radio ads (71%), and ads in public places (like billboards or posters) (69%) while the lowest scoring ones include: online pop-ups (25%), podcast ads (37%), and mobile phone ads (39%). This goes to show that traditional marketing is still as beneficial as digital marketing! For more tips on how to market yourself and your business digitally, you can refer to one of our previous monthly blogs: Advertising & Marketing For You and Your Business.
Taking on a new business can be daunting and overwhelming by yourself. Although it is often appealing to independent business owners to do everything themself, (to try to save money), it is in one’s best interest to hire others to ease the load. Besides employees of course, an accountant can be a valuable asset for your business. Accountants guide you in the right direction to make your company more financially well-off. They have detailed experience and save you time by being precise and accurate when it comes to reporting, doing the finances for you (instead of you doing everything yourself), and creating a budget/ plan to put you in the best financial state. In our previous monthly blogs, we cover the differences between CPAs, accountants, and bookkeepers (Accountants vs. CPAs vs. Bookkeepers) more in depth and how to find the right accountant (Accountant Lingo & Finding the Right Accountant). Additionally, don’t shy away from receiving coaching from other successful business owners in your industry. In a study from the Small Firms Economic Development Initiative, 70% of small businesses that received mentorship from experienced business owners survive their first year in comparison to 35% those who do not receive the same type of mentorship.
When others help you in your business, it grants you more time for yourself. Frequently, as an independent business owner, free time is seen as more time to generate more sales. While this is not necessarily false, it is imperative to take time for yourself outside of work. A common quote in the self-care world is, “You can’t pour from an empty cup,” and this means that you can’t take care of everyone else (everything else) unless you take care of yourself first. Additional time for yourself doesn’t have to be staying at home watching TV/playing games all day, it could also look like discovering new hobbies outside of work which could, in turn, expand your network even further. When you are well rested and have a good work-life balance, it, naturally, makes you happier. Happiness is Essential in Work because it motivates you, makes others see you as a better leader, and has a direct effect on employee health and productivity.
Business Success has many Factors
The world is ever-changing and this includes your business as well. Take care to always adapt to new employee & customer feedback and keep up with new trends in your industry. A successful business is created from a culmination of many different factors but by being well-prepared and adaptable to the world around you, you can create a successful business!
