I think you are really going to enjoy this article. I am going to go into detail about the strategies for a successful business as I see them. I will break them down into 5 proven steps so you can get started at your own pace.
I am always amazed at how many people are online every day looking for the secret to making money. Some even drill down and only want the strategies for making money as they pertain to having a profitable business.
My 5 Strategies
1. Getting started – Always start with the end in mind.
This may seem impossible to you right now. I suggest you look at it from a standpoint of profit.
How much money do you want to make?
How long do you want to do it?
How much time can you put into it right now?
I know of people who take paid surveys and they run it as a business. Some make as much as $2,000 a month or more.
I applaud them if that is their goal, However, that is not a lifelong sustainable business model for 99% of the people looking to start and run a successful business.
I suspect your income goals are more. I also think you are probably looking at your successful business from a long-term standpoint.
This could be 5 years, 10 years, 20 years, or even having a business you can pass on to your heirs after you pass away.
Here is one other important point to keep in mind. Do you think you may want to build up a successful business that you will sell one day?
If so everything you do right now should be with that end-game in mind. Thanks to the internet there are people selling their businesses online for 10, 20, or even 30 times their monthly income.
As an example, if you are earning $3k a month after expenses you could get somewhere from $30K to $90k. This is why you need an end-game in mind.
2. Approach Your Business As A Business.
I do not often see this with online businesses. This is usually because you can get started making money online for little to nothing out of your pocket.
Therefore you do not treat it like a business. Could you imagine investing in a Subway Franchise?
According to Google, you can expect to spend $78K and up to get started. Then you will give a percentage of your revenue every month forever.
A McDonald’s Franchise is going to ruin you $1-$2 Million. That is why most of us never start one.
You can join a community for free and see if it is the right fit for you and then you can upgrade for just $47 a month if you wish. That is not a lot and is the big reason most people quit before ever making money.
Regardless of your upfront money, and money overhead, approach your business as a business from Day 1 if you want to succeed!
What is the problem your business will solve? Sometimes this is called the niche you are in.
It is crucial and will play a big role in running your business like a business because this is where your customers will come from.
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3. Knowledge Is Not Always Everything.
You do not need to know everything. That should be comforting, but often it is not.
Some people never get into the game because they think they do not know enough. I like this quote…..
“I do not care how much you know until I know how much you care”!
I read in Forbes magazine that those successful entrepreneurs are fearless. They know there is no mistake too big they can not overcome.
You will learn as you go. Make that a goal from the beginning of your business.
4. Must keep a Motivating Factor
I like to think of this as your why! Why are you starting and running your business?
Knowing this will help keep you motivated. Here is another way to think of motivation.
Have a goal that is bigger than yourself. This usually means you are doing it for more than the money.
I am amazed at successful people who are still getting up every day and going into their business into their 70s, 80s, and even 90s.
Why do they do it? They have never lost the motivation for what their business has become.
5. How Would I Structure My Business?
5. How Would I Structure My Business?The horse has to come before the cart. What does that mean exactly as it pertains to having a successful business?
You need to do things in the right order. Here is where you start.
Do you have an organizational chart for your business? That probably seems kind of silly especially if you are the only employee right now.
As your business grows, build your organizational chart out and refer back to it. If you do an Internet business like many of us do, you may outsource a lot of your day-to-day activities.
That is o.k. Just write it down and keep track of who is doing what.
Let me say from a legal standpoint you can structure your business as a sole proprietorship, partnership, or various types of corporations. There are tax benefits at play here, so I suggest getting a good accountant and doing this from day one.
If you do, this is another sign that you are serious. Many will never take this step.
final thoughts
I hope these strategies for success have gotten the wheels in your mind turning.
Choose to start a business that solves a problem and you stand a good chance to succeed right out of the gate. Think about the other steps and put things into motion.
I cannot think of anything more exciting than starting a business. Do not worry about what you do not know at first, that will come as you progress and build your own successful business!
You can do what I always recommend, join a community that speaks the same language so that if you need help along the way, you have them at your fingertips.
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I am learning that I don’t need to know everything in my niche. I am having so much fun learning everything and sharing with my readers as a “I did this” blog. If I make mistakes, then they can help me fix them too. It is a great way to engage readers too. Google likes an active site!
Brittaney, glad that you see that you do not need to know everything. Once you are connected to a community your business will grow much faster because you can leverage your learning curve associated with a group of people who are building their business as well.e comment.
Hello David, wow this is so informative. And an organizational chart is a fabulous idea but as starting out do we have enough information to do that?
In peace and gratitude, ariel
Hi Ariel, thank you for the comment and glad that you think highly of the organizational chart. I needed it when starting out cause I was jumping all over, doing a lot but all out of order.
Yes, we do need it when starting out, cause we see from the chart what we need to do and what we have to down the road. So is a guide idea to make a full chart whether we have to accomplish that task now or later. Starting with the end in mind will give you the motive to see it through. Hope that helps.
Bishop,
I found your post very helpful. I especially like “start with the end in mind.” I think that is great advice. We must answer those very important questions, otherwise we drift off course if we don’t have specific goals.
Lisa
Hi, glad that you get some value here with this article. When your focus is set on the prize, you tend to stay focus and consistency. Is like driving from New York to North Carolina, which I do bi-weekly, you start with your journey on arriving at your destination.
No one put gas in their vehicle pack a few things and not know where they are heading. We do this going to our jobs daily, and yet we fail to do that in our business. Life has strange ways. Yes, having specific goals is very crucial. Thank you for the kind words and your comment, hope all is going well with you as well with your business. Stay in touch.
Well, you were right; I DID enjoy that article.
I am guilty of not planning with an end in mind. I jumped into online work thinking only that I wanted to do it. I didn’t out much thought into questions like what should I do, how will I do it, how long will it take, etc.
It was only after some time had passed and I started to look at it as a business and make actual plans, that things started to come together.
I also appreciate your comment about knowledge. The fear of not being “an expert” holds a lot of people back, and gave me pause as well, but the truth is that any one of us can become an expert with a bit of work, and there is always more to learn anyway, so that is not something to be afraid of.
Well said, Craig. It took me years to come up with a plan that I was comfortable with. I when I finally get one that i think would work for me, it was hard to maintain the schedule. so I turn it around manytimes and looked at it from all angles to see which is the best way.
it wasn’t until I was listening to one of my mentors, he said, “always start with the end in mind.” And is like a surge of energy just went through me. I know that was the answer right off the bat, and that did wonders for my planning and coming up with the right schedule.
We do not know everything, but we must find out everything that we need to know. That will make the difference between failure and success in every area of our lives. So not being an expert, in the beginning, is fine. Learn all you can and before you know it, people will be reaching out to you for answers. Thank you for your feedback and kind words.
Cheers.