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?
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.
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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