Why do some small business owners fail, while others soar into the clouds of success? Are some people just lucky, or do they possess a rare skill set that enables them to succeed? There may be no one explanation for the business success of some startups over others. However, there are six factors that seem to contribute widely to the success of many companies.
Business Success: Starting Points to Keep in Mind
1) Timing the market. Successful entrepreneurs tend to be those who have a keen eye on market timing. If I invest in a good industry year (i.e. when a hot trend is just out on the market), I am more likely to be successful in subsequent investments than if I invest in the same products in a different year (i.e. when the same trend no longer has the hype or popularity).
2) Have clarity. First, starting a business can be so exciting that new entrepreneurs forget to iron out the details. However, any small business that succeeds in its field does so because the leadership has taken the time to pay attention to the details. They drew up strategic blueprints that mapped out corporate and personal goals, specific timelines, and ways to achieve them. It’s easy to think one can worry about all those details later, but really, it is crucial to have them laid out in the beginning.
3) Remember: success gives birth to more success. This has to do with mindset and is closely connected to timing. Successful businesses can get ahold of more capital if suppliers think they have a consistent pattern of success. For example, employees may be more inclined to join a startup company if the owner has had a good track record of business success in the past. Others will assume there’s a good chance that the new company will be successful since the leadership have proven themselves in the past.
Continued Favor: Be In It For The Long Haul
Once you have started your business, drawn up goals, and established a reputation, here are three final tips to be aware of as you expand:
4) Attitude really can be everything. Positivity and persistence are important traits for any small business. Take risks, stay passionate about what you are doing, and be patient with achieving results. A good attitude doesn’t necessarily guarantee business success, but it can certainly fuel the drive to succeed.
5) Pay close attention to customer needs. Business success is intricately connected to customer satisfaction. Sadly, I find that while many businesses claim the customer is number one, few actually act as if they are. It is absolutely essential to keep a close eye on the needs of your customers. When you fail to listen, you alienate the very people who helped you become successful.
6) Don’t scale too soon. Prematurely scaling of a business can make it crash – and we mean crash hard. Growth must be well-thought out and steps to expand must be strategic. Some companies try to hire too many team members at once, or spend too much money on unnecessary expenses or non-strategic marketing efforts. Remember that a gradual uphill climb is always less exhausting (and hazardous!) than a sprint.
Conclusion: Be Patient & Have Fun
At the end of the day, business success is fueled by your passion. If you aren’t sure how to get started, Thrive Internet Marketing offers a wide range of services designed to help any small business hit the ground running, including web design, digital marketing, and more. Contact us today and we can give you the tools to harness the power of the internet for your business!