Everyone knows that starting a business from scratch is risky. Approximately 99% of start-ups don’t last more than 10 years. Owning your own company and being your own boss, in theory, seems like a fabulous life. However, an unprepared owner will eventually mean a company collapse. There are never guarantees in business, but there are ways to better prepare for an increased chance of success.
1. Planning
A business plan is a guide that describes the goals and objectives of a business. It also indicates the strategies that’ll be taken to achieve these goals and objectives by using the available resources. During your business growth, you should be able to look at this plan and be reminded of why you started it and the direction it should be taking.
2. Bookkeeping
No matter the size of your operation, solid bookkeeping is essential. All business activities should be kept on record, especially financial activities. Finding the right accounting for small business will benefit you in many ways:
-
You’ll know how much money you’re bringing in versus how much is going out.
-
You’ll have a better idea of how to budget.
-
You’ll be able to keep track of debtors more efficiently.
-
You’ll be able to manage different aspects of the business more smoothly, such as inventory control, product control and quality control.
3. Having a Passion
There are very few successful businesses that have started overnight and promptly returned a profit. Starting a business can, and probably will be, a bumpy road. As is the case with anything worth doing, there will be challenges that must be faced. It’s essential to go into it with the right mindset. Why do you want to start the business? What do you hope to achieve? If you’re going into it to get rich or do everything your own way, you’re probably not going to succeed. If you’re starting it because you’ve got a passion for the product, service or industry, you’re much more likely to succeed. Either way, your business’s success probably won’t be quick or easy, but with the right mindset, determination and dedication, it’ll be worth it in the long run.
4. Finding a Niche
Your business idea doesn’t have to be something spectacular or even original. The most crucial factor is that it has enough demand. Whether satisfying a need or solving a problem, if it does either, there’s a good chance of success. Maybe you have a new product or service. Perhaps you’re taking on a product or service that’s already available, but you’ve improved it.
5. Determining the Right Timing
Timing is one of the most important elements of beginning a business. An idea might be great, but an ill-timed business move can lead to a potentially unrecoverable disaster. Make sure that you have a plan that executes at the right moment for success. Moving too soon could get a competitor’s attention; they could use your idea and run with it. It could also fail if it’s coming onto the market too late. You and your team need to know when to wait and then when to act and act fast.
6. Creating a Team
Successful business owners have great teams backing them. Each team member should be tested and proven in their areas of expertise. They should also be able to work well together to execute your company plans strategically.
7. Having Determination and Motivation
There will be some days where you just won’t be feeling it; you may feel overwhelmed. If your business is your passion, though, you’ll still be willing and eager to do and achieve. Your team needs to be determined and motivated, also. Your motivation and determination will help you overcome obstacles quickly, learn from them and keep going. If you maintain this attitude, it will rub off on your team.
8. Developing Customer Satisfaction and Loyalty
Your business wouldn’t exist without customers, so it’s vital to cultivate loyal customers. Part of your business plan should be to identify your target customers and what they want or need. To get loyal customers, you must make promises to them and then deliver on those promises. Word-of-mouth advertising from a pleased customer can be one of the best types of marketing for your business. However, an unsatisfied customer can drive many potential customers (or possibly even current or past customers) to avoid your business. Happy customers will generate increasingly more interest in your brand.
9. Adapting
Successful businesses can easily adapt to change. The business world isn’t always predictable. You must have the ability to go with the flow while staying competitive and properly serving your customers’ needs.
These are just some of the most important characteristics of a successful business. Put in the time and devotion and you’ll be on your way to years of company success.
