Succeeding in the world of business and harsh competition takes endurance and tiresome work because there is no fairy godmother here. Once you decided to set up a new business, be ready to sleep less, eat less, and party less to expand your company and grow as an entrepreneur. Remember that regardless of your business idea and uniqueness of your company, the formula of success is relatively simple: passion, perseverance, and a positive attitude; yes, only these three components will get you to the top.
But while you understand the dictionary meaning of these words, they may have very little value in the business context for now. So the question is how to apply these words to the idea of business development and get to the top of the market? Here are 10 must-follow rules to turn your dream or idea into a fortunate and lucrative business.
#1 Love what you do
Passion is the key factor in any prosperous company development. Passion is the factor that made Ingvar Kamprad (IKEA founder), Sam Walton (Walmart founder), or Steve Jobs (Apple founder) successful and famous in the business world. All of them had something they liked and wanted to share with the world, so they turned these ideas into business and started earning from the dream.
What you need is to love your business, otherwise you’ll quit in a few years. Only if you are truly passionate about your company’s development and are ready to make sacrifice to succeed in it, you can become great in what you do.
#2 Take baby steps
All sharks of the business world started from garage productions and backyard sales. Don’t try to jump over your head because there is a great chance you’ll fall. Set reachable goals and don’t dream, wish. By making wishes and making these wishes happen you will be able to get on with the business. Take smaller risks in the beginning and always think things through before you invest in something. Remember the proverb “nothing ventured, nothing gained”? Live with it in your mind, but always have a back-up plan, and better a couple of them.
#3 Make a plan
Don’t launch any business without a business plan. If you’re planning to find investors or going to a bank for a business loan, then you must have a great business plan. BUT! Initial plan should not be seen as something you can’t change. You need to make a rough plan of your steps before you get out of your room. Business plan should include some schedule, budget, people involved, risks and back-ups, expected profits, licenses to obtain, and qualifications required. Remember that you need to be realistic about everything: as a rule, any plan would require twice as much money as you planned and twice as much time as expected; so keep that in mind.
“Figure out how to achieve your goals on a tiny budget– then cut that number in half.” Eric T. Wagner
If you have no idea what you’re doing, but want to start a business, always consult with experts before you flush everything down the drain. Here is a tentative list of experts you’ll need to see:
- Tax expert or accountant
- Banker (if you need a business loan)
- Business advisor or marketing consultant
- Contractor (if you’re planning to build or renovate something)
- Business attorney
#4 Build your team
You can’t build a business on your own. Any kind of company evolves a team of passionate professionals each of whom is knowledgeable in their own field and together can make any idea work. You need to find like-minded people who support your opinion and share your attitudes, who understand the concept of your brand and will enhance your reputation. Try to look for young and passionate people who are ambitious and ready to work for the idea and future, and don’t require instant six figures salaries.
#5 Start a reputation
For now you’re only in the beginning of your path to a successful business, but you need to set the record straight at once. Be polite to your customers, answer to the received letters and requests promptly to provide high service to your customers. Remember that you need to be present online in order to be present on the business map today, so maintain your reputation there as well.
To be noticed by your target audience, to have positive comments and references, to be available to your customers 24/7 create a website, start social media profiles, and get listed. Here is a shortcut of the best websites to be available at for your audience:
- Social media:
- Business listings:
# 6 Get focused
Work, work, and again work – this is the only formula of success of a beginner entrepreneur. Don’t squander, focus on your business. And even within business advancement, never get into doing several things at once. Of course, you’ll have to follow your track record, keep in touch with your team and customers, manage budget and much more! But don’t do it at all at once. Design a detailed schedule of what and when there is to be done. Be ready that you will have to sacrifice your night sleep and Saturday parties to get the company running, but remember about the ultimate goal you had and you’ll do it!
#7 Learn from others
You are not the first one in your business niche, and you can never be the only one starting something new. There are many other companies trying to compete with your ideas, so you have to keep track of your competition as much as possible. While following the market trends remember to learn from the mistakes you see. But at the same time look up at the moguls of your business branch and listen to what they say, to the advice they give, and to the ideas they share. Learn as much as you can from the top CEO of the biggest corporation to the janitor next door – imbibe everything you can, but apply to your company only the best advice.
#8 Be mindful of the attitude
Attitude you maintain in your company is essential for prosperous future. And this term concerns your inner team relationship, your treatment of the audience, and relations with partners. Always remain calm and positive, while being firm and determined. Let the people you work with know you’re the boss, but remember that you have one too – your customer.
“Everyone has a boss, never forget it.”
Try to remain on top by showing everyone connected to you and your company that you are open and happy to cooperate with people, that you want your audience to be satisfied with the product or service you’re selling.
#9 Experiment in stages
Yes, you do have a plan and you should always try to stick to it. But don’t miss an opportunity to amend details to enhance the business. Be open to experiments and new ideas, try out new technologies and methods applicable to your business. Yet, don’t experiment with everything at once. Make small changes to ensure that they work before you get to bigger ones. Launch test trials and pilot programs to see how your customers react to such changes. In case you see progress, apply the pilot steps to the business in general. Should the idea fail to bring you more profit, let this be a lesson for the future and don’t approach this fail as the end of the world.
#10 Insure yourself
Insurance and back-up plans are essential. Don’t bet your whole life on a small idea. Always get insurance for everything you do and remember about the physical insurance plan for your business and property. You never know what the future hides, so be ready for everything, whatever it may be.
And the final thought about launching a successful business and growing your own empire is as follows:
“It’s a marathon, not a sprint.”
Be consistent in everything you do. Don’t throw all of your energy into one change or small idea because you will lack it later on. Try to stick to your business plan to develop a long-term positive habit of making money and following your path of success.