It’s the ultimate dream for many to become successful in business although it’s well known that the failure rate of SMBs is 20% in year one, 30% in year two, 50% in year 5, and 70% in year ten. That doesn’t mean there isn’t any hope. According to a recent study, entrepreneurs that fail in their first attempts are much more likely to be successful the second time around.
Here are ten ways you can enjoy success as your own boss:
- Have a servant’s attitude
One of the most important things to remember as a budding entrepreneur is that even when you are CEO of your own company, you are still not the boss. In fact, when people run companies, they have to keep their clients happy, ensure suppliers and paid and most importantly, take care of employees. Bearing this in mind ensures that you’ll keep all three groups happy which will positively affect your bottom line.
- Stick to the business plan
Building a new business starts with creating a business plan. However, many businesses fail because they don’t stick to their plans when they start out. It’s all well and good preparing a strategy for your company and producing a business plan to raise investment but you have to then go on to service those investors by bringing your plan to life. Nothing has to be set in stone but if you want to be a successful entrepreneur, there’s no way of “winging-it” to get where you want to be. Create a strategy in your business plan and then implement it point-by-point.
- Provide value to others
Entrepreneurs are passionate about what they do and very often, it has little to do with making money. This passion has to translate into goods or services that provide value to others in order to build a business with longevity. Successful entrepreneurs are not into making a “fast buck” or being “fly-by-night” with their businesses and if your company provides value, you’ll have a better chance of surviving for the long-haul.
- Be better than your competition
There’s no point jumping on the bandwagon of someone else’s successful business by replicating their ideas. You have to have a passion for what you do in order to be better than your competition. People choose to do business with companies that have a reputation for being the best rather than the cheapest.
- Hire someone to do the easy tasks
There’s a lot of legwork involved in growing a business and you want to do as little of the easy jobs as possible. Although you may think it easier to do everything from admin to bookkeeping yourself, it’s almost always better to hire someone even on a part-time basis to help you out.
- Network like crazy
“It’s not what you know, it’s who you know” so the saying goes. That’s very true in business and particularly in the digital day and age. When you’re building a business, it serves to make connections with as many other businesses as possible. By networking effectively you can form valuable relationships in your local business community and in the wider world online. Social networks provide a good opportunity to make connections, particularly LinkedIn which is a business platform. Twitter and Facebook are also good mediums for spreading the word about your business.
- Be generous with your employees
Almost all successful entrepreneurs appreciate the value of their employees and recognize that without them, they would not have achieved all they had. Although it’s important to maintain an image of authority as boss of the firm, people are much more productive when they are rewarded for their hard work. Get to know the people who work for you and take care of them and they will continue to support you in your rise to the top.
- Set up a tax account from day one
Although it’s an unpleasant subject, taxes are unavoidable and it’s a good idea to set up a tax account from day one. If you then put by at least 10% of each payment you are made and place it into your tax account, you’ll be prepped for any hefty tax bills further down the line. It is not uncommon for businesses to fail because they had insufficient liquidity to pay their early tax bills. If you can possibly save more than 10% of your income for the first year, then naturally this will make you better prepared.
- Take care of your physical health
When an entrepreneur is forced to take time off work due to ill-health, it can cripple their businesses. For that reason, it’s vital to take care of your health. If you have employees then they are dependent on you for their income and so it’s your responsibility to them to ensure you’re always in the best of health. If you want to remain focused on the goal of being a successful entrepreneur, a healthy lifestyle will definitely help.
- Test your idea before launching it
Before you take anything to market, you want to know that your idea is a good one. The majority of successful businesses product-test before manufacture to double-check there will be a demand for what they’re producing. These firms use consumer groups and market testers although just getting a few second opinions from others in business is probably sufficient in the early days. Very often, entrepreneurs who have invented or designed a new product are too emotionally attached to their projects to be objective. Take a look at your business from a different perspective by talking to others.
The Bottom Line
One of the best ways of finding out the secrets of successful entrepreneurship is to research how others have done it. However, there is also another route which is to look at a good franchise opportunity. A franchise such as HealthyYOu vending allows you to take on a business that is fully supported by an established brand. Much of the work of building the business has been done so that all you have to do is take the reins and take over from there.