Creating a successful small business is a huge endeavor, and the rate of failure is high. While 70% of business survive their first year, only 50% of small business survive past the five year mark. So what can you learn from thriving businesses to increase your chances for success? These 10 tips will create a solid foundation for your company.
Be passionate about what you’re doing. Passion is vital to the success of your business. It encourages people to do business with you and keep employees motivated to help you reach your goals. When you feel your passion fading, make a list of all the things that made you want to start your business in the first place—this should jumpstart your passion.
Write a business plan. Whether you write everything down on a napkin or create a detailed business plan you should understand what you want to achieve and how you plan on doing so. A well executed business plan will help you secure business loans and attract investors. As your company grows and your goals evolve, make changes accordingly.
Be organized. Organizing your priorities and keeping detailed to-do lists each day will help you stay on task and guarantee that you’re completing everything that needs to be done to succeed.
Keep detailed records. This is where a lot of small business owners fail. Keeping detailed records will ensure that you always know where your business sits financially and helps you understand any money issues that arise. Understanding your finances helps you plan how you’ll overcome the obstacles you’re facing.
Make customer service a top priority. You must have customers to have a business. Providing quality customer service fosters customer loyalty. Customers who receive excellent service are more likely to return to your business and to refer you to their friends and family.
Believe in yourself and your company. Determination and motivation will only get you so far. Confidence in yourself and your company is paramount to the success of your business. The confidence you have in what you’re doing will transfer to customers, employees, and others you encounter in your day-to-day operations.
Be consistent. If you’re not consistently providing a quality product or service your customers don’t know what to expect from you and are more likely to take their business elsewhere. Consistency doesn’t mean you can’t continue innovating and evolving. It simply means creating and adhering to a standard of excellence in everything you do.
Be prepared to make some sacrifices. Starting a business takes a lot of your time and energy, and you’ll have to make sacrifices that can affect your personal life. Until your business is up and running you may have to reduce the time you spend with your family and friends. Before you start a business, make sure the ends justify the means.
Don’t be afraid of failure. You’re not going to get everything right on the first try. Don’t let that stop you from testing new theories and ideas. The most successful business owners are the ones who get up, dust themselves off, and try something different because they’re determined to achieve their goals.
Learn from your mistakes. There’s an old adage that says mistakes are only mistakes if you don’t learn from them. Learning what does and doesn’t work for your business is a part of the building process.
