To be able to achieve success in business, it is not just joining another affiliate program or Internet marketing program that can make you as RICH as many people claim. Yes, there might be people who do get rich overnight, but don’t bet on things that you are not familiar with.
In every business, there are 8 important things you need to cover to ensure success:
1) Your Running Cost – This is very important because you can have good sales and income from selling your services, but if you are not able to control your costs, all the money you are earning will go back to other expenses instead of being profit.
2) The Revenue – Of course, this will be the key factor to determining whether your company will make it or not. Without revenue, you will not be able to cover your rent, salary, and other monthly expenses.
3) The Branding – I ask many students these questions: Why should the potential client want to give you their business? Why are you so special that they should part with their money to buy from you? Ask yourself this question honestly and try to come up with at least three to five good answers to it. If you cannot find a good reason, most likely you should not be even engaging in that business at all. You can reach me at firstname.lastname@example.org—perhaps I can help you with branding to better your status.
4) The Pricing – Putting too much effort on lower pricing will eventually doom your company. It is always better to put your effort on higher ticket items because often, the time you put in will be about the same anyway.
5) Innovation – Always make an effort to be innovative and create something new instead of just following what others are doing. A follower will always lag behind the creator. Because of this, the financial reward will usually not be very interesting.
6) Read and Research – You need to read and research a lot on your industry, your product, and your services. Know your competitors and know what they are doing. Knowledge is always good to have when you are talking to clients, because it can get quite embarrassing if you are trying to sell to clients and you don’t know what you are talking about.
7) Be an Expert – reading and doing research as mentioned above is great, but if you want to go to another level, you will need to become an expert in your field. It is just like when I became an expert in email marketing, SEO, SEM, Twitter marketing, and many more… I did the research extensively, tested them out again and again, modified them, and retested again and again to see the results. That is the amount of work you need to do to become the guru or expert in that area.
People are always willing to pay top dollar for an expert or a guru. That is where I make most of the money—by being the expert and teaching people the core tips and tricks. People are more willing to pay an expert, rather than just another “somebody.”
8) Be Involved In an Industry That Has Less Competition – If you are in an industry where there are 10,000 companies compared to another industry where there are only 1,000 companies (Assuming the dollar value and market value are the same) the chances of you having more sales in the sector of the 1,000 companies will be better. Hence, choose your industry carefully. If you are in the wrong industry, no matter how hard you work, you will not be very fruitful.
To achieve success in business, a lot of work needs to be done, and the back-end effort is tedious and large. Do not expect instant success. There are ways to make the route shorter by using technology and other platforms to get things done easier, but you still need to make the effort….
Having a business is tough; having a profitable business is tougher, simply because there is so much competition out there selling the same products and services.
However, the rewards can be very much worth it if you use the right formula and do things in a way that destines you to be successful.
Whether you are going to be successful or not is actually predictable, and most of the time, the prediction can be amazingly accurate.
You just need to follow certain steps and do things in a certain way and you will be successful in the long term.
Below are some attitudes you ought to have to operate your own successful profitable business:
1) Long Hours
You need to be prepared to work long hours, day and night, weekdays and weekends. If you are not prepared to do so, please find a stable job.
2) Take Responsibility
You need to take the full responsibility for any failure that could happen, and this could possibly lead to tremendous stress for you and your family.
3) Be Positive
You need to feel positive and excited about the product or service you are offering. If not, your passion will not last long.
4) Be Confident
If you have any doubts about the prospect for the business, you should never start your own business.
5) Be Flexible
You need to have a flexible and agile mind. You need to be inventive, and you have to move fast to grasp opportunities and avoid pitfalls.
6) Be Committed
You need to have the commitment to succeed, however long the struggle, however hard the fight.
7) Be Prepared to Lose Money
You need to be prepared to lose all of the time and money that you will be investing, potentially even losing more than that. Most businesses fail and close down within the first 12-18 months. Be prepared to work extremely hard on your business to succeed in the long run.
8) 100% Support
You need to have 100% support from your family—especially your spouse, if you have one. They will need to give you support in terms of encouragement, finances, constant feedback, and moral support.
9) Be Humble
Be prepared to put aside all your ego and pride. To do business, you need to be the most humble person in the world, and you will need to please anyone that comes across your path, especially your potential customers.
Even suppliers will also need to be pleased, as they might give you better credit terms and discounts.
You will need to learn as much as possible about your product and the services you are offering, including everything about your competition, their pricing, the market practice, and any other information that might be relevant.
Read about it in magazines, online forums, and news articles; go to trade shows and exhibitions; participate in private networking and discussion groups.
All this information will help you to make better strategic decisions on how and where your company is going to progress.
You will need to make bold decisions fast; you should not be considering too many factors when making a business decision, because in business, time is money.
If your potential for risk is very low and rewards are very high, then your decision should be almost immediate because you’ve simply got nothing much to lose in that case.
Good luck on your business venture….You will need it. Cheers!