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5 things about successful business owners
A successful business owner does many things to create their company and make it the best it can be. There are 5 major things you'll need to focus on when it comes to running a business, and making it successful, which we'll go over in this discussion. Sure, there are many more things you should be doing like accounting and responding to emails or tickets, but that's pretty common for everyone and not just successful business owners.
Many times a year, businesses end up failing and going under, which is actually pretty common when you think about how 50% of companies will fail within their first 5 years If you're choosing to be a business owner, you should know that they odds are stacked against you and that you could likely fail within the first year, you may not even see year 5. Making it to year 5 or even year 10 means you need to be on top of your game and focus on what the other successful business owners are like, such as:
Business owners are specialists
Business owners, new and old, specialize in something and that's what their businesses tend to revolve around. If you think you're going to just jump into a niche and be successful, without doing your research first, you're going to be in for a rude awakening. You may see these people starting up mobile detailing centers or selling SEO services, and that's because they've been doing the work for so long that they feel comfortable selling it to clients, and now have their own business for it.
You won't be able to claim you're the best at SEO if you just started doing it and now sell a service. Your reviews will kill your business quicker than you could do it on your own lol. Do the work on your own, prior to getting paid for a single minute of your time, and you will eventually be a specialist in the industry you're targeting and you will now be able to be more successful within that niche in a quicker amount of time
They are willing to ask for help
Successful business owners aren't afraid to reach out and ask for help. If they don't know how to do something, they will ask a friend or even pay a freelancer to come in and help out. I know plenty of successful business owners who rely on others helping out in order for them to make money. They've gotten to the point where they're so successful that they now have to manage everyone, and they can't even do the work themselves anymore
You'll need to set your ego aside and reach out to a friend or family member that you know has the knowledge to help you, and ask for them to come in and fix something or just show you how to do it. The smartest people in the world understand that they don't know everything, and they're not afraid to ask questions, which will make them even smarter when they get the answer. The same goes for running a business, if you can ask for help and see how something is done, you'll become a stronger business owner and can fix the problem on your own the next time
They don't invest without knowing what they're doing
Plenty of times I've heard horror stories of business owners investing in something like a web design, programming, a fancy office, or anything else they think they need for their business but they actually don't. Doing these odd investments that you don't really need to do will only kill your business. Instead, research every little aspect of what you think you need, and you'll likely figure out a better way to do something and likely it won't cost nearly as much
People tend to latch onto the first opportunity that preaches quicker something, whether it be quicker working processes or quicker turn over times, people will pay for the speed up of their business. Usually it's not needed and you can just work on how you process your own things, so be sure to go through and not waste money on something you could have fixed yourself
The work on their price points all the time
A successful business owner won't just price their items or services at what they think they're worth, they will do competitor research and figure out what the low price, medium price, and high price for something is. They will then evaluate the companies selling for each level and see where they think they fit in, then they will beat everyone in that level and be on their way.
Normally, the business owner will begin to do this in the first stages of the business' life and continue to do it every few months to stay on top of things. Being the lowest makes you look cheap, and you'll get cheap customers. Being the highest will get you less customers, and maybe none at all, but the ones you do get will not worry as much about their money because they have plenty. Being right in the middle means you have people from both spectrum, and this will usually get you people who have enough money to pay you but might worry if you're not producing anything while the upper levels will pay you and maybe want a weekly update of what you're doing
They are constantly marketing and branding
Great business owners are always marketing their products and branding their business or website along the way. It's like the marketing script just flows out of their mouths every time they talk to someone, which could get annoying at times, but it's not a big deal because they're successful Branding takes time, but can be done easily if you have business cards and the proper online marketing campaign on all the social media profiles as well as on your emails, which the successful business owners are doing.
To be a successful business owner, you need to always be working and be unique to a point where you can rarely point out a competitor that is just as good as you. Sure, they will be plenty of competitors in any niche, but you have to show why you're unique and that's always a great selling point In the end, you'll either make it or you'll be out of business within 5 years, so be sure to keep your doors open for 10 or even 20 years down the road by sticking to what I said above
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