Business is very tough in today’s world!
Let’s take a look at how to succeed in business.
Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remaining companies also “pack up” shop and lock their doors.
Why do so many businesses fail and what does it take to succeed in business?
Succeed In Business
The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.
The Personal Sphere
The Personal Sphere deals with the owner’s personal motivation to start a business.
For example, if an owner wants to start their own business, but isn’t willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated business people.
When a business starts for the first time often it doesn’t have a good cash flow. Owners are required to sacrifice time, money, and happiness to ensure that their new business succeeds.
If you can’t do that, it is unlikely that your own business will flourish. Many times owners thought they could handle the hardship but once the novelty of “being your own boss” wears off they end up closing the doors.
The Customer Sphere
The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and without money, you do not have a business.
Many factors go into generating a good customer base. In the beginning, you must have a cost-effective marketing strategy that targets your intended buyers.
This can be done by developing a psychological profile of your customer and then advertising in those places that they frequent.
Because it is more expensive to get a new customer than it is to keep one you must make sure they are satisfied with your business and products first time around.
Keep in touch with them by sending them a follow-up letter with a survey.
The Operations Sphere
The Operations Sphere is only second to the Customer Sphere.
In operations you must have an appropriate method of reducing costs, keeping track of paperwork, and maintaining improvements.
Operations can also take into effect the tax paperwork, accounting, scheduling of workers, benefits or any non-producing functions.
If all of the above three components are well thought out and are appropriately designed you will increase your chances of survival.
Failure to understand the integral details of your business and what it takes to succeed may mean failure in the long run.
If you are having difficulty putting all the pieces together then consider a small business consultant.
Succeed In Business With A Low-Cost Business
Many people nowadays would love to succeed in business and have the opportunity to own their own business.
Unfortunately, this is simply not always possible to do, especially if one has financial constraints.
If you find yourself stuck for finances and would like to start your own business, I would strongly suggest starting one online.
The costs are low and you can choose anything you like to focus on, from knitting to fishing to golfing to dancing.
You can read about how to do this with absolutely no start-up costs right here.
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HI, this is a perfect guideline for someone who is looking to start their own business and someone who is struggling with their business five years down the line.
I really like how you have kept the Personal sphere as number one, Your personal operation will play a huge impact on how successful your business is, you have to be willing to make sacrifices, similarly the operation sphere is also important because you have to be aware of all the costs that come along with a business.
Absolutely, but luckily there are ways to start a business online that doesn’t cost the earth. You can read about one just such business right here.
Getting success in the online world is not easy but it is achievable. I have been in the online business for some time now and I can say that I have had some good times as well as some bad times but with all, I got more knowledge and today, I have a great deal of success in business. After reading this article, I can say that many aspiring entrepreneurs need to see this.
Thank you Linus and I hoped people will find this helpful.
Thanks again for another helpful and informative post and every single time I read an article of yours I learn so much new & helpful stuff!
Being a full-time blogger working from home, your post means a lot to me. Indeed sacrifice plays a vital role to succeed in any business and one of my favorite quote is “If you don’t sacrifice for what you want, what you want will be the sacrifice”.
Retaining the customer is very important by providing the best service and providing great value we can build a loyal customer base. You explained it very well and thank you for taking the time to do this.
Nice article! I really enjoyed the content and in the manner in which you presented it.
Thank you Paul and I love your quote – It rings so true.