Three key things to build a successful business

Three key things to build a successful business

There are three key things you need to build a successful business:

 

  • Time

  • Energy

  • Money

If any one of these is lacking, it is going to need to be made up for in one of the other areas.

Let’s take a look at them one at a time.

Time

Building a successful takes time.  And it is likely to take a lot longer than you think.  All too often we set up our small business thinking we are going to be drawing a full time wage within a month or so.  All too often the reality is different.  We end up working for nothing for the first 12 months or just drawing a paltry sum that barely covers a pair of tights each month.

And on the subject of time, everything we do seems to take longer than expected.  I will just write a quick blog I hear you say.  And three hours later you are still staring at a blank screen.  I will just make a quick update to my website I hear you say.  And two weeks later you are still playing around with the design and the layout.  I will quickly set up a mailing system I hear you say.  And days later you are still tearing your hair out and wondering what the hell everyone else is on it about when they say it is all so easy.

If you don’t have time, you are going to have invest money to make up for it.  You are going to have to spend money on marketing rather than trying to do everything for free on social media.  You are going to have to spend money outsourcing all those tasks that area eating up the precious hours in your day.

Energy

You are going to need massive amounts of energy to build your own business.  The time it takes will easily leave you feeling drained and exhausted and it will be all too easy to feel like throwing in the towel.

One of the dangers of building a business, particularly when working from home, is that we let healthy habits slip.  We stop taking exercise as we just want to get one more task squeezed into the day.  We stop eating healthily and grab chocolate bars and coffee whilst chained to our computer screens.

This soon leaves us feeling sluggish and out of kilter.

To build a successful business, you need to take of yourself first and foremost and keep your energy levels up.  You need to take regular exercise, you need to keep healthy and you need to get enough sleep.  If you energy levels drain, you will end up either ill or having to take time out to recharge the batteries.

If you don’t have energy, it is going to cost you more in time and money.  It will take more time to build your business or you will have to invest more money to get someone to take over your work for you.

Money

Yes, you are going to have to invest some money!  I’m sorry to break the bad news to you but those get rich quick schemes where you only have to put in a few pounds or dollars up front just don’t work.  I have had numerous people send me their schemes but when I ask to see their bank details or profit and loss statement to validate their claims, they disappear into the mist never to be heard of again.

You need to invest in the tools to do the job.  You can get many free versions of systems and software, but if you really want to build your business, it is the paid versions that you need.  You need to invest in yourself and the businesses that really move forward faster than the others invest in a coach.  I invested in thousands for a coach for myself.  Even though I am a business coach, I still need someone to help me with new ideas and to hold me accountable for achieving results.  Without this, my business would have taken vastly longer to be successful.

If you don’t invest money it is going to cost you more time and energy.  You can try to build a business on a shoestring but you are likely to end up just running a very expensive hobby for many years to come.  And more time is going to take more energy. You really need to look at the potential return on investment and savings in time and energy rather than holding on those purse strings.

 

Do you have these three key areas covered or is the lack of one of these hampering your success?  Let me know in the comments below.

Having the mindset of a successful business owner

Having the mindset of a successful business owner

Do you have the mindset of a successful business owner or are you just playing around hoping that things will miraculously just drop into place for you?

Too many times I come across those who tell me they are running a small business whilst complaining that they are not getting the results they want.  They blame everything from the economy to marketing just not working for them down to customers just not understanding them. But really?

What is the real reason that your business is not gaining clients and generating income?

So many times during discussions, I find these people are not treating their business as a business but are just doing ad hoc work here and there when it suits them.  They play with their business when they feel in the mood and if they don’t get instant results, go off and do something more interesting instead.

I work with these people and help them set out plans and goals for the month ahead to start moving things forward.  Heads always nod enthusiastically and then when we next catch up these plans haven’t even been started upon, let alone achieved.  It is incredible that the same excuses come up time after time.

  • I wasn’t well
  • I had to take my dog/cat to the vet
  • I had a lot going on in my personal life last month

I am sorry, and I know there are some genuine cases out there, but these really are pitiful excuses. If this resonates with you, do you really mean to say that you were ill all month?  Did you have to take your dog to the vet every day?  Did you really let your personal life take over your business efforts?  Emergencies do happen, but these should be factored into your business and a back-up plan put in place to deal with these.

Have you ever been in employment?  If so, do you think the CEO or MD managed to run the business and pay their staff with the excuses and lack of performance you are allowing yourself to get away with? Do you think if they took time off every day to deal with personal situations they would have held on to their job?  No.  I didn’t think so.

Change your mindset and start to think like a successful business owner.

Stop playing around and decide if it is a truly successful business you want or just a hobby that will fit in when you feel like it.  Change your mindset and start to think like a business owner.

As fired up and enthused as you may be about creating your own business, it will take hard work, commitment and personal investment on your own part along with self-responsibility for making things happen.

As John Barney stated in a past article on why many quit their business, being your own boss is tough and comes with its own pitfalls such as not having anyone to be accountable to and telling you what to do.  This is one of the reasons that many start their own business but soon discover they need to be given constant direction as they lack the necessary work motivation to get the job done.

To build a successful business you will need to be able to motivate yourself to do work that you do not always enjoy and that does not bring instant results.  To be able to succeed, you will need a strong inner drive, work ethic and a laser focus. Sadly too many people I meet lack these characteristics which are needed to accomplish the success they are looking for.

If you truly want to succeed and have a business to be proud of start to act like a business owner now.

  •  Set out your goals and specific plans to achieve them and put them into action.
  • Prepare for the unexpected and emergencies and have a plan in place of how you are going to be able to cover these where possible.
  • Set yourself out strict working hours and sit down and work!!
  • Sort out your priorities and get them done.

Because if you don’t, you won’t have a business.  And there will be no-one to blame but yourself.

 

Need more help?

If you really do want to put those plans into action but need some help, join The Small Business Kit today.  As part of your membership you will be able to take advantage of the Time Management business builder video tutorial along with all the accompanying planners, templates and action plans to turn you into a successful business owner.