Who doesn’t want to own their own business? You can create limitless income, make your own work week, and never have to report anyone!
At least, those are the selling points. And while it’s not wrong, it’s not the full picture. The truth is, running a successful business takes more than four hour work weeks. If you want to do it – and do it right – you’ll need these three factors.
1. The right business idea
Do you know what sets you apart from the competition? If you don’t, get ready to sink in these rough seas. The reality is, your customers have other options. They don’t have to shop with you but they should want to. When the option presents yourself, you should be their top choice. And you become their number one with business ideas.
Your brand can be charming, funny even. But that’s not enough to win loyalty. Your customers need authenticity and real value. That means doing your market research, following trends, and keeping one step ahead of the competition. Your product must be innovative, invaluable, and buyable. And you don’t have to invent the wheel, but you can do it better.
2. A team of talent and dedication
Even if you start alone, eventually you’ll need additional help. Your team is the foundation of your business. They’ll need to be experts who will undoubtedly grow your brand. But all it takes is one slacking member or workplace gossip and the progress goes down the drain.
Your team should understand your desire for going into business. They should share the same ideals and passion. And they should have the expertise required for their respected role. They’ll need plenty of hard work, dedication, and hard nights along the journey to success.
That goes with you too. Many budding business owners think of only the glitz and glam of owning a successful business. They hear about the “American dream” and working for themselves with limitless earning potential. They see the successful entrepreneurs like Mark Cuban who can look at whatever they like and own it. But that’s the end game. Every step up to that point will be grueling, frustrating, and even agonizing.
You and your talented team need to live through the dirt, grime, blood, sweat and tears before reaching for the mimosas by the beach.
3. The black line
You need sales. That’s non-negotiable. Sales prove your product is worth their salt. It’s what makes it viable for future customers. And it helps to have the cash to grow the business and pay the team. Because you can have all the great ideas in the world, but the sales speak for themselves.
Prioritize sales from the start. You should be able to explain the value of your product and services in a sentence or two. Truth is, you’re going to be selling even when you don’t expect it. Bump into an old colleague? They’ll ask what you’re doing. Instead of rambling or worse – downplaying your business – use your practiced elevator pitch. Let them know what you do, why you do it, and who you serve.
Eventually, it’ll become second nature, whether you’re telling the cashier at the grocery store, or a room full of investors.