How to Start a Successful Small Business with 9 Proven Secrets in 2020 (+ resources)
Do you want to be a successful businessperson running a flourishing small business?
Do you want the freedom of being your own boss, to go wherever you want, whenever you want and buy anything you want?
Do you want the financial freedom of not having to worry about retirement?
You need to start and run a business, and I will show 9 proven secrets to get you started.
Let’s dive right in.
#1 Aim Straight Arrows at Your Goals and Objectives
You need to establish:
- Your short-term goals
- Your long-term goals
- Realistic dates to achieving those goals
In one breakout session I had with e-commerce students, someone shared that her targets were to buy a posh property costing tens of millions of dollars, plus a Bentley, and retiring at the end of one year with passive income pouring into her bank account.
Those were delusions from an egomaniac with zero business sense. I was too appalled to comment.
Even the great Thomas Edison admitted that :
“Genius is one percent inspiration, ninety-nine percent perspiration”
I am not saying that big and fast successes are impossible. You can be a unicorn if you have access to huge funds and unlimited resources. You can then set up warehouses in multiple cities, establish your supply chain rapidly with a huge team, and accelerate your growth through mergers and acquisitions.
If you are bootstrapping a small business, let’s be realistic with your goals.
#2 Your Game Plan
Decide on the direction you want to steer the business and your ultimate goal. You need to plan a path through the business maze.
Business is like a campaign where generals establish elaborate plans involving resources required, spying on the enemies, quiet movement of assets, and maximum firepower or posturing when things are ready.
Establish a business plan and execute one step at a time. Monitor your progress.
Not sure how to get started with a business plan?
I leave you with a guide taking you through 7 steps to a perfectly written business plan.
#3 Go on Holidays For Your Business Success
If you did not get the underlying message from Thomas Edison’s quote earlier, let me share another quote from a famous entrepreneur who has achieved great success:
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”
— Steve Jobs, co-founder, chairman, and CEO of Apple
Hey, I never said that running a business is easy. You have to ask yourself if the objectives and goals you have set are well worth the sweat you are putting in. Let me give you a perspective from another famous entrepreneur:
“I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.”
— Jeff Bezos, founder and CEO of Amazon
Do you have the passion and fire for your business? Do you have the conviction that what you are doing is good for your clients, the world, and yourself?
Now that you understand sweat, tears, and even blood are going to be involved, do you understand why frequent breaks and holidays are essential for your sanity?
You cannot afford to be burnt out in your journey. Your battery needs recharging at regular intervals. Take small breaks if you can’t afford long holidays for your start-up. Enjoy your time with family and friends. Exercise regularly.
#4 Concentrate Efforts on 20% of Your Clients
No, I am not asking you to ignore 80% of your clients and get a horrendous backlash. I am asking you to adopt the 80/20 rule.
The 80/20 rule, commonly known as the Pareto Principle, implies that 20 percent of your efforts produce 80 percent of the results.
Adopting this principle will help you to identify where to focus your energy. For example, you might discover that 80% of your profits come from 20% of your clients. It’s a no-brainer where you are going to spend your marketing dollar, right?
While the numbers for all scenarios might not fall exactly into the 80/20 ratio, the underlying principle is the same: focus on your energy on where it matters most. Your time and resources are limited. You cannot afford to spread yourself too thin.
#5 Focus on 30% of Your Products/Services
If you have a range of products or services, monitor their performance. You are likely to discover that not all your products and services perform equally.
You can follow the Pareto Principle or use your judgment to focus your attention on developing the 30% of your products or services that are bringing in the greatest profits for you.
Monitor and analyze your sales to discover the best selling products/services versus the worst.
#6 Flirt Your Way to Success
Customers are the lifeblood of your small business and your survival depends on improving business relationships with your key clients.
You should understand Customer Relationship Management (“CRM”) technology. You need a good CRM system for managing all your company’s relationships and interactions with customers. A CRM system can facilitate you to stay connected to customers, streamline processes, and improve profitability.
Resources: You can start with this Beginner’s Guide to CRM.
#7 Power-Up with Your Associates
The entire supply chain of your business must run seamlessly for success. You need to build sound relationships with your suppliers, vendors, franchisees, and business partners.
Key a tab on trends and other changing conditions in the market through your network of associates. Information through the grapevine is often faster and time is of the essence in business.
#8 Let Your Passion Burn
“To be successful, you have to have your heart in your business, and your business in your heart.”
— Thomas Watson Sr., chairman and CEO of International Business Machines
Thomas Watson took the words right out of my word. I can only add 4 words: Let your passion burn.
#9 Overcome Murphy’s Law
As an entrepreneur, you will encounter days where “whatever can go wrong, will go wrong.” We call that Murphy’s Law.
I can’t leave you in the business jungle without giving you some life-saving resources:
(a) Learn from 7 successful people with their time-tested secrets to success
(b) Get marketing Ideas from this compilation of 80 proven small business marketing tips that are cost-effective
(c) Learn invaluable tips on how to turn your business idea into a successful business.
(d) Learn when you should (or should not) engage a management consultant when you run into problems.
(e) If you are past 50 of age and thinking about starting a business, learn why you should just go ahead.
(f) If you need business ideas after your retirement, I am sharing 7 of my business experiences with you.
If you need help with business issues, you can reach me at my email given in my profile (just click on my profile image above on the top right-hand corner).
I leave you with an inspiring quote from a famous person with a burning passion:
“I have not failed. I’ve just found 10,000 ways that won’t work.”
— Thomas Edison, American inventor and businessman
Let The Show Begin!
You’ll be a successful businessperson running a flourishing small business.
You’ll enjoy the freedom of being your own boss, you’ll go wherever you want, whenever you want, and buy anything you want.
You’ll have the financial freedom of not having to worry about retirement.
All you need to do is follow the 9 proven secrets I have shared with you.
Live your life to its fullest and take your first step today!
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