11 Tips for Growing a Successful Business

When we decide to create a business, many doubts arise that we must resolve in the process. There will be questions of a personal nature, as well as doubts regarding the business model.

You will ask yourself things like who will be the clients? What is the market potential? What are the products to offer? What is the value proposition for this to become a profitable and successful business? Is it a viable idea? How much money is needed to start the business? How am I going to finance it? Who am I going to form the business with?

All these types of valid questions, and this is why these secrets to building successful businesses are so valuable, as they will help you solve them in a practical and fast way.

Don’t be afraid to fail:

If you are going to create your own business, you must be prepared for failure, since small mistakes can give you invaluable experience.

In fact, it is when you fail that you can find the formula to be successful in your next attempt. Here are two examples that prove it:

Paypal was Max Levchin’s fifth attempt at setting up a business and Angry Birds was the 52nd attempt and the first big hit for the Rovio Company. You can’t learn to ride a bike just by reading about how to do it; you need to pedal and fall a couple of times to feel and understand how it works.

Also, when you learn to ride on a road full of potholes and bad weather conditions, that’s when you learn to overcome the obstacles that may arise. Businesses work the same way: your failures are the hardest way to learn from your mistakes and the only way you can learn to create successful businesses.

Before undertaking, free yourself from debt:

Before starting a business, learn how to get out of debt and settle each one of them. In addition to playing against you financially, they distract from what is important and keep you in a constant state of worry and stress.

Entrepreneurship in and of itself is a lifestyle that requires focus, making tough decisions, and requires your full attention; Debt is a source of distraction and worry, so eliminate it so you can focus on your business.

Successful businesses require a work plan:

Your business will be only as solid as the strategic work plan that supports it. Strategic work planning is what will lead you to the right action to get results, which leads to building a successful business.

Everything is planned. You must plan the whole year, you must know where you are going to be every day of the year. You must plan strategies for 90 days (divide the year into four) to measure the results, correct and progress during the year.

You must plan your month of work (all the activities that you are going to carry out that month) and then you must plan the week (the key is a week of strategic work repeated 10 years without stopping).

If you repeat a well-planned work week for 10 years without stopping, then you will reap a successful and highly lucrative business, which will give you all the lifestyle you want.

Finally you must plan the day. And don’t start your day without planning it first. Every night before going to bed, you should plan the most important activities of the day and focus on carrying them out. The success of your entire strategy will depend on your daily work plan and finally if you build successful and profitable businesses or not.

Do not try to do it alone:

Most businesses that are created by one person tend to fail. If you are thinking of starting a business, consider the possibility of having a strong work team that complements each other.

Make sure you have a good designer, someone who knows the market you are going to enter, developers, sellers, among others.

This does not mean that you have to have a team of 20 people to define what business to set up, but it does mean that you need to complement yourself with people whom you will treat as partners and not as employees. Doing it this way will motivate them to turn your ideas into successful businesses. In the same way, this does not mean that you cannot undertake alone, there are many successful business cases that were created by one person.

If you decide to go it alone, you need to make sure you have people who can support your business and complement your skills.

Outsourcing is your best friend:

This secret complements the previous one in case you decide to undertake alone, or your partners do not have all the necessary knowledge.

When these situations occur, outsourcing is a very powerful alternative that allows you to delegate important activities for your business. This, added to the internet, you can connect with the right people regardless of the distance between them.

Platforms like Fiverr can help you find freelancers who will do the work for you. If you decide to access their services, you must define the way of working and payment, this is important to avoid confusion and misunderstandings.

Avoid rewarding yourself:

Yes, maybe you deserve that new car that you have longed for so much and that now you can finally afford, but you have to be smarter than that; When you receive that first big check, avoid the temptation to rush out and spend it all on luxuries.

Ideally you should reinvest it in your business. Later, when such a business is profitable, it will be time to reward yourself. The mistake that many young entrepreneurs make is that they take money out of the business and turn it into pocket money, that is, the income from the business is responsible for maintaining their lifestyle.

If you do not invest in your business, but you do not have working capital, it will be difficult for you to create successful businesses.

Make sure you are aligned with your investors:

Money is an important and indispensable part of successful businesses, so you must be careful with it and with the person who plans to give it to you.

Investors will become your shareholders, meaning this relationship will become a kind of marriage. Choose very well who you associate with, they must be people you like and who, beyond contributing money, provide knowledge or experience that you do not have.

If you are doubting a better person, do not do it, this could turn your successful business into another failure.

You must maintain motivation in your work team

Motivation is responsible for people doing great things. Think of something that motivates you and constantly think about it, think about what you want to achieve, about an image of your successful business in the future, about all the dreams and plans that you have planned to carry out with your idea.

In the same way, never forget to motivate your team, this is what these work team phrases are for, since they play an equally important role as yours in building a successful business.

Surely you will not have how to motivate them financially at first, so use other tactics and strategies such as remembering the objectives and the reason for the business, holding creative sessions to generate new ideas, or simply going out and celebrating for everything they have achieved. .

Don’t worry if you can’t afford an office:

Not all businesses are heavily capitalized at the time the idea is born (indeed, I would think none). First you must have a strategic plan and turn your business idea into something big and with projection. The only thing you will have at the beginning is a good idea, people capable of developing it and some money to support you. So don’t worry if you don’t have money to pay for a pompous office; many successful businesses started in the home of their founders and even in the garage such as Apple, Amazon, Microsoft, Nike, Google, among many others.

Don’t associate a successful business with a nice office. In general, when difficult times arrive, these types of appearances are the ones that make businesses whose managers assumed unnecessary expenses to be successful more fragile.

Mistakes are your best teachers:

As Mark Suster, entrepreneur and investor behind Both Sides of the Table, says, the most important quality of successful businesses is “the ability to identify mistakes, correct them quickly, and never make them again.”

Of course it is important to know and identify the mistakes of other successful entrepreneurs, but it is the ones you make that will leave you with the greatest lesson. One of the reasons many entrepreneurs fail is because they don’t take the time to make the most of and learn from bad decisions and mistakes. If you don’t have a growth mindset, you will hardly build successful businesses. So take advantage of the opportunity that life is giving you with each new mistake and ask yourself what you should learn from that situation.

Do not focus on the competition:

In such competitive markets, it is very easy to focus on how to beat your competitors or how to keep an eye on them. And while this is important to you, you cannot let go of those things that are important to you and that you think can change the market.

Your ideas may change the way the market works, and competitors will have to adjust to them. Why not?

Of course you have to know what your competitors are doing, but instead of looking like them, focus on your audience and followers and identify what they value the most.

11 Tips for Growing a Successful Business

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