Sound pretty ridiculous right? Of course you want your own success… right? One of the largest misconceptions that people have is that very successful people either, have a lot of time off, or, they spend a lot of time not having much to do. That is very untrue. In fact, a lot running your own business as many of you know is putting out several hundreds of small fires, testing, customer support, new customer acquisition, random employee issues, random issues with shipping and the list goes on & on. Most business owners lose lots of sleep in anticipation of a lot of things that are going very well, or could go very wrong. This is what a business owner serious about their success is like.
Some Business Owners are more serious than others?
There are other business owners that aren’t as persistent. A huge part of small business failure is:
- The business owner(s) expects success overnight
- They lack persistence.
- They aren’t doing the research
- Forgetting to put their customer first
- Giving up too quickly
- Not utilizing the resources at hand
- Forgetting to support the systems that support them
- Lack having a business plan
- Never understood that when you have a business YOU ARE ALWAYS WORKING!
The largest complaint that we have seen hands down is that when someone goes to support a small business & that said business, is not available. People state that they will try to go to a location and even though there are Hours of Operation(s) posted, the business would be closed in the middle of the day. Granted there are situations that can be brought on that are out of your control but this is the #1 complaint for a reason. That brings on the question, “Are you even a Fan of your OWN potential success!?” People that spend money have an understanding that they are purchasing convenience as well as they are used to a certain level of confidence when making a purchase. Be consistent as possible with your customer. Customers are hard to obtain, yet, are very easy to lose. Unless you have created a market that you do not have to compete in, please understand that the customer is unforgiving in many cases. Their interaction with you could also set a precedent that makes it harder for others that come behind you to try and obtain success. It’s hard to believe that one would really invest in themselves, then immediately take it for granted. Before you think of really becoming a business owner ask yourself, “What is your actual definition of success?” Our rule of thumb for success for business owners is that you have successfully saved up at least 6 months total of bill money (that’s business bills and regular bills), while all bills are successfully paid up, you are successfully taking out a salary from the business income, and you are successfully obtaining at least a 40% margin on inventory. If this is not in your business plan, add or use it as a rule of thumb. It will help you to make better purchase decisions as well as better business decisions.
It is not often that success will come overnight.
In many cases, you have got to understand that the person you are trying to obtain as a customer, doesn’t know you. Depending on the market you are trying to get into, it can take YEARS to build trust. Engage your potential customer and let them know you are there to help. Have a plan for when things aren’t going well. It could be a long haul.
Be the business that your actual customers know you as. They will expect the same level of support from you as you gave them in the beginning ALWAYS! Just like any relationship, you should be pursuing your customer at all times never assuming that they are already yours and aren’t going anywhere. Watch your market to see what others that fit your niche have been doing to ensure that the customer stays loyal. Stay just as loyal to your customer.
Do the Research
Understanding that what you may have been doing from 2010 – 2017 may not be working anymore (for example). Be mindful of drastic changes in your market or niche. Don’t do too much too fast. Go with what is working while getting rid of the excess baggage. Change is good sometimes. Pay attention to your analytics and customer behavior. Pay attention to customer feedback and if you are thinking about making changes, its ok to ask your customer what they think.
The Customer is Always Right
It’s that simple. You can give as many scenarios as you want but the customer in the end is always right. Having to issue a refund is not always a bad thing. It costs a lot more to acquire a new customer than to keep an old one. Make your customer feel like they can always return to do business with you, no matter how irate they may seem.
Stop giving up before you actually experience Failure
Before you can say that your business has actually failed, have you done everything that you possible can? Are you trying to fit into a super stuffed category? What can you offer that your competition cannot? Provide a need for your business, and then you will find your customer. Have a threshold for when you should quit and pursue something else without creating hardship for yourself or becoming bankrupt.
Utilize your Resources
There are too many resources that can help to name including ourselves here at TheBlackEnterprise. Free resources may mean you do a little bit more work but you save money. Google and other search engines are your friend – type in exactly what you may need and usually there is information provided for that subject. You are your biggest supported no matter what! Friends and family can usually provide some free support. When they do, they are significant to your success.
Support those Systems that Support You
Oh yes, this is where we scold a lot of you. We here at The Black Enterprise not only create ads for our participants, we pay with our own funds to ensure that your traffic is increased and that your brand awareness increases by association alone. We can guarantee that we reach people that you would have never thought of, but we ask that you guys just tell others about us or share the content we create for you. This is like pulling teeth for some reason. We do have a lot of support – we will admit (from a few of our participants). We are also not the only program that is available for this type of assistance. Do not forget that the success of these programs depend on you as well.
Have a plan for your Business
At any given time you should have at least have a 5 year plan for your business. That business plan should include milestones to ensure your success. If you are already beginning to bask in success, make sure your plan is up to 10 years. Have a plan for complete failure as well.
As a Business Owner, YOU ARE ALWAYS WOKING!
There is no other way to put it. You should always be selling, talking about, posting about, and sharing about your business. Who cares if people get tired of seeing you or hearing you!? Drill it into their minds that you are a business owner and you are not ashamed. If people get tired of hearing from you about your business, they aren’t the type you want around anyway. Sometimes, you stay in on the weekends to get the work done. Sometimes you go in early to get the work done. Sometimes you work a job to fund your business. Sometimes you stay up all night to get the job done. All of those freedoms you thought you would have you will become free of, but as a business owner, you will obtain all brand new vices.