Entrepreneurs have many different reasons why they start their own business. If there’s any common ground among them all, it has to be the desire to be successful. All business owners want nothing but the best for their companies.
The sad truth of the matter is that not all entrepreneurs can achieve real, lasting success. For the most part, it requires careful planning, hard work, consistency, and a lot of other things. However, those who eventually make it big discover that there are three common components that, when implemented, are more likely to lead to a successful outcome.
In this article, we’ll reveal the 3 secrets of running a long-lasting, profitable enterprise.
#1. Create something valuable
The great Albert Einstein once said, “Strive not to be a success, but rather to be of value.”
This definitely applies to the world of business. As you establish your own startup from scratch, the main goal should be to offer something valuable to your target market. Because eventually, success follows for those who do this right.
Your product or service should solve a problem or address a need among your community. This is one of the most important cornerstones of future success. Unless you have something of great value to people, you really can’t expect your business to gain a lot of market attention.
Take your time and do research before launching your brand. It is a must to see it from different angles so you can improve, adjust, and refine when needed. See what you can do to stand out from similar products or services.
Speaking of which…
- Study your competition
In addition, you also need to be highly familiar with your direct and indirect competitors. As a business owner, it is crucial that you are aware of what other companies are doing. Staying inside your own little bubble is a big mistake you’ll want to avoid.
Conducting competitive and marketing analysis is a must. You want to know what makes them succeed or fail in the industry. How are they marketing their products? How are they attracting new customers and retaining existing ones?
Go as deep as you can to understand their business model. How long have they been around? Are they operating from their own office or from a shared workspace? Do they have full time employees or do they outsource? Really drill down to get a clear picture – it may help you cut some corners, potentially saving you a lot of time and money.
With the right information, you can learn from their strengths and weaknesses. You can then come up with your own strategies to emulate (or even surpass) their accomplishments. Simply said, you’ll be in a better position to compete if you know what your competitors are doing right and what they’re doing wrong.
So keep your eyes peeled at all times. Read the news and conduct thorough research. It will be to your great advantage.
Fashion icon Tommy Hilfiger exemplified the right mindset when he said:
“I looked at my competitors and I thought that, if they could do it, I could do it. And if they are popular and doing well, I could compete with them.”
- Provide excellent customer service
Even if you have the best product in the world and you know your competitors well, none of that will matter in the long run if you are terrible when it comes to dealing with your customers.
Turning your one-time customers into loyal, lifetime fans takes a lot of work so be sure to invest time in that, too.
For example, maintaining an active presence on social media is one of the best ways to keep your customers engaged. Update your followers about your latest promotions. Offer them discounts online. Respond to their comments and inquiries. Thank them for their positive reviews and respectfully deal with negative ones.
The point here is that people will rave about your business if you give them good reasons to do so. You’ll see it will be very rewarding for your brand.
“Happy customers,” according to author and entrepreneur Lisa Masiello, “are your biggest advocates and can become your most successful sales team.”
There are, of course, many other factors that could help contribute to a business’ success. Starting with these three basic components, however, will get you going in the right direction. Keeping these things in mind and making them part of your day-to-day operations can definitely help set you on the road to the success you desire – and deserve.