7 Essentials for Building A Successful and Profitable Business or Practice
I have listened to a lot of teleclasses and webinars by highly successful Internet marketers and business owners touting the systems they are selling to help people rapidly build a six-figure income.
I’m sure that these systems have a lot of value, but there’s something they’re missing.
The pitch goes something like this, I’ve done it, and you can too. I’ll show you what I did, and all you have to do is follow the plan.
But here’s what’s missing: Building a successful business or practice requires certain personality traits and skills, and these programs rarely talk about the personality traits. Let’s look at what is required.
1. The ability to deal with uncertainty.
For a person who’s been in the job market, the financial uncertainty of business ownership can be maddening. There is no regular paycheck, and business can fluctuate from month to month. If you are looking for a guaranteed income, business ownership is not for you. Keep in mind that it often takes one to two years for a business to become profitable.
The hardest part about being in business for yourself is the “yourself” part. There is no one else to tell you what to do or when to do it, and procrastination is a business killer. If you are disorganized and undisciplined, you’ll find it hard to succeed.
3. Determination and ambition
Successful business owners and practitioners don’t just “sort of” want to succeed. They have a burning desire to succeed and are passionate, determined, tenacious, and willing to do whatever it takes to reach their goal of success.
4. Resourcefulness and resiliency
New business owners or practitioners rarely have a huge supply of available cash. Succeeding depends upon your ability to make the best of what you have and to quickly recover from implemented plans that don’t work out.
5. The willingness to reach out to others for help and advice.
No matter what your stage of business development, from planning to expanding, you don’t know what you don’t know and getting advice from someone who understands your challenges can enhance your chances for success. Eric Schmidt, CEO of Google, says “Everyone needs a coach.” Watch this short video https://youtu.be/mQXiajmANYs
6. The willingness to spend a significant amount of time marketing and selling your products or services.
Many people I talked to say they would rather spend their work time doing the work they love and that they resent the time they have to spend marketing, networking, and doing administrative tasks such as bookkeeping. Yet the only way to attract customers and clients is to let them know who you are, what you have to offer, and how you can solve a problem for them. That’s what sales and marketing is all about, and if you don’t develop these skills, you won’t have much of business. In addition, if you don’t take good care of your money, it won’t take good care of you.
7. Courage and the ability to take risks.
If fear is one of your primary emotions, and you aren’t able to cope with that fear, being in business for yourself is not a good idea.
Skills that you will need to have or develop in order to build a successful business or practice include:
- Networking and other forms of marketing
- The ability to sell your products or services from prospecting to closing a sale
- Cash flow management
- Decision making
- The ability to create strategic alliances
- An understanding of how your emotions are affecting your decisions and behavior
- There’s more, but that’s enough for now.
Although you may need some training or coaching in order to develop skills and traits you are missing, keep in mind that if you’re willing to do whatever it takes, you can develop new habits and skills that can ensure your success. It’s up to you have far you go.
For assistance getting the emotions that are holding you back out of the way, attend the upcoming teleclass, Using Be Set Free Fast to Build a Profitable Business