3 Mins Read
After spending the past few days reading how companies succeed in generating revenues upwards of $1m, I have come up with some common traits that keep turning up. By taking that and applying it to yourself, that can be helpful for the success of your business.
Here are 9 factors that affect how quickly, or slowly you hit $1 million in profits.
1) Prudence In Spending
For the first few years, bootstrapping is a painful approach to adopt while running your business. Every dollar that is generated goes right back into growing itself, leaving little to reward the people building it.
On a positive note, entrepreneurs can worry less about loans, and focus on building the business while being debt-free.
2) Expect Your First Venture To Flunk
With the exceptions of unicorn companies, most entrepreneurs may not succeed with their very first idea.
Having the mental preparation that your very first venture will probably not work, it prepares you to then go on to fail many times before coming out with something profitable. Are you ready to start knocking your head against the wall?
3) Knowing Your Limits
Working within constraints helps ensure that you build a strong foundation to maintain a comfortable pace moving forward. Knowing how much you have to spend in terms of time and energy helps mould you into a disciplined business owner.
Keeping expenses in check with income is important, be sure never to upset the balance by changing one side too abruptly. That’s where the earlier point on prudent spending comes in.
4)Hang Out With Positive People
Positive people help you see how to overcome obstacles you are facing, giving you the necessary encouragement to proceed.
Conversely, if you are going to spend time with negative people who drain your energy all the time, how are you going to find enough at the end of the day to be productive, focused and successful?
5) Hire People With Complementary Skill Sets
Since it’s not realistically possible for you to do everything, you will need additional pairs of hands on board. Often times, those hands are better versed at what you need them to do, than you as business owner yourself.
6) Don’t Overly Bother Yourself With What Competitors Are Doing
By too closely observing your competitors, you may risk ending up being merely a variation of them. To make a real breakthrough, it’s going to take more than that.
You’ll be wise to focus your efforts on growing and building your business, while taking the occasional glimpse at the competition to know what they’re up to.
7) No Time To Backtrack – Do Well First Time Round
As an entrepreneur, you will be racing against time to accomplish something every day. If there’s something worth doing, you’ll benefit in the long term by getting it done right. Otherwise, coming back to it later might take up lots more effort and time.
8) Keeping Your Eye On The Ball
It takes a long time to build up the business. You’re going to need specific goals, that you will work to reach and exceed. Though you may be sidetracked by new opportunities presenting themselves to you, you know well enough that you can’t afford to pursue them all.
To set your business on the path of continuous growth, there are some things you have to say no to.
9) Believe In Yourself
The brutal truth about running your own business? No one else will believe in you if you don’t first believe in yourself.
In fact, no one probably knows the business like you do, so if you must have started it for a reason. Keep that reason handy to keep yourself motivated as you head down the path.
With these factors to help you steer your business in the right direction, you are on the way to securing your first million dollars too.
Credits to Thomas Smale for his insights as a 7 figure business owner.
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