What are the keys to success in a business? It’s a question I’ve been asked countless times and I always come up with essentially the same answer. There are, of course, hundreds of factors to consider that will shift as your business grows. These 5 small business keys to success will teach you the fundamentals of how to make your small business successful.
Small Business Success Factors
So, what are the 5 keys to success in business? Believe it or not, they have nothing to do with profit and loss margins, finding the right suppliers, hiring the right staff or any of the other big financial factors that will come into play. The following 5 small business keys to success are the fundamentals your business will be built on. Get these right to set yourself up for success make every future step in your business that much easier.
Choosing The Right Niche
I’m asked ‘what are the most successful small businesses to start’ way too often. I see other consultants post lists of ‘hot new business ideas’, claiming to know what types of small businesses are most successful. While there are definitely businesses that are easier to run or have higher profit margins, ultimately that means nothing to the individual.
The best chance you have of running a successful business is by finding your niche. What is it that you alone can offer? What do you know the most about? What can you deliver that people actually want? The last thing you want is to start a stock-standard business with no point of difference.
Finding this sweet spot can be difficult, but if you can find your niche that has strong demand it will set your business off on the right footing. This doesn’t mean your niche can’t evolve, but having some idea of the right niche from the start will give you an edge over competitors. For more information on niching, check out my podcast episode To Niche or Not To Niche.
Knowing Your Audience
Going hand in hand with knowing your niche is knowing your audience. The first step here is to know for certain that there is an audience to begin with. A fatal mistake for many small businesses is going way too niche. If there are only three people who are interested in your product or service, why will your business be successful at all?
If you know there is an audience out there who wants your product or service, learn everything you can about them. Find out where they hang out online, how many kids they have, how old they are, what problems they have and why they need your business. The more you know about them, the easier it will be to sell to them.
How to run a successful small business ultimately comes down to building strong foundations. Without a strong foundation beneath you, the whole thing could fall apart.
It’s just like the three little pigs. Build your house from sticks or straw and the slightest breeze will knock it down. You need to build that sucker up with bricks so that it will stay standing through hurricanes. Building a business of bricks includes things such as but not limited to: having a great product/service, understanding your ideal client, nailing your messaging, having a conversional website, knowing your brand, having a sales funnel, a great sales strategy and so much more. Yes, it’s going to take you longer to build the foundations with bricks vs stick or straw but business is about the longer term strategy.
Building these foundations are one of the key factors I focus on inside my 12 month accelerator group business coaching program Profit Pillars with Angela Henderson.
Critical Success Factors Examples – Marketing
Marketing is a big one. It’s the bridge between you and your audience, which makes it an essential part of business success. Despite this, so many businesses leave it to the wayside and then wonder why they aren’t getting new customers.
People aren’t just going to find your business. You need to put it right in front of them. All businesses should be doing some form of marketing, whether it be ads, social media posts, email drives, or even posting on your community bulletin board. Develop a plan to get in front of your target audience and make it your priority.
The last of the 5 small business keys to success is so easy to overlook but can make the biggest difference for both you and your business. Find the support you need. That can be in the form of a Women in Business community, a business coach, or just a friend who also works for themselves.
Running a business is hard and you’re going to face challenges along the way. Having somebody you can call who knows what you’re going through can make all the difference.
Where to From Here
Looking for a coach or business consultant to help you start or run a successful business? Stop trying to figure everything out on your own and give yourself advice from someone who has created not 1 but 2 successful 6-figure businesses. Let’s hop on a 30-minute discovery call where we can chat about your goals, struggles and how I can help you as your business consultant/coach. BOOK YOUR CALL HERE.
Want all that coaching value plus input from other badass women in business? Secure your spot at the Action Takers Mastermind Business Group for Women. You can also connect with a community of small business owners by joining my Facebook group, the Women in Business Collaborative.
Have an awesome day,