You need seven things to build a profitable successful business
And I’m going to walk you through them in this video
if you can Master these seven steps you can build a successful business
whether it’s an online business or traditional business you need these seven steps to build a profitable business.
the first thing you need to build a successful business is the right mindset
most people who start a business have the wrong idea how business works.
of course it’s not your fault because you got the ideas from other people, jobs you worked in and from school who had no idea how to make it in the real world of business .
when you bring what have you learned in your job or School you will almost certainly fail.
Here are 3 things you can do about it:
you need to bootstrap your business.
what that means in business is to pull yourself up with your own time, effort and energy than to go out and borrow money for a new untested idea
Make it work on small scale
Once you have a consistent business and you get a proof of concept and you see sales coming in and you have figured it out for yourself that’s when it’s time to go big and scale your business.
Your business isn’t a job (this is the most important concept)
you don’t want to approach a business as if it is a job. it’s a different Paradigm of responsibility. when it comes to a job you do the work and you get a paycheck, but when it comes to a business it’s not about work anymore it’s about creating value for other people.
The second thing you need to build a successful business is the right niche
if you don’t have the right Niche it is hard to make it and succeed in business.
that is simply because that most people don’t want to buy most things being sold.
“most people don’t want to buy most things being sold”
that is why 80% or more of businesses fail in few years.
and that’s why you want to make sure that your business is selling something that people want to buy.
niches are needs your customer has
your job here is to identify an unmet need and fulfill it.
Because people are going to buy the solution to the problem not the product itself.
The third thing you need to build a successful profitable business is the right product
to create a product you must realize something, “you are actually not selling a product”
in business from the customer point of view they want a result, an outcome, they want a benefit, a solution to whatever is bothering them.
they don’t want the product they want what it’s going to get them.
once you learn how to think from the customer perspective and point of view, you increase your chances of launching a product that makes money.
The mindset here is that you are not selling a product, you are selling a benefit, a result.
and you need to increase perceived value, by featuring The the aspects of the product that solves the problem .
The fourth element is the right marketing
The last thing you should do is to copy big companies marketing methods instead, You should do what they started doing when they were small businesses when they got started.
Keep this in mind, marketing is about getting customers to take action, not to remember you.
Marketing is about letting people know that what you have is what they need
For a marketing strategy you should position your product and Company as the original leader.
What you need to do is to find a niche that you can fill in a unique way.
Element number 5 to build a profitable and successful business is to have the right Focus
Use your energy to do what matters, the money-making activity in your business and put aside all the noise and the distractions
well how can i do that
It is important to focus your attention on your highest value activities and do the things that are most important
doing many things at once takes away your productivity
stop checking email all the time
stop checking your phone all the time
What I suggest for you is to have a block of time of at least one hour without any interruptions, to complete your work.
The next thing you need to start a profitable business is the right action
You need to do the right things
there are very few activities in business that make money and all the rest are distractions
and for some reason the distractions seemed to appear as urgent and that makes you forget about the money-making activities. Which are the product and the marketing.
you will learn more from taking action than from making a perfect plan.
Now the important concept here is (speed of implementation) this is what separates the winners from the losers
take action immediately on your ideas today or it will fade away.
The last thing you need to build a successful business is the right people
If you are going to have great success in business it’s going to be working with other people
weather getting more customers or hiring people to do certain things or getting other businesses to work with you to sell your product to their customers
You must make sure they are always the right people.
Pay attention to the results you get all the time.