There’s a trend that’s gathering steam—a trend that I’ve noticed over the past few years with my own client base and one that has also been confirmed by other CPAs.
The majority of business clients are in one of two camps: their businesses are doing extremely well, or they’re just barely surviving. Those in the middle are merely passing through on their way toward either end—rapid growth or elimination.
What is causing this extreme separation, exactly? It used to be that you could simply operate a business and be relatively profitable, even if you weren’t dominating your market. Today, however, it seems that every niche is being dominated by one or two businesses that have acquired 85–95% of the customer base for that niche.
So, what separates successful business owners from the rest?
The following seven factors are critical to their success:
- They set smart profit goals.
- They remove any excuses, accept responsibility, and never give up.
- They understand the power of working on their business.
- They commit to a lifetime of learning and improving the customer experience.
- They identify, review, and eliminate profit-killing mistakes.
- They understand and apply the profit formula to their business.
- They prioritize hard work and don’t wait for things to slow down.
So, how do you become a successful business owner and separate from the pack?
Your Five-Point Plan for a Successful and Profitable Business in Your Niche
Implement the following five points in your business and watch your income double, triple, or even quadruple:
1. Write Down Your Goals and Reasons for Being in Business
Every healthy, successful, and profitable business exists for a specific purpose. If you don’t know the reason why you’re in business or the different goals you wish to achieve, you’re going to lack the passion, motivation, and work ethic needed to climb to the top of your niche.
So, take pen to paper and start fleshing out the different reasons why your business is important to you. Then, move on to your goals. Remember to set clear goals that are challenging, yet not so far out of reach that you start to view them as unattainable and lose interest.
2. Commit to the Hard Work Needed to Dominate Your Niche
No business finds success by merely settling into a little corner of its niche. The truth is that, in order to find success and be profitable, you need to establish yourself as a leader within your industry.
Of course, this means you’ll need to be prepared to work harder than everyone else and remain on the front foot when it comes to learning how to improve your business.
3. Create a Plan to Jump-Start Sales and Profits
The saying, “By failing to prepare, you are preparing to fail” rings true—especially with regards to building a successful business.
One of the biggest reasons why businesses fail early on is because they are unable to generate enough momentum to help them withstand the many challenges and roadblocks that they encounter along the way.
So, it’s vital that you put a plan in place—one that kick-starts your sales and profits so that the momentum can carry you through any early struggles.
4. Take Action Toward Growing Your Business Each Week
Growth doesn’t occur accidentally. It requires that you be intentional, take actionable steps, and always keep moving. In fact, even taking a small step in the wrong direction can sometimes be more productive than taking no action at all.
Each week, make another stride toward growing a profitable business—whether it’s taking the next step in a series of actions or learning something new that you can apply to your business.
5. Set Up Systems That Keep You Accountable
The truth is that planning and goal setting is only half the battle. In order to ensure that you keep moving forward, you need to have people and processes that are going to hold you accountable.
Find a mentor, coach, consultant, spouse, or support group that will help you stay focused and grounded. These individuals should be spurring you toward your goals—providing encouragement, fresh ideas, and even a reality check when needed!