How To Know You Have A Successful Business: 7 TellTale Signs
‘How do I know if my business will be successful or not?’If you find yourself asking this question atleast once in a day, it’s time to have a look at this article.
Instead of continuously questioning yourself, come to a definite answer. Time is money. You don’t want to put so much of your energy, time and let alone money to a business that won’t reap any benefits.
There are people with brilliant ideas. But they end up doing nothing about it and then a person with a similar idea makes millions off of it. You could also be the one with a great idea but all that fear and self-doubt isn’t making it possible for you to execute it.
There is obviously no clear cut indication or a measuring Device that will tell you whether your business will succeed or not. But there is something that can give you a fair idea if you are on the right path or not.
Get over that that fear of failure and see if your business is showing these 7 signs.
Disclaimer: There are a few affiliate links in the post and if you buy from those(with no extra cost to you), I might get a tiny commission that’ll help me support my blog. I only recommend products which I personally feel are worth buying.
How to know you are building a successful business?
1. It solves a problem
This one is a very clear and obvious answer of how to build a successful business. If your product or service is solving someone’s problem, know that you might have created a gold mine.
I know there are businesses that are thriving on entertainment too but you never know when people might start finding the exact same thing boring. So it’s kind of a gamble.
On the other hand, if you are able to solve someone’s problem in the easiest way possible, they are obviously going to come to you. So be a problem solver if you can.
2. There is Word of mouth
If you see you have customers that keep coming back to you, it’s a very good sign for a successful business. But those customers praising your business to their friends and family and hence bringing more customers, is even a much better sign.
The value of word of mouth is exceptional. It helps you lower down your costs and increase profits. Now who doesn’t want that! This is every business owner’s dream.
Selling something to someone once is still easy. The major test of the quality and authenticity of your business is if the same customer keeps coming back to you or sends referrals.
3. Successful business is Flexible
Today’s needs might not be there in the future. And what’s not needed today might be needed in the future.
No one knows about future for sure but with some application of ongoing trends in technology, human behavior etc, a rough idea can be outlined.
Think about all the future scenarios that might possibly happen and see if your business is flexible enough to adapt to those.
Relying on someone else’s company for your own business might lead you to losses. So make sure to build a business with a strong foundation and has the ability to pivot if needed.
4. It can be Automated
When your business is growing, costs and the number of working hours increase. You are always not going to be this energetic. With increasing costs and the hard work, a time will come when everything will become impossible.
So be prepared for that time from the start itself. Make sure your business involves work that can be delegated and automated. A major sign of a successful business is the one that it has the ability to make money while you are asleep.
Your business should be innovative enough which lowers the costs and increase the profits. The more profit you’ll make, the more room there will be to invest.
5. You are always learning
The movies and shows that you watch, the conversations that you are having with your peers, the books that you are reading, when all of this is centered around entreprenurship and your business, it means you are an avid learner.
By this I don’t mean that you have to do this in order to have a successful business. No. But if you find yourself actually enjoying this and if it excites you, you my friend are definitely on the right path.
The greatest entrepreneurs are often telling in their interviews about the benefits of reading. So if they, after reaching where they are today, and are still engaging in activities that help them grow and learn, then why shouldn’t you? You must.
Amazon has really made it easier for me to learn about business more as they almost have every book that there is on the face of earth, whether it’s about business or finance or marketing. Here, give it a try!
6. You are absolutely committed to your business
This is one of the biggest indication for a successful business that you and the people involved in in are fully committed to the business.
When you realize that it’s not going to be easy but still want to do it shows a powerful commitment. You know there are going to be a hell lot of obstacles but you also know that you will overcome those obstacles.
I am a believer of science and that’s why I believe in universe. When you are putting everything you have into making something, the stars are definitely going to align to it. No matter how hard it gets, no matter how long it takes, it IS GOING TO HAPPEN.
7. A successful business is not just for materialistic purposes
In a way, it’s something you are passionate about. You are not doing it just for money or real estate or lavish lifestyle. You are doing it because it gives you purpose. A purpose to live for.
You put your customers’ happiness and satisfaction before yours. You find happiness in making your customers happy. Your business revolves around making your customers’ lives easier. Here’s an article on how to know your purpose if you’re still looking for it.
Apart from providing you with a good lifestyle, if your business is giving you a purpose and happiness in it’s true form, know that you are on your way to enlightenment.
No scientist or mathematician has derived a formula for success but through the life stories of successful business owners, we can get an idea if we are on the right path or not. In the end, whether and how you are going to have a successful business or not, is completely upto you.
Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.Steve Jobs