There are many factors to consider when starting a profitable business. Many of them include looking at the market and industry as a whole to determine where you fit. However, there are 4 tell-alls that I always recommend to my clients when they are ready to embark on a business journey.
If you want to know how you can determine if your business will be successful, I suggest you keep reading.
Your Business Adds value
I am the first person to suggest starting a business founded on a passion or idea of yours. The only flaw with this model is if you solely start a business because you want it, you’re not necessarily guaranteeing that the business is what other people want. And while it’s important to block out the haters and do your thing, if you want to actually make money your business needs to be in demand.
Your business can add value in a multitude of ways like if it provides a much-needed service, if it sells a much-needed product, or if it spread much-needed information. And keep in mind when I say something is “much-needed”, it doesn’t need to be the next iPhone, but your target audience should at least benefit from your business.
For example, I decided to start Halyn Marketing because I felt there was a need for authentic and personable marketing agencies who treat their clients like family. I have a small team of 5 employees and we are very close to our long-term clients. Even though there are thousands of agencies across the world, I started mine with the purpose of offering something I hadn’t seen yet.
You’ve Studied the Competition
Your competition can, unfortunately, make or break your business if you let it. I highly recommend studying your competition before launching anything. This is because you need to figure out what they’re not doing and how you can fill that gap. (Notice how this fits into your business adding value).
Let’s look at Apple and Microsoft for an example. They both sell computers, tablets, phones, and all the latest gadgets. Apple caters to people like myself who focus more on creative applications that Apple offers. Microsoft tends to be about cross-device usability and they also come at a cheaper cost. They each have their own market and people who totally believe in the product.
So, no your business doesn’t need to be the next new product or service but find what your competition offers and try to one-up them or come with a different approach.
You Have Plans for Growth
Your business will 100% succeed if you have plans to grow it. Now, this doesn’t mean you need to have a scaling plan your first month, but its important to recognize when you can make improvements to make more money.
For example, when I first started Halyn Marketing I only offered 3 services because I didn’t have the skills needed to offer other services. So when I noticed there was a demand for those missing services, I decided to hire someone who’s job was to handle those types of projects.
Another example would be if you are a social media marketer and you start off by offering a few monthly packages. Then, once you build a client base you stem into offering services under the SMM umbrella such as branding. Then you start developing paid products, courses, and maybe even coaching/mentoring.
You’re a Driven Individual
A successful business requires many strategies but the most important factor is that it’s run by a driven individual. Why does this matter? Because you need to be able to persevere when things get hard. You have to be able to know how to pivot during times like COVID and know how to find new ways to grow and learn. Odds are if you’re reading this blog post, you can be described as a driven individual.
A successful business can be achieved in many ways, and these are just the beginning. My podcast, blog, and social media have many more tips on how you can start a successful business!