Running a business gives owners an adrenaline rush. But it also heightens emotions and sets them up for a rollercoaster ride of different experiences. With most businesses failing in the first three years and the average amount of time to build a stable and mature business being five years, it’s a challenge that can often overwhelm entrepreneurs and trigger mental health issues.
The fear of failure always seems to be within arm’s reach. So how can small business owners boost their own confidence, as well as the confidence of others involved in their business and feel assured that they will succeed in their business venture?
Never play into doubt
Starting a business is easy, managing a business is difficult, overcoming business problems is challenging, but trying not to play into doubt is hard. Doubts from not getting enough sales and even seeing cashflow flirt between positive and negative can make it difficult to justify the investment and effort that you are putting into your venture. It’s important to keep an eye on the end goal, and the reason why you decided to pursue this venture in the first place.
You can maintain your motivation by placing your business goals in a space where you will view it regularly. This might be on a wall in your room, on a door, on your computer or even on your phone’s screensaver.
Take at least 3 action steps every day
It’s important to remain proactive and not fall into the trap of being passive with your business. Promise yourself that you will take at least three action steps every day to grow your business and accomplish the goals that you have set for your venture.
Some simple goals may include:
- Improving processes to help you execute the tasks that you need to grow the business.
- Prospect for qualified clients so you can win more business and increase the business’s overall income.
- Train the staff within your business so they can become more productive in their work.
Make sales
Sales injects vitality into any organisation. It’s synonymous with success and the more sales your organisation can make, the more your organisation will grow and flourish. To do so, it’s essential that your organisation prioritises sales and attracts new opportunities through networking, referrals, and clever marketing campaigns.
Position your business as an authority in your industry
This can be accomplished through content marketing. When implemented correctly, it is a game-changer for your business as it allows your business to stand out from the crowd of competitors by positioning your business as an authority in the space. It takes effort, but the resources aren’t as intense as many people would think, and the rewards are far greater than the initial investment.
My business, Car Rental Buddy has grown in the car rental comparison space by publishing long-form content that will interest our site’s audience. Car Rental Buddy has seen significant website visitor growth since its establishment in 2011. We will strive to adapt to the changing online and consumer environments to ensure we deliver key content and offer car hire comparison that meets the demands of the worldwide market.
Take advantage of emerging opportunities
Entrepreneurs live in an exciting age where there are new wealth creation opportunities that can be seized. The rise of social media can generate exposure and business growth, which could see the business generate thousands or even millions of new sales in a short space of time.
Other wealth creation opportunities exist in the emergence of new product markets, as well as new tender offerings through cryptocurrencies such as Bitcoin and Litecoin.
The first-mover advantage in emerging opportunities can alter the perceived status of the business from a small player to an authority.
Don’t get deterred by the size of the competition
The story of David and Goliath resonates with most small to medium-sized business owners in this day in age. There are often huge, established retailers that have been in the commerce game for generations and they tend to have more resources and budgets to support their commercial efforts. When SMEs are faced with this type of competition, they cannot implement the same marketing methods. Instead, they need to have a more tactical approach to outwit and outmanoeuvre the competition.
Specialise, never generalise
One of the biggest mistakes businesses make is diluting their offering. They think that they will make more by offering something new, when they should in fact offer new products or services that are more specialised in their niche. It will allow them to command higher prices as well as improve the quality of the product or service that they are offering.
Adapt or die
The advantage SMEs have is that they can be agile and adapt to changes in the market quickly. Large businesses can sometimes get too complacent and don’t change their model in time when the market trends change. This was the case with Toys ‘R’ Us, who filed for bankruptcy this year after failing to switch their business model to virtual and digital products and shopping experiences. As a result, their overheads ran too high and the business eventually ran out of cash.
Jeans brand True Religion suffered a similar fate after failing to adapt to their consumers’ changing taste and shopping habits.
Conducting business is challenging, but it doesn’t have to dictate the outcome of your success. Follow the advice presented and your business won’t only compete with the major players in your industry, but it will become a dominant force to be reckoned with.
