4 Key Factors to Business Success

Creating and running a successful business that is profitable is not for the faint of heart. People say that between 47% - 50% of small business will fail within the first 90 days, so the numbers are not in your favor either.

In my opinion, these numbers are just there to fade out the uncommitted. Most people see those numbers and think they don’t have a chance, but think about it, how many people take risks on probabilities a lot worse than 50-50? Have you ever played the lottery?

Now, that is definitely not a 50-50 chance! Building a successful business is not a game of chance as long as you set yourself up for success by having a plan. It is not always necessary to write a 45-page business plan. Usually, a simple report on how you will create revenue is the best way to begin without being held down by a full business plan.

Here are four key areas to focus on when you’re building your business for success:

1. Become very clear about your business.

When you have a clear goal for your business, it is very easy to spot opportunities that will grow your business and opportunities that will simply waste your time. This may sound like a simple concept, but this is not always easy to implement. Your business clarity is what leads you to building an unstoppable brand, and your brand is what will set you and your business apart from your competition.

2. Select your niche market.

Achieving success is impossible unless you understand your customer. I recommend doing some in-depth research about your ideal consumer. What do they do? Where do they hang out? Specifically, where do they hang out online? What are their current wants and needs both personally and professionally? This is just a starting list of questions for you to consider about your target market. In my business, I’ve actually created a persona for my ideal customer. I call her “Samantha”. She is a young professional between the ages of 23 – 30 who dreams of having her own business one day. Right now, she has a full-time job on the career path that she has been in since college graduation. She is very social media and internet savvy because she has grown up using the computer. She either has a young family or she will soon be starting a family, and she dreads leaving for work in the morning leaving her child at home with a babysitter or in day care. She wants to leave her corporate job to purse her dreams, but the allure of a steady paycheck is too strong for her. So, she wants to follow her dream of an online business, but she wants to start her business while still at her full-time job. You might be thinking that this is way too specific. But, remember this is only my ideal client. If others outside of this target want to work with me and buy my products, then, of course, I’m not going to turn them away! Knowing and understanding the answers to these questions make creating my marketing strategy a breeze!

3. Create a marketing strategy.

Marketing is really an umbrella term for many small parts of the equation. Marketing involves your product, your price point, your promotions and even the way you package your products. I am grateful for my education and experience in the marketing industry. It has helped me grow my business beyond my imagination. When most business owners think of marketing, they think of advertising, but this is only a piece of the puzzle. You must develop a whole marketing strategy for your business, including advertising, networking, promotional events, article marketing, etc . Set yourself some marketing goals. I try to work one month ahead in my marketing plans. I set a goal number of press releases that I distribute to the media, how many media interview that I appear on, the number of articles that I submit to article directories, how many events I will attend (usually this is planned out a year in advance), how many speaking events that I will do, etc. When you have a structured plan it is a lot easier to be successful.

4. Find a mentor.

There are many meanings to the word mentor. A mentor can be someone that you know personally or someone you’ve never even met before. When I first started my business, I could not afford to hire a personal coach, so I got myself a library card, and I checked out a dozen books on individuals who have been successful building their own businesses and fortunes. Then I started buying products that my mentors created. Eventually, I started attending seminars that my mentors held. Although I still do not have a personal coach, I have my goal set to hire my mentor by September 2011. A mentor is simply someone who is further down the path that you want to go. They might be only 3 or 4 paces in front of you, or they may be already across the finish line, they have already accomplished what you want to accomplish.

Creating a successful business is not measured by the amount of revenue that you make. Yes, you must make enough money to follow your dreams, but the money is not the only important part of success. Success also lies in the amount of lives that you affect. Building an online business allows you the opportunity to change millions of lives around the world. Focus on these four key strategies to building a successful business, and you will be on the path towards success.