The statistics are vague and vary depending on your geographical location, but there’s no denying that for a small business to stand the test of time and survive – particularly in these harsh economic climate – is no mean feat. Sometimes worse than folding up though, is the agonising trickle of income, not enough to signify any particular growth, but just enough for the entrepreneur to buy a new car or something after a few years – making them feel as though they, too, are in business. Many successful women do not however, find this to be the case.
The world is full of conferences and seminars professing to teach you how to become super successful and super wealthy, but if you’ve attended more than a few of these seminars, you will find that in reality, the main speakers are typically plugging something that they have to sell. So, usually, the only person who leaves super wealthy is them.
And so the age-old question remains, “How do I grow my business to grow? To reach the seven- or eight-figure revenue mark?”
There are a few tricks that help with this. Certainly not a foolproof template, but get these right and you’re well on the right path to joining the league of successful women in business.
- They focus on Profitability vs Passion
People get told all the time to “Find their passion and it will turn to wealth” or “Build it and they will come” but this is simply not 100% fact. You cannot tell me that the makers of Armitage Shanks loved nothing better than to behold toilets all day long, neither can you tell me that the founder of Dunlop Tyres just had a fetish for the smell of processed rubber.
Passion is not all it takes; where your passion meets with profitability and demand is where the sweet spot is. If you love to talk, then you may be good at your own radio show ONLY if you learn how to structure your speech, find interesting topics, and learn how to be engaging.
Is you passion profitable? Is it scalable? Is it replicable? Can you teach it to others, acquire staff and GROW? Is it in demand? Is the demand consistent or a fad? Is it transferable? These are the questions successful women ask themselves before embarking on a project.
- They understand the resources and support available to them
Many times business owners miss out on the resources and support available to them simply due to lack of awareness. Successful women take the time to research and find out if there is any support out there for them that they can take advantage of.
Since the demise of Business Link in the UK a few years ago, many start-ups and businesses ready to face the next hike in their enterprise have struggled to find a place to go for resources and information, but with careful search (Google is your friend) and networking, you can find resources local to you that can help.
Successful businesswomen take advantage of any information, resources, grants or government-funded lending available to them.
- They seek relevant mentorship
Every successful business person will tell you how invaluable relevant mentorship has been in their growth to becoming who they are today. Many will tell you that several million pounds down the line, they still confer with their mentors at specified pre-arranged times just to ensure that they remain on the right track.
The key word here though is ‘relevant’. It is not enough to attach yourself to some wealthy individual. Your mentor must be roughly within the same field as you are (retail to a large extent is still retail. The selling of widgets will incorporate the same sales techniques as the selling of jam jars); and have roughly the same values and goals. If you are someone interested in affording your staff a decent work/life balance, aligning yourself with a cut-throat Wall Street who demands 18-hour work days from her staff of overworked staff will not yield positive results.
Once again, please note that these are not the be-all and end-all rules of becoming successful in business. These points along with calculated risks, courageous collaborations, and sheer determination and hardwork will get you there – right at the top of the upward curve.
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