My review is about business and what is a successful business? Owning a business is the first part to having a successful business and the second part to having a successful business is being able to turn over a profit, day after day, week after week and so on. These are the basics to having a business, I’d also like to point out that nowhere in this review you will not find any get rich schemes. In the real world this does not exist. To create and develop a business takes time, in most cases it takes years of hard work and planning.
This review is about putting the building blocks in place that’ll allow your business to grow.
What is a successful business?
My description of what a successful business is supposed to be, relates to how to build it and not what it looks like or what type would be more successful than another. Let’s take it from the top, have you ever dreamt of running your own business and do you have any idea of what it might involve.
The average person never as and never will! That’s just a simple fact. Some of us have been programmed to believe that running a business isn’t for us, so having any understanding of what is a successful business, is going to be a big ask.
The good news is that anyone can run and own a successful business, it all starts here!
What is the key to a successful business?
Every business requires one single element and that’s profit a.k.a MONEY, without MONEY your business will eventually fail! In order for you to grab this and loads of it you require PLANNING. Simple words of wisdom is to “Buy low and sell high” if you need to purchase stock, always buy wholesale (Bulk). Have an idea of how much profit can be made on each item, you should be aiming for a mark up between 20 – 40% clear profit. Now that’s all good but before you get too ahead of yourself, bear these questions in mind:
1. What is your niche?
2. How much time do you have?
3. What type of business – online or bricks and mortar?
What is your niche?
Your first task I would like you to consider is what is your niche? This question simply means what is it that makes you get out of bed in the morning? Whatever this is, is what you’re looking for. Now you need to learn how to expand on this thought. This will lead you to what your new business will be about. I almost forgot to ask, what sort of business would you like and do you know the pro’s and con’s?
What are the qualities of a good business?
The backbone of any business lies in the planning! It’s pure and simple, applying good business ethics and sticking to your plan, will keep you in the know. Ultimately you are in charge and as such, you should be constantly working on your projection charts. This will show vital information of profit and loss forecasts.
If you tweak your forecasts, you’ll be able to plan the destiny of your business.
What if I choose a bricks and mortar business?
So what is a successful business and does it matter which type I choose? Well if your choice is a bricks and mortar business, you’ll have a few things you should take into consideration. The questions to consider are as follows:
- Do I need a building to work from?
- Will I need building and personal insurance?
- I have electricity, possibly gas bills.
- I might need to pay business rates.
- Do I need stock?
- Income tax.
- File accounts.
- Marketing costs.
There’s a few questions that will require your consideration. If your business is a bricks and mortar type, then you’re going to need a building to work from. But you could start from home and as you expand buy or rent one. That’s an additional charge to think about. Regardless of where you decide to conduct your business you’ll have electricity and possibly gas charges to consider. This leads on to business rates, income tax and again possibly stock.
As you can see being able to own and benefit from a successful business, takes a little planning to make sure you’re heading in the right direction.
Is having an online business any better?
The start up costs for an online business are not as daunting as a bricks and mortar business. This is because there’s not much to plan for, but Let’s take a look at what’s needed:
- You’ll still need a niche.
- Business name and logo – you will need to create or get it created for you.
- A web hosting package, which will cover your home for your website and email.
- Will you drop ship or buy in stock?
- Income tax.
Creating what is a successful business still isn’t easy but it’s a lot easier, than a bricks and mortar business. You can see the difference in costs is a lot less but some things are still apparent.
You’ll need to have a niche, think of a business name and then to stand out online you’re going to need to create a logo. This might sound difficult but it’s not really hard. It just requires a little know how. There’re many companies online that will help you get the rest of this done but I would urge you to choose wisely.
You now have a big decision to make, which way do you go. The good news is that no matter which way you go, the chance of success is still good but one is definitely easier to get going and easier to maintain too!
What is the definition of a successful business?
Your successful business is going to be what you make it. Every business is unique and it most cases the business will be run with endearing elements of the owner. So if you’re focused on creating a business that’ll be successful and you put some hard work into it, then your chances of success are great!
But if you’re not into hard work and you’re expecting everything to be given to you on a plate, then I’m sorry to say no matter what type of business you choose you’ll struggle to succeed! This takes me another quote which says, “Thought without action is only a dream”.
My business conclusion.
Now, what is a successful business and how do I achieve one? Your best chance of obtaining a successful business is to have a good idea and a great business plan. Hard work will be required in great quantities, especially at the beginning. The other piece of advice that I must give you is NEVER GIVE UP!
There’s going to be days when you’ll want to give up but I’d like you to know that anything worth having, is worth fighting for. So dig deep and then dig deeper still, if you can do this you’ll make it!
I hope you’ve enjoyed reading my review of what is a successful business. If you have any questions or comments please leave them below.
To your business success!