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"About half of all new establishments survive five years or more and about one-third survive 10 years or more. As one would expect, the probability of survival increases with a firm’s age. Survival rates have changed little over time.”
- Source: U.S. Bureau of Labor Statistics, BED
So why do 70% of businesses fail? You can link numbers and more statistics, you can blame it on the market or the buying cycles. There are a lot fingers that can be pointed, but what about the 30% that got it right? What about the exact same product being successful with someone else who started at the exact same time? I am going to give the four huge differences between success and failure.
Staying focused on the future for a long period of time is difficult. Especially when you don't see the results you want or the first attempt at packaging, design, marketing or sales failed. When you are starting out you have to be willing to fail, a lot. It is only a necessary process to get to success. Learn from your failures. Take them and turn them into learning experiences and launch forward with your new found knowledge. Don't get distracted by failure, keep your eye on the long term goal and don't lose sight of it.
A lot of people that I have talked to surprisingly don't even have a five year plan. They simply want to make enough money to pay the bills. When I hear this I can almost see the closed sign going up. You have to have a five your plan, you have to know what you are working for, have it laid out and work towards that goal every single day. If you don't know where you are going, you will never get there.
You have to be determined to not let anything stop you. You have to believe in what you're doing and have intent in everything that you do. Know your intention and do it in everything. If someone comes in to a hardware store to buy nails, you don't just sell them the nails. You have intent to grow your business. You ask him what he is working on and offer him a tool belt, maybe a nail gun to expedite the job and he might even need a hammer and wood! Talk to him and have the intent before he even walks to the counter. This is the attitude that you have to have in everything that you do. Talk to people at restaurants, in grocery stores and on the street. Get insight, get ideas and sell yourself. Give our your business card. You aren't just selling yourself to your customers. You are selling yourself to your community, you are bringing people to you because that is your intent. Grant Cardone talks about this all the time and it really helped me stay determined on starting my own business.
We all know that running your own business takes dedication. If takes long hours and missed weekends. But if you stay focuses on your end goal, it won't feel so much as work, it will just be you making your dreams come true.
Set time schedules for yourself. Plan out your day and make a list of things that you will accomplish every day. You have to be dedicated in making your business a success. If you aren't dedicated your will get sidetracked and instead of doing research on product packaging you will end up watching videos on YouTube. Discipline yourself to stay focuses on your list to accomplish, even if that list is in your head. Once you have done this consistently for a period of time, it will get easier. It is important to stay motivated. take time to inspire yourself every day, whether that be with quotes, a daily devotional or just watching your favorite gurus on YouTube, I like Grant Cardone because he is always so fired up about everything that he talks about.
Don't work to the point of exhaustion. Take time for yourself EVERY DAY. Go for a walk, work out, meditate, spend time with family and just laugh. It is important to take time to fill yourself up. This is actually part of dedication, by taking care of yourself you will keep your business and your dream moving forward.
Consistency is the number one thing that successful people do. They are consistent with their marketing and communication. They are consistent with voicing their brand and building their product. Most people work in spurts. They start out with a lot of motivation, ideas and energy. Then when results aren't instant they fall off the band wagon. Consistency is the difference between the businesses who fail and the ones that succeed. Set a calendar of what you will focus on each day, each week and each month throughout the year. Set a strategy and stick to it. Stay consistent with marketing and developing your business. Continue to educate yourself and stay up to date on what is important in your industry. Never let your mind go stagnant. If you stay motivated and educated, being consistent will come easy. But not staying educated will allow you to go stagnant, your business will slow because you will not know what is going on around you and because you are not staying consistent with your marketing, people will forget that you are there. So just keep going.
Share your tips for success down below.
Just Write Marketing Inc.