To succeed in business, you need to do the following:
1) Hustle for new clients…until you’re well-known and have a history of getting clients what they want, it will be very difficult for them to find you. Instead, you have to find them! Be on social media, attend local meetups, go door knocking, cold calling, etc. The bottom line is you have to work to get new clients.
2) Pay…this isn’t always true (depending on the level of “success” you want to achieve), but it is true if you want to be the top in your field. I’m not saying you have to spend frivolously on things that don’t matter, but you do need to pay for marketing and advertising, have a well-built website, etc. You’ll also have your normal expenses to account for (any licenses, utilities, repairs, or big ticket items like a commercial vehicle). Just like the saying goes, “you have to spend money to make money.”
3) Save…once you start earning money, you can’t spend everything you make. If you do this, you’ll soon find out that the government wants their cut. After all, they put a lot of time and money into this business venture and risked losing it all if…wait, no, that was you. Regardless, the government does do some good (update roads, pay firefighters and the police force, etc.), even if they waste a lot of taxpayer dollars.
In addition to saving for taxes, you’ll also want to save for “stormy weather” like a couple of bad months of selling, a slow season, etc. Many financial experts recommend 3-6 months of personal savings, but most recommend even more (12 months or more) savings for your business. Don’t run your margins so thin that you can’t save any money. If you don’t save money and there happens to be a pandemic (*cough* coronavirus) which includes a shutdown of “non-essential” businesses, you’re screwed.
But in order to save money, you need to…
4) Charge what you’re worth. Be fair with your pricing. But don’t confuse fair with free. You have to get paid. Any business that is still in business needs to make a profit, otherwise they won’t be around for long.
On the other end of the spectrum, don’t charge a premium for something you’ve never done before. Everyone needs to start somewhere, but if you’ve never done something and you act like you’re an expert, you’re misleading the client. Eventually come back to bite you in the butt (and with that will come negative reviews), which is why I believe you should always…
5) Be honest…telling the truth isn’t always what the client wants to hear right then and there, but in the long run it is what’s best. You are only as good as your reputation. If you destroy your credibility, you destroy any trust that you may have built up with your existing and potential clients. That is a much harder hill to climb than being truthful from the get go.
6) Show up on time for appointments…This is the easiest thing you can do to start off on the right foot! It takes no skill to show up on time. If you’ve never met with someone before (or even if you have), don’t disrespect them by showing up late. If they made it a point to be somewhere at an agreed upon time, you should be there too. When you show up whenever you want, you’re essentially telling the other person that your time is more valuable than theirs. Call me crazy, but I don’t think that’s the best way to win business.
7) Communicate…set expectations for them, keep them in the loop on what’s happening, and if you don’t have an answer to one of their questions, let them know you’re working on it. When something bad happens, tell them face-to-face or call them if you need to, but never text/email bad news. Yes, it will be harder to do in person, but once again, it goes back to respecting the client. It shows you care and if you were in their shoes, you would probably want them to do the same.
8) Be personable…when everything else is equal with the competition, people buy from people they like. If you can build rapport with them, make them feel like you actually like them/care about them (which you should), and they don’t think you’re being disingenuous, you will win over a lot of potential clients that were on the fence.
Those are my 8 simple tips to succeed in business. There are plenty of other rules, but if you’d like to add any of your own, feel free to add a comment below!
