I don’t try to hide the fact that I am entrepreneur-minded, but things don’t always work out the way I had planned and hoped. Yes, I built up a real estate business that allows me to work with some of the most elite entrepreneurs in Washington, but I have also seen the ugly side of failure when I built a multi-million dollar business that lost the majority of its employees in one very long day.
When it is all said and done, the only way we can figure out how a business is going to work is by planning for success and failure. My journey has taught me adaptability, and that it is only through experience that one truly grows. Throughout my long run of successfully building businesses, I have learned some core principles you can use in your strategy:
1. Evaluate Your Goals
Creating goals is the first step in the process, but making sure they are really is an equally important aspect of getting started. If your goals don’t align with your brand or budget, you will likely not make it very far. Start small and build after a few small successes.2. Locate Opportunities
Opportunities don’t always knock, sometimes they have to be found or created. If I sat around waiting for something good to happen, I would never have gotten anywhere. Doing a little research can go a long way. Whether you find a networking event to attend, an industry professional speaking in your area, or a ribbon cutting, getting out and seeking opportunities can have a big effect on your success.3. Build and Foster Professional Relationships
Have you ever heard the phrase “it’s not what you know, it’s who you know?” This is important even when the people you know aren’t popular or wealthy figures in society. People are your best asset because they have the biggest influence on your brand reputation. Offering personal attention to each and every person you come into contact with professionals can give your business the boost it needs in the low times. Work hard to keep your relationships growing and your business will follow suit.4. Create a Warm Company Culture
When you have a people-focused culture, your employees will generally stay with you for longer periods. Your business should revolve around core values that bring comfort and happiness to your employees. When challenging times arise, offering an open-door policy will give every team member the opportunity to voice their opinions, which can lead to better ways of establishing a warm culture in your company. Employee retention is key to growing a business and starts with how you position culture in the workplace.5. Be Resilient
I think of the quote, “the adventure doesn’t start until the plan falls apart.” and I add to it “the plan falls apart often.” In other words, don’t become stuck believing that there is only one way to accomplish your goals. We have learned from the pandemic that change can happen at any time and we need to be prepared for it. Create a pivot strategy for when a crisis comes into play and you will make it through any dilemma.“Success is not final; failure is not fatal: it is the courage to continue that count.” – Winston Churchill
When you’re starting a new business for the first time, it can be intimidating. You will begin to benefit from some of the freedom you’ve worked so hard for after you have successfully completed the first few quarters. Put in the time to strategize and organize every segment of your business and you will build a lasting career.
What strategies have you implemented for building your business?
