7 Secrets to building a successful business

As a long time member of ‘Live out Loud’ I receive frequent updates from the organization. Many of the things Laural Langemeier teaches and promotes are very true and have shown significant success at AMC LLC.  In one of her recent articles, Laural again touches on 7 steps it takes to create a successful business.

We all know that a credible approach doesn’t work in weeks or months, as some of the MLM folks want you to believe. A consistent approach for 3-5 years is the way to go. If you make it to that point, you have succeeded over 95% of all start-ups.  Laural calls herself a wealth coach. For AMC I prefer the name Performance Coach.

Here is what Laural wrote: As a wealth coach, my favorite definition of wealth is “the act of profuse abundance through the actualization of one’s skills and gifts.” If you think this way, not only are you able to create wealth with the skills you already have, but it’s something that grows and lasts when you do it with a team.Creating new money is a huge component in the Wealth Cycle.

Many of you probably have jobs working for others to earn most of your money. For now,  you should keep your job and start your business on the side. For today’s entrepreneurs who are ready to live the life they want, you can actually make more money with your own businesses if you know what they’re doing. You’ve got to get out there and start exercising your business leadership muscles as soon as possible! Once you get going on the Wealth Cycle, there’s no turning back. Here are some of the key elements that make new business owners successful:

1.  Secret = Seek out mentors.  There’s no need to reinvent the wheel. Whatever your business, there’s someone out there who’s done it – or something very similar – successfully who will be willing to guide you on your path. 
2. Secret = Delegate. To best manage your time, eventually you will need to hand over work to others. Many business owners resist this, and as a result their businesses fail to expand. Since I don’t believe in ‘self-made’ millionaires, using the team approach to accomplish many tasks will accelerate your successes. 
3.  Secret = Market like crazy.  This where I see most entrepreneurs fail. Getting the word out about your business is the only way others will know it’s there. Marketing is a big commitment and needs to be done consistently and on a large scale to really be successful.
4.  Secret = Learn how to sell. This doesn’t mean you need to be overbearing and cheesy, but you do need to know how to sell the benefits of your product to a potential buyer. This could be as simple as just understanding how your product or service outshines your competitors. You’ll also need how to successfully negotiate a sales contract and close the deal.  
5.  Secret = Learn how to lead. As an entrepreneur, you are always managing others and leading them to success. Even if you are a one-man operation, you still need to know how to lead your clients and associates.
6.  Secret = Become an effective self-manager. Successful entrepreneurs know what to do and when to do it. They know how to plan and execute goals, and they make the best use of their time.
7. Secret = Be patient. Lasting success rarely comes over night. Most likely you’ll have to continue working your old job for awhile before you can quit it for your new business.  

There’s a lot of responsibility that comes with running a business, and although anyone can do it, most people are just too afraid. They’re afraid of failure and ultimately don’t want to take on all the responsibility that comes with a new business venture. Knowledge is power. Entrepreneurs take risks—calculated and informed ones that get them the results they want.

Though I agree with these last lines, I want to caution you not to forget to first find out what you are passionate about. Yes, you can find something you think will make you money. During the days when things don’t go the way you were hoping or the expected results escape you, you need to be sure that you absolutely want to do what the business is about. If it is just something you started to make money, you will fin yourself starting over and over.   

There is actually a significant group of people on the internet, some in money markets and investment advice, others in the home business market, who want to tell you that they have been in the dumpster, down to their last few pennies and then the great revelation hit them. They started their business, made millions, and now they work a few hours a week and bring in huge paychecks. Well, I am not saying it never happens, but it is very rare, and those of you who really want to become successful better realize that you need to have a passion, follow it, and stay consistent.  

The 7 Secrects above will help you. I also recommend a good performance coach, as we have them at AMC. Some people say they can’t afford coaching when their business is new. I understand that perspective and know how things are when money is tight. You want to be able to use your maximum performance and realize how to react to all the situations in business you are normally unfamiliar with. With that knowledge you have a much better chance to succeed. Don’t be one of the 95% of businesses that fail in the first few years. Pick your passion, apply your knowledge and believe in yourself and what your coach is helping you to develop. 

Axel Meierhoefer, AMC LLC