3 Tips for Building a Business that Lasts
People get into real estate for many reasons. One of the most common is they wish to go into business for themselves and have the freedom of being their own boss. Being an entrepreneur is a mindset. You want to bet on yourself, believe in yourself and you have the desire to bring a product or service into the marketplace in a way that’s better, different, cheaper or faster than someone else. However, not every business makes it. According to the Bureau of Labor Statistics, more than 20 percent of businesses fail in the first year and half fail by their fifth year. How can you beat the odds?
Lean into your past experiences
Your tomorrow builds on your today; that is, all of your past experiences provide insight and guidance into your current business. Success leaves clues. Look into your past and ask yourself the following questions:
- What experiences can you tap into today?
- What are you good at?
- What do you enjoy?
Your answers to these questions will help you figure out your strengths and decide what to specialize in. Be great at what you’re good at. Be a specialist, not a generalist.
Find a need, fill a need
One of the reasons businesses fail is they’re launched based on the entrepreneur’s needs instead of the needs of the people. It’s a recipe for disaster! If you want your business to succeed, find a need and fill it. If you aren’t sure of a need, focus on a problem to solve. For example, FedEx offered a system for tracking packages, giving people peace of mind—something the post office couldn’t offer at the time.
Become a student of success
Voltaire said, “Is there anyone so wise as to learn by the experience of others?” Just as we’re eager to adopt the successful strategies of others, it’s also important to learn from failures as well. Study books, articles, and podcasts about successful business leaders and pay attention to the lessons they learned from their failures. Also, look in your marketplace and think about who you admire who is doing it right. What are they doing right? Where could they improve? Figure out what works for you and apply it to what you do well. Jimmy Connors said it best: “What works for the person you’re imitating may not work for you.”
There’s nothing like building and growing a business. Today’s biggest challenge involves having to reinvent your business due to advances in technology and industry disruptors. However, by focusing on what you’re good at, meeting your clients’ needs and studying the successes and failures of others, you can build a business that thrives in any market.
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It’s a good life!
Brian Buffini
