This can be the question that keeps any small business owner up at night. How long does it take for a business to be successful?
You may have sacrificed a lot of time and money. You might have put blood, sweat, and tears into your business and want all that hard work to pay off.
You want your idea to be profitable and sustainable and reap all the benefits of your hard work.
In this article, we will tell you how long on average it takes for a business to be successful and some handy tips on what you can do to grow your business today.
So don’t delay, seize that opportunity! Read on to find out more.
Plan and Visualize Your Own Definition
It can be difficult to pin down a firm and clear answer when it comes to defining the success of a business. And what is it that you define as success? What are your main goals and how do you compare to your industry competition?
Everyone’s definition of success is different. You might feel that being a millionaire and having a condo in Miami is successful. You might think that generating a profit and saving for future investments is successful.
Success and failure can be completely in the eyes of the beholder. You need to work out what is important to you and strive to attain it. But also don’t take it too personally when there are setbacks and things don’t go the way you want.
Write yourself out a five-year plan, or even ten years, if you want to really look ahead. What are those moments of success you want to tick off and celebrate along the way?
Use this as a measuring stick to check your progress or where you are going. Perhaps you will need to amend certain requirements as your vision widens or goes on a slightly different tangent.
The main thing is you can accurately measure your achievements and be realistic but optimistic about your goals.
Think About Online and Think About it Now
The internet and small businesses is a recipe for success. Perhaps you are not utilizing the online marketplace as much as you should. This may be leading to a loss of sales and profits.
If you are thinking about growing your business seriously, you will need to do some research on how best to do so.
By not tapping into the internet and online market this could be one of the reasons you are not feeling as successful as you should. Use every opportunity you can to market your business and get the word out about how great it is!
Looking At The Numbers
Most small businesses take around 2 to 3 years to get profitable and really hit their stride around the 7 to 10-year mark.
If you are only in the first couple of years into your business and wondering why you aren’t a billionaire yet, don’t worry, cut yourself some slack!
Building a profitable and successful business takes time and effort for it to grow. People always assume that businesses can have overnight success, such as Facebook, but the reality is that it is something that takes years to do.
Businesses such as Facebook are an anomaly and do not represent the world of business. The definition of ‘an overnight’ success is still around four years of trading.
For example, Walmart which started in 1945 took seven whole years to open a second store. And it’s rapid growth happened over a period of 25 years, until it became the massive retailer it is today.
Developing this infrastructure and network takes time and energy. Don’t be despondent about your efforts thus far.
Limit Your Outgoings
In the first couple of years, most small businesses won’t have access to a lot of capital or cash flow. In your industry and sector, it is important to limit your expenditure and make savings where you can.
Choose the cheaper options for stationery. Send mail and correspondence at a cheaper rate. If you are using a service that you can probably do yourself, well do it yourself! Save money wherever you can.
Your business will thank you later down the line.
Invest in the Business, Not Yourself!
Unfortunately, you probably won’t be rolling in dough in the first couple of years. Make sure that you pay all your bills and then use any of the profits leftover and put them back into the business.
It can be tempting to want to pay yourself a nice wage, to begin with, but think about the long term plan and your long term gains. Use that cash and invest it wisely and it will benefit you tenfold later on.
Build Your Network
By connecting to and with the other businesses in your industry you can access the community you are in.
They will often be very welcoming and you can even help each other out, recommending suppliers or services or promoting each other.
Starting a small business can be very lonely and draining at times. Find your support network and community who can help you through it and even offer some handy tips or guidance.
How Long Does It Take for a Business to Be Successful: Finding Out More
We hope that this article has been helpful in answering the question: How long does it take for a business to be successful?
Sometimes it can be difficult to work out your own personal definition for success but we hope this article has given you some food for thought. And also a few handy tips for successful thinking and action.
If you would like to read more on startups, business, or marketing, why not check out some of our previous blog posts?