5 Signs You are Winning in Business (I wish I would have listened too sooner)
Starting a business, quitting your secure job and having faith in yourself to freaking make things happen and succeed is one of the bravest, craziest and freeing things an entrepreneur will ever do.
Once you join the club of the self employed, it’s hard to go back to how things were before. If things don’t work out in your business- you will likely try again, because that’s what people like you and I do.
We see a problem, we see the solution and so we solve the problem. Simple.
We work 80 hours a week so we can avoid working 40 hours week working for someone else.
We bypass the stable, steady paycheck in favor of the possibility of unlimited earning potential.
We create jobs and grow the economy.
We fail more than we succeed, but when we succeed it propels forward, towards the next failure which leads to the next success.
We dream big, act big, and don’t settle.
Our best is never good enough because we can always do better.
Business is a game. The pursuit of wealth and impact is not just a job, it’s a calling.
Everyday, we wake up, even if we are tired, excited to pursue the game of business, of making money, and making the world a better and different place for our children.
Though the world complains about the changes our business help facilitate we are constantly leading the charge of creating change, and dreaming of things that currently do not exist.
Most entrepreneurs lead with a heart to serve, and a desire to create impact. Many of us act so much from our heart and soul that sometimes we forget to use our head then wonder why business gets harder as it grows beyond you.
Winning in business isn’t just a game, it’s a strategy, and when you use a winning strategy over time you will gain momentum and win on the business field of play.
1) You have consistent lead flow-if you are a brick and mortar business, this means you have people walking through your doors several times a day, buying the goods and services that you offer. If you are an online business this means you have people opting in for your newsletter & getting to know you then purchasing your goods & services. Your lead magnet is your open door or handshake.
2) You have consistent sales- everyday you know that you can rely on meeting a certain amount of sales based off the traffic you get through your door or through your sales funnel.
3) You know your numbers- you know your numbers like the back of your hand. You track everything, and have your team track everything, and numbers are reported to you daily. Numbers every business owner should know are your Income, Expenses, Leads/ Traffic, conversion rates, profit margins, bank balances, and retention/ repeat business. When you know your numbers you can make smart decisions not emotional decisions.
4) You have repeat business- just like businesses like Starbuck’s have customers who come everyday to purchase their coffee and egg bites, every business that has staying power as repeat business. Knowing the percentage of customers that continue to purchase after their first purchase, how often and average ticket also informs the quality of your product or service. Business isn’t just about making the sale once, it’s about making the same sale, to the same person day after day, month after month, year after year. This is why you see so many subscription based businesses, like apps (Netflix), coaching, mentoring, membership pages,etc.
5) You are paying yourself- I know for like 73% of small business owners and entreprenuers this seems almost like an insulting statement. You know your business is successful when you can pay yourself a livable wage (whatever that is you decide it is) after all your other expenses are paid. You know you are winning in business when, you the business owner is well taken care of after your taxes, employees, rent, and utilities are all paid.
Being a starving entrepreneur is not a winning proposition- it’s a recipe for disaster.
BONUS
6) You are profitable- Most coaches and entrepreneurs do not talk enough about about profitability. They talk about income, but if your expenses exceed your income you are failing. It’s critical that as you make decisions in your business that you do so while prioritizing and forecasting profit. Because if you sell $20k per month but have $22k per month in expenses- you are sunk. Managing your expenses as you grow is the greatest gift you can give yourself, your business and your family. Keep more of what make and you will never go hungry.
What has been your biggest lesson in business so far?
Let me know in the comments.
If you know that you are in a place where you need help with your business, and want a coach that will be honest with you, so you can grow let’s hop on a call.
Click here to schedule your Business Brainstorm Strategy Call, and let’s get your business headed in the right direction.
You can also connect with me on over on Facebook in The Momma Boss Method Group, or listen to my podcast The Momma Boss with Sara Goossen on Itunes, Spotify or where ever you like to get your podcasts.