How to start a small and profitable business

You want to start a small and profitable business but you have no idea where to start? Here you’ll find 8 steps that can help you make up your mind.

Step 1: Motivation to start the entrepreneurial challenge

In this case, when starting the basis of a small and profitable business you must be motivated.

Very motivated.

This motivation is positive, because it allows you to have a vision of what you want to achieve in the future.

Sure, we are talking about a small business, but then it can become a big business and then very big.

We have to have confidence in ourselves, to be sure that we will crystallize what we set out to do.

To say at every moment “I can do it and I will do it well”.

Persevere until we achieve it, always motivated.

It is a question of attitude, of being sure that you will achieve something good.

Step 2: Ask yourself: What do I want to achieve with this small business?

Before you even decide what type of business to choose, you must know what you want to achieve, and I say this because not all of us want to undertake for the same reason:

  • There are those who want to start a small business to grow into a big business. For example, start as a freelance writer and then have a big Digital Marketing company.
  • Others just want to get resources to do something very different from their small business. For example, start with selling homemade candy to raise enough money to travel to Europe or anywhere else in the world.

Determining this is important, because you will know how far to project your business.

So right now I want you to choose one of the 2 options:

Do you want a business to get some resources? Or

Do you want a business to grow into a great company?

As we move forward, you will realize how important it is to answer these questions.

What should you consider before deciding on a particular type of business?

Step 3: Select the small, profitable business you want to work with

If all you want is to earn a few Euros, try to select something you like. We never know if you’ll change your mind as the days go by and want to reach a great company!

But if you want to have that great company, it’s almost mandatory that you choose something that you are passionate about or at least that you don’t dislike.

I say this because it’s possible that what you love is just doing business.

So, maybe the industry you want to be in doesn’t matter much to you and you don’t like it.

Step 4: Building an entrepreneurial team

Since your goal is to start a small and profitable business, you will probably think about going it alone. It’s definitely your decision.

But I recommend a Plan B, working with other people, maybe one or two at the most, if you don’t have a big budget.

That way, you can get more done together, as long as you feel the same way: desire to do well and get positive and productive results.

This way they can unite dreams and crystallize them with greater intensity.

That way, you two or three will not be forming a work team, but, something more important: A Team of Entrepreneurs.

I also recommend you to become an autodidact.

Read, take courses, meet with people who know and share their knowledge and experiences about marketing, entrepreneurship, business ideas and other aspects that will be useful for you and your entrepreneurial team.

And put them into practice… Something good has to happen.

Step N° 5: What you have to do to start a small but PROFITABLE business

No need for a superstudio here. No!

It’s just a matter of being realistic and seeing if the business you selected above will generate revenue.

For this it is important that you do some research and see if people are willing to buy your product or service.

You can do surveys, visit similar businesses to see how much they sell, study statistics made by professionals, etc.

You can also contact us, do our courses or courses of others…

I mean, there are a lot of options you can take…

Think before you act

In case you keep researching about profitability and find that it is not good at all, go back to the previous step.

But if you want a big company, we need to look a little further. Here it is not necessary for the business to be very profitable at the moment.

So we’re aiming for the future. If it’s profitable in the medium and long term, that’s enough.

However, my recommendation is that you be aware of what to do at each stage. In the first phase the objective is to survive.

So, selecting something that is not profitable at all at the beginning but is profitable in the long term is not the idea.

Unlike the first case, you don’t need to earn a lot of money right now.

But we also don’t have to get to the point where we offer something that no one will buy at all until we have a lot of mileage.

In other words, if you decide to do something in the long term, it doesn’t have to mean that you won’t be profitable in the beginning or a little later. Watch out for your treasury, which is your fuel.

Step N° 6: The Business vs. the Entrepreneur

When projecting our business, it is necessary to define the key instruments that will allow us to develop it, in order to focus on them.

If we have a clear model, let’s go ahead and look for the pieces of the puzzle that will lead us to assemble it without problems.

In this way we gain energy, resources and ideas. Let’s get to work.

And to continue learning how to start a small and profitable business, we can move on to see what our project requires to make it work properly.

Once this is done, we must compare it with our capabilities and resources.

In simple words, we must know what we will need to start our small business. This mainly involves 3 types of resources:

  • Money.
  • Human resources.
  • Technical.

Whether or not you have these resources will depend on your particular situation. You may have the economic resource, but you are alone and do not have the human resource.

Or the opposite, you are part of an entrepreneurial team, but you have neither money nor technical resources.

I insist, each entrepreneur is a unique case, because it presents diverse situations and, according to their reality, their challenge will begin.

Each entrepreneur has his own reality

You must be clear that there are no rules that state that the process of starting a small and profitable business must be one way or another.

Every entrepreneur has his idea, his resources, his planning and then, in his own way, he will have to carry out his execution process.

Remember that your motivation and positive attitude are important to achieve your company’s goals.

That’s true, but another great truth is the satisfaction you feel when you undertake something you are really passionate about.

It’s the ultimate. Every achievement is greatly enjoyed and problems are minimized without major setbacks.

Step N° 7: Ready? Starting a Small and Profitable Business

Did you solve the problems that came up?

Are you ready to start this step?

So…

It’s time to start your small, profitable business.

If you’re on your way, you see that you’re missing something, you’re still not afraid.

Along the way you will see that things get better, because every day is a new experience and you will have in mind that you will not repeat the same mistakes of yesterday.

Perhaps you will live moments of discouragement, regret, reluctance, disappointment …

But these are times, try to look for positive thoughts and support from the team of entrepreneurs.

Everything will get better as the days go by. Keep your spirits up. Remember that dreams come true with perseverance.

Of course, it never hurts to seek advice from the most experienced entrepreneurs during those difficult times.

A word of encouragement, advice, guidance in time, never hurts. It helps immensely and is appreciated with the same intensity.

Step N° 8: Promoting your small and profitable business

Advertising and promotion is essential to project your products and/or services and, in this case, your business.

However, each case is unique. It is not the same as promoting an ice-cream parlour or an office cleaning business.

In the first case, there are entrepreneurs who invite their family and friends to try all the flavors of their ice cream, with the aspiration that they be promoted by word of mouth, as one of the advertising options.

That could not be done by the one who set up the small company to clean offices.

It is probable that their alternative of projection is the elaboration of flyers or business cards and to give them in the goals of the buildings of their sector.

In short, the path in this promotional process will depend on the type of enterprise.

It is up to you to choose the option that best suits you, especially the one that suits your business.

In conclusion…

  • To undertake a project that you are passionate about is great, especially if your goal, in this case, is to start a small, profitable business. That desire will be your motivation to undertake. This will make it easier to define what kind of business you want and what you want to create it for.
  • You must be clear, in the early stages, that you can invest a lot of money and time in the search for future profitability. But you must not lose your way, since it is also necessary to obtain some profitability now, because the worst thing is that you will run out of money and you cannot continue with the business.
  • Alone or with a team of entrepreneurs, the commitment is: to work, to prosper and to achieve the goals. To crystallize the projects is fantastic.
  • Try to have the monetary, technical and human resources. There are cases that you have one and others that you don’t. Do not be discouraged. As you go along the way, you will solve the problems.
  • Promote your company through social networks or other advertising channels. Each entrepreneur will have the alternative that best suits his business. This is a modest start to what will come when your business grows.

How to Make a Business Plan in Just 10 Steps

A business plan is a written description of the future of your business. A document that explains what you are going to do to make your business profitable and how you are going to do it. Usually when a business idea comes up you know what resources and capabilities you have to start with, and where you want to go in a certain period of time (usually in 3 or 5 years). But what is the path to reach that goal? Where to start? How to get the interest of investors?

Making a business plan is to build a map that will guide you in that period to get where you want to go with your initial idea. It is very important not to confuse it with other documents, such as the financial plan or the marketing plan. These last two are part of the business plan.

Why do I need to make a business plan?

Plan for a new business

To find investors. If what you need is only to write the financial part of your company we give you the 10 key points to create a financial plan.

To apply for loans.

To know the viability of your business idea.

To make improvements to your current business.

How to make a business plan?

1. Cover and index

The first impression will certainly influence the decision of the investors. You should include in the business plan a simple but precise cover with all the data about the company: logo, name, address, telephone, email, website, name of the founder and, if appropriate, a photo of the product or service.

With the index you must order all the points of the business plan with the corresponding page number. Make it as complete as possible so that the reader gets a clear idea of what the document contains.

2. Executive summary with the needs and objectives of your business

In the first part of the document you should make a descriptive summary of the idea that includes the following points: the product or service and its advantages, the opportunity in the market, the management team, the trajectory to date, the financial projections, the financing needs and the expected profitability.

You will have to define the need or problem that your business intends to solve. But, above all, you will have to capture the attention of investors in approximately two pages where you will summarize the most important points of the text. You must also take into account several things:

  • If you are still not sure what the fundamental objectives of your business are, you need to think about them before making the business plan.
  • It is interesting to refer to the time it has taken you to develop the business idea and the work you have done so far.

3.  Describe how you will solve the problem explained in the summary

At this point you should describe the mission of your business. A list of actions your company needs to take to address an existing problem in the market.

  • Describe what your product or service is, what customers will get with their purchase and what their weaknesses or drawbacks are. The latter is very important when making a business plan, readers will appreciate your sincerity.
  • I’m sure there are already companies working towards the same goals. Identify them and ask yourself: How am I going to differentiate myself?

4.  Explain why your business is unique and who will be part of it

Making a business plan involves examining the strengths and weaknesses of your competition, once identified you will be able to justify why your business is unique. You must distinguish yourself from the crowd to increase the investment opportunity.

At this point you can also include the skills of your team to make your business unique. That is, refer to the following information:

  • How the management of the business will be carried out.
  • Describe the background and experience of each team member.
  • Clarify how you will cover the main areas of production, sales, marketing, finance and administration.
  • Include management accounts, sales, stock control and quality control.
  • Analyze, if necessary, the location of the company and the advantages and disadvantages of this situation.

If there is something that investors value, it is the entrepreneur’s capacity for commitment. Take advantage of this point in the business plan to show them the amount of time and money that you and your team are willing to assume.

5.  List the characteristics of the market in which you will develop your business

  • You will need to analyse the market conditions: how big it is, how fast it is growing and what its profit potential is.
  • Explain how you will research your audience and with what tools.
  • Know the target market in which the business will develop and direct your marketing strategies towards that target. If you do not orient your marketing strategy you will lose time, effort and money. Make sure that you solve the following questions from investors: What are your competitors’ products and how do they create them? Why would someone abandon your current competitors to buy from your business?

6.  Devise promotional strategies

This is where your business’ marketing plan should go. It is perhaps one of the most relevant steps when making a business plan. Marketing and promotional strategies could determine the success or failure of your business. To sort out all this information try to answer several questions:

  • How are you going to position your product or service (compare features such as price, quality or response time with your competitors)
  • How are you going to sell to your customers? (Phone, website, face to face, agents…)
  • Who will be your first customers?
  • How will you identify potential customers?
  • How are you going to promote your business (advertising, public relations, email marketing, content strategy, social media…)
  • What benefit will each part of your business achieve?

7.  Analyze your sources of income

When you get to this point in making your business plan you should start translating everything you have said into numbers. That is to say, to analyze the financial forecasts of your business.

  • The analysis should include: price structure, costs, margins and expenses.
  • If you need more information on how to make a financial plan, we recommend reading this guide.

8.  Creating a plan to deal with profit or loss

If you hit a rough patch early and don’t have a plan, the business could suddenly go under or fail. If you receive an unexpected success, your goals could suddenly change and you will need a new business plan.

Therefore, you should evaluate the risks of your business, identify the areas where something could go wrong and explain what you would do in that case.

9.  Annexes

It is very possible that after making the business plan you will need to give additional information to complement it. For example:

  • Data from the market research you explained in point 5.
  • Curriculum of the team that will form your company (very important if you are looking for external financing).
  • Technical specifications of the product or service (you can include photographs).
  • The names of some potential clients.

10. Use freelance talent to make your business plan

At LanceTalent we support startups and small businesses in their initial phase. That is why one of the most demanded projects in the platform to be carried out by freelance experts is the writing of a business plan.

  • Why support you with freelance professionals? Creating a business plan normally means writing more than 50 pages with attractive, dynamic and precise texts, which manage to capture the attention of very demanding people. It should attract the attention of investors, who despite having read hundreds of them, should find something unique in your business plan.

The best way to create this document with maximum peace of mind and with the support of qualified professionals is through freelance talent. Find out now and we will help you find the best professionals to make your business plan.

11 Booming businesses that are succeeding!

If you’re thinking of going into business, I guess your idea is to create a profitable business, right?

But how do you know that your idea will be a success? is any kind of business OK to start? are those that follow the “fashion” really profitable businesses? are online businesses the future? and what about traditional businesses?

How many doubts!

Starting a successful business

We live in a society that is constantly evolving and changing, so we must know how to adapt in order not to become obsolete; and this is true for both people and businesses.

When you start a business you have to take into account all the elements (or at least the most important ones) that influence your activity so that we know how to react to them.

In my opinion, there are three main elements to take into account to increase the chances of success of a business.

  • The socio-cultural and demographic changes, cause new needs to which your company must know how to respond quickly and effectively.
  • The new technologies that can be incorporated into your company, to try to give a faster response to consumer needs.
  • Globalization and its advantages, both to find good suppliers and customers anywhere on the planet. Therefore your business must be competitive and global.

Taking into account the three elements above, we can already get an idea of which businesses are booming; businesses that are succeeding in recent years.

If we look at our city, we see how there are new trends, what we were saying about socio-cultural and demographic changes. This is especially noticeable with the appearance of new businesses with different themes.

Drones

There was a lot of talk when they started making them. The idea seemed to be taken from some movie. But nowadays, they’re commercialized, and anyone can have a drone… well anyone who can afford it… and anywhere in the world.

I remember when I was in Vietnam, we went up to a lookout point and there was a drone! Yes, a tourist had brought his drone to make videos. I thought it was incredible, but at the same time I have to confess that it was very noisy and a bit annoying.

But regardless of this, drones are marketed to the public and also used by companies, for example Amazon.

booming business drones

3D printing

A few months ago I went to a 3D printing exhibition at Fundación Telefónica in Madrid. It was impressive. The truth is that I had no idea what was already being done with 3D printers.

In this exhibition there were toys, models, prosthesis, jewelry, shoes, household items (chairs, vases, etc.) and even clothes. All this in different materials and using a 3D printer.

For me this was a clear example of how new technologies have led to new businesses, real booming businesses. In this case, good quality products are obtained, avoiding the generation of large amounts of waste, at lower prices and can also be used in different sectors.

Virtual reality

Until a few years ago when we were talking about virtual reality, it sounded like something we only saw in movies, didn’t it? But now you can see that it’s within everyone’s reach, and it’s becoming more and more mainstream.

Virtual reality has developed especially in the video game industry. However, it can be included in more sectors.

In the coworking space where I work, there is a company that designs virtual reality glasses, and in recent months they have gone from having 3 employees to 6. Not only is it growing in size but it is also creating technological advances that are beneficial to society.

App development

Do you have a smartphone, how many apps have you downloaded?

Technology is advancing and companies know it very well. That is why they have made the smartphone their best ally to reach consumers, communicate and especially to increase their sales. Through the development of applications they make it easier for users to access information, content and their products.

But in addition, there are applications that have been created to facilitate some day-to-day tasks, or simply to keep us entertained. For example: applications for personal management, health control, notes, photo editing, social networks, there are also apps to earn money, etc.

But why is developing apps a booming business? Because it’s within everyone’s reach. With proper training you can learn a lot about development, and without the need to belong to a company you can start developing some application to be marketed, either directly to the end consumer or to companies.

By this I don’t mean it’s easy, no. You have to dedicate time to training, to develop an app that solves a problem, to update it and correct errors and then think about marketing it. Usually you start with a Beta version to test and verify its operation.

My recommendation is that if this interests you, and you have some idea of an app, you can apply for grants, investor support or create a project in crowdfounding.

Food trucks

We changed the scope, but that does not make it any less important. The food trucks.

What are they? This term is used to talk about large vehicles, usually trucks conditioned to prepare food and sell it. It used to be associated with fast food, like hamburgers, fries, snacks. However, in recent years you can also find gourmet food trucks. Also with the use of social networks, they have become very popular.

booming business

In Spain, for example, at events, concerts, fairs, etc. you can see food trucks specialized in some type of food and recognized by them. And there is no lack of those belonging to well-known restaurants, which have not missed this opportunity either.

Barber shops

Although this profession is nothing new, it is one of the booming businesses that is going strong, as it covers the social needs of a part of the population.

The beard trend is here to stay, or at least it looks like it’s going to last a long time.

Men have seen many benefits from wearing one, especially looking more manly, attractive and stylish; this is stated by the El Mundo newspaper supplement, elbuho in this article.

In fact, we see how new places dedicated exclusively to the care of beards have opened, such as barber shops, and some have even created a chain of franchises that are distributed in several points of large cities.

This is another example of a growing business that covers certain needs of the population produced by social changes.

Bicycles

Bicycles are a perfect gift for children, but also for adults.

Society is changing, our concerns are changing too. Now we are more worried about pollution (it is becoming a serious problem), we are worried about our health. For these and other reasons, we look for alternative transport or simply it becomes a good activity to do outdoors.

Everything related to bicycles has become a booming business. Whether it’s selling, repairing or renting, especially in the big cities, where, following the example of other pioneering cities, bicycle lanes have been made available for safer riding.

Craft beer

Beer lovers are in luck, there are more and more places with a great variety of craft beers.

This is a booming business, which does not especially need technological advances to be growing. But if it is a product that despite the years, remains a favorite drink for many people.

Organic food

I’ve said it before, we’re worried about our health and more and more.

You’ve probably seen the organic section at the supermarket, right? Even private labels now have products in this category too.

The name of these products means that they have not been treated with chemicals or pesticides that are not natural, that they have been cultivated respecting natural cycles and that they are not transgenic (genetically modified).

The sale of bio (biological) or eco (ecological) products has increased. This is another example of growing business that can be seen in many cities in many countries.

Low-cost products or services

Who hasn’t seen the words low cost somewhere?

I’ve seen them in several places: gyms, hairdressers, clothing stores, bars, airlines (of course), etc.

Low cost products and services have become a real booming business in many cities, as they allow consumers to save. However, the benefits and sometimes the quality are reduced, for example in the case of airlines you have to pay for checked baggage or some snacks.

If you are thinking of starting a business, you could consider this alternative. The main idea is to get more customers to buy your product or service, so that your profit margin is profitable.

Products and services for pets

The dear pets, they’re just so cute.

In other articles I have already talked about how important pets are to families, and that is why I am concerned that they receive the best care.

We are seeing more and more businesses related to pets: hairdressers, accessories, hotels, nurseries, training schools, etc. Many of them already existed, but now they have reached the Internet and this has contributed to their expansion.

Some start-ups have seen this sector as a business opportunity, and they have not been wrong. For example, platforms such as Holidog or Dogbuddy, which specialize in finding pet caretakers, trainers, walkers, etc., are present in different countries.

Booming business: Conclusions

Finally, I’m going to tell you about the experience of a wine producer I met yesterday. He inherited his grandfather’s vineyard but had no idea about wine when he started. He has only been in the business for 3 years and he does everything (or almost everything) with the help of his wife, from taking care of the field to looking for customers, everything. He told us that these years he has not had any holidays, but he has learned a lot about wine, about taking care of the field and he proudly presented the wine he has obtained, telling the story behind each one.

I am telling you this, because creating a business, of any kind, requires a lot of effort. I’m not going to lie to you, you’re going to have to sacrifice time or money, or both. You’re going to have to learn, research and update yourself constantly. You’re going to have to do tasks that you didn’t know about before. Maybe the ideas in this article aren’t for everyone, I know. But knowing what businesses are booming now will guide you to what you can do and what you can offer people to succeed.

Creating your first online business: where to start

As in so many other areas of life, the decision of which online business to start has to be made by you. The only thing I can do for you is to give you a roadmap so that you know the different stages you have ahead of you, and some small tips based on my experience to help you on your way.

These are the steps I would follow if I had to start from scratch tomorrow on the Internet.

1. Define your ideal lifestyle and goals

The ultimate goal of any business – both online and offline – is to help you achieve your ideal lifestyle. That’s why the most important thing of all (and something many people unfortunately forget) is to know what you want.

What would you like your life to be like in 1-2 years? How much do you need to earn to pay for all that?

In my case I wanted to travel the world as a backpacker, and for that I needed a business that was as passive as possible and that generated 1,000 – 1,500 euros per month. BuyEbookYa.com met those requirements. Then I realized that I also wanted to do something that would allow me to share what I had learned over the years, learn to write better, have a positive impact on other people, meet interesting people and create a platform for the future. With that idea in mind I started Living Life to the Fullest.

But not everyone is looking for the same thing. Maybe you want to earn 300,000 euros to buy a Ferrari. Or your dream is to live in Thailand quietly and without worries, and you don’t feel like having to interact with the visitors of your platform or answering their e-mails. In that case a blog like mine would not be the best option.

Remember: if you don’t know where you’re going you’ll never know if you’ve reached your destination. The biggest mistake you can make is to break your horns to create an online business, and when you finally “succeed” you will realize that it is not what you wanted and that you have become a slave of your own creation.

Actions:

  • Do the “your ideal life” exercise that I explain in point #3 of this post
  • Make a list of the goals you want to achieve with your online business. One of them should be monetary (make enough money to finance your ideal life)

2. Choose a compatible business model

Once you are clear about your ideal lifestyle, the next step is to find the type of business that will allow you to make it a reality.

In addition to your monetary potential, it is important to consider your personal skills and preferences. Ideally, to attract your customers and communicate with them, choose a model that uses a channel you like and are good at, because that is the real heart of your business (not your digital platform).

Are you a master of letters? Start your own blog, collaborate with others or publish ebooks.

Do you feel like a fish in water in front of a camera? Then videos are your thing.

Do you have an analytical mind and don’t mind performing mechanical tasks? You might be a good SEO or an advertising campaign cracker.

Although in the end all the tasks can be outsourced, the idea is that you create an online business that makes the most of your strengths and is fun for you. If you hate writing with all your heart, don’t start a blog just because everyone else does! 

Actions:

  • Choose an online business model compatible with your ideal lifestyle and goals that makes the most of your personal strengths and tastes
  • Explain in a couple of paragraphs how this business model will help you achieve your goals

3. Learn what you need

Right now you probably don’t have all the skills or know how to use all the tools you need to create your online business, but it’s okay because you can learn.

Start by searching on Google and YouTube. You’ll find free tutorials on any topic you can think of. In some cases it is also worth investing in paid material, as long as it comes from someone who has already achieved what you want to achieve and applies their own teachings. Look for the number 1 in what you want to learn and buy his book, and if you are convinced by what you read consider signing up for one of his courses. The best information is usually in English, so if you know this language you will have an advantage.

Don’t get frustrated if everything takes a long time and seems difficult at first. As a Computer Engineer, it took me several months to understand HTML and CSS and feel comfortable with WordPress. I still remember the first weeks, when it took me 3 hours to change a button… But, although it doesn’t seem like it, little by little you get better and what took you 3 hours the first time then takes you only 1 and then 5 minutes. Patience.

Actions:

  • Make a list of the skills and tools you need in your online business and look for free or paid material to learn them. In the previous posts of the series you have some links that will be useful
  • Whatever you do, you’ll need some basic knowledge of WordPress, and if possible, of HTML and CSS as well. Make sure they’re on your list

4. Let luck find you

Few people will tell you this, but to be successful in any business and especially on the Internet you have to have a little luck (soon I will write a full post about the role luck plays in our lives).

Sometimes, luck means making the right choice at the right time. For example, there was a time when Facebook fan pages worked very well because they had a lot of reach. I know people who made thousands of euros from them, and if you had started a fanpage business at that time you would have done very well too. Then Facebook cut off the tap and, although you can still use them, it’s not the same. Many times the difference between success and failure is simply a matter of timing; of crossing paths with the goose that lays the golden eggs when they are still golden and under-exploited.

Other times luck comes in the form of chance: you are lucky enough to find a lucrative niche without having much idea of what you are doing, the planets align and Google shows your page in first position for a good keyword, or an influential person shares your article and overnight you get thousands of visitors. I’ve experienced all three.

Yes, chance influences more than many want to acknowledge, and since it’s something you can’t control it’s best to ally yourself with it and try many different things until one of them “explodes”. So I challenge you to what:

  • Write 500 posts and none of them are good
  • You create 10 info-products and none of them are sold
  • You publish 40 ebooks on Amazon and none of them succeed
  • Start 50 affiliate pages and you can’t live on commissions
  • Record 100 interviews and nobody listens to your podcast

Usually when something works you’ll notice it quickly. The key is to detect it and redirect all your efforts in that direction.

Actions:

  • Get to work. In the beginning try many different things within the business model you have chosen. If after 2 months of work you see that your page, your ebook or a certain type of post has not just taken off and that the numbers are not improving, it is time to try something different. When you find out that something works, just do more of it.

Conclusions

Throughout this 5-post series you’ve learned that…

  • The Internet is not a magic pill or the philosopher’s stone that turns everything into gold, but a platform that offers some very interesting advantages when it comes to setting up a business
  • Passive income is not an unattainable utopia, but not all passive online businesses generate passive income. In fact, most online businesses are not passive (and that’s not necessarily a bad thing)
  • The secret of passivity is to create automatable systems
  • All online businesses have three fundamental components: a digital platform, a traffic source and an offer
  • There are different variants of each of these three components, which can be combined in different ways to create profitable business models

Although I haven’t told you exactly what business to start (because every case is unique and there are no universal recipes), I’ve given you a roadmap and the necessary resources to choose the option that best suits you and get you started on your own. I hope it’s enough to make starting your business easier after reading this series.

I hope that all this information will be useful to you to make a living on the Internet and be a little freer and happier, which in the end is what it’s all about.

How to succeed in business

The magician never reveals his trick. However, there is no meeting of entrepreneurs where the speaker is not confronted with this question: how did he succeed, what is the magic formula for success? And the answers are as scattered as the human being: talent, effort, opportunity, luck, commitment, brilliant idea, concurrence of factors, people, experience of the management team, market need, innovation, etc., etc. The truth, the whole truth is that there are ingredients for that recipe of success. The important thing is the relation of quantities in each moment and the hand of the cook. Let’s see it.

The path to business success is rarely simple. Let’s take the case of a young technological start-up, that having been the product of a brilliant idea of one or more partners, probably fellow students at the university, the successful product that has conquered the market is the consequence of a great deal of hard work, well executed and sustained over a long period of time.

Although the success of start-ups is generally produced by their intrinsic characteristic in a relatively short period of time, there are many man-hours involved and surely also a number of previous failures, failed attempts and capitalized mistakes. that have been corrected in time and only recently redirected to the path of success. But always with a dose of work that cannot really be measured, because in short, it could be considered uneconomic because of the amount of hours and allocation of resources applied in relation to the results obtained in the first years of life of a company, even if it is well directed towards good results.

Learning the business

If you work for an important organization that is a reference in the sector, in case you are thinking of starting a business activity soon with other partners, all you can learn from the sector in which you are currently working, will always be little compared to what you have to know and master in order to compete with dignity in the market.

You have to take the time to learn not only what the main role and responsibilities will be, but also to gain a broader understanding of the business: the competitive environment, market forces, what is the added value that the company gives to its customers, etc.

Nobody becomes an expert in all these fields, but at least having a clear understanding of the work and the key issues at the macro level is always useful.

When the time comes to undertake

Once you open up to the category of entrepreneur you must become an indispensable person for your staff. You have to take the time to understand and comprehend what your bosses and staff really need. Not only what is needed from your current role as a leader, but to make an in-depth analysis of what are the issues of concern, whether they are operational with customers, or issues related to problems in interpersonal relationships, especially if there are potential conflicts at the door and a host of situations that can take away the sleep of even the most experienced of business leaders.

Try to see things through the eyes of others. The more substantive assistance you can provide and the more gaps you can fill, the more valuable your input and presence will be to an organization.

Solutions or problems

As it is colloquially said that if “instead of being part of the problem you are part of the solution”, then you have already travelled an important part of the way. The usual state of affairs that an organization goes through is too complex and it is necessary to react quickly, so that something can be done with guarantees in response to the problems or challenges that are put forward. Sometimes little can be done in a short space of time, but much can be sown for longer periods of time when the sustainability of the company is supposed to be combined.

When struggling with difficult problems in your own area, naturally you cannot always solve all the problems posed by others, such as those that you must solve as a leader. But it can certainly be worth the extra time spent by staff to be able to solve together on the basis of a range of viable options, which should include not only the solution recommended by the leader, but making it compatible with the suggested solution of one or more people. For example, by a team leader or department manager, so that there is a real interest in the implementation of actions arising from employees, so that they feel that theirs is an effective contribution and that it clearly accelerates the commitment between all parties.

This approach demonstrates the leader’s abilities to apply critical thinking and can be a highly valued time-saver especially when people in the roles where a problem has occurred do not have a minute to spare given the number of issues to be resolved each day.

Employee engagement a priority

Working for an organization that makes employee commitment and recognition a priority is one of the best learnings, whether you are going to be in a leadership position in the immediate future or not.

Many companies talk about how much they value their staff, however, when looking at actions there is always a gap between words and deeds. Precisely the function of an effective leader is to reduce the gap between what happens and what is considered to happen, which makes the most of time to avoid situations in which words prevail and not results. However, when this is achieved, effective leaders encourage employees to set and achieve ambitious goals.

Personal and professional development then derives from being inspired and motivated by their leader, not only to do a better job, but because they are being shown the path to success that goes far beyond the specific role of each person, even if they are shown their significant contribution to that path of good achievements and goals.

And a corporate culture that actively partners with employees to help them grow provides an ideal environment for cultivating a budding career. There is never enough time spent with staff to show them that management is very interested in each and every person.

Such environments make it easier for creative people to bring out their talents and share experiences and new perspectives for development. This is a consequence of their own actions together with the stimulus and motivation that the leader has been applying little by little, creating that special bond that everything is possible and of credibility that makes the staff confident that they are on the right track.

How to succeed in your own business

There is no clear formula for good results that will turn a person into a successful businessman. If there were one, we would never hear stories of business failure. But if we look at the history of all successful business organizations, we will find close similarities in their methods of operation in the years of training, formation, coaching and acquisition of the first experiences in decision making and implementation of actions.

Learn to anticipate and recognize changes in your business

Effective leaders always have a principle of action that is common to business success: never relax. Businesses are like a living being, in which they are continuously growing at a certain stage of their lives, but once they reach maturity, it is undeniable that either they stay in shape physically and mentally, or old age will be near as well as the disappearance of the market.

Sometimes it is hard to realize, but fundamental changes occur in business and can be good or bad. Businesses can also change because their customers develop different needs or because they start selling to a different type of customer or because a new competitor enters the market. There are thousands of reasons that impact on the root of change.

The sooner you understand the reasons why a business changes, the better the chances of survival in the immediate future and the more the project can be consolidated as something sustainable and real in the medium and long term. It is important to recognize the changes and see how they will affect them. Observing those that have already taken place in the market, both in our direct competition and in that which is not, because in today’s digital world, response and adaptation times have been cut by no less than one hundred and fifty percent. In sectors of very high technology and innovation, there are situations in which it is easy to talk about changes in responses of 600%.

The critical mass

The critical mass in a viable business is all that value it has in the present, which has survived a crisis, for example if it is at least seven years old, or what market situation (positioning and share) it will reach with that essential value we know the company has.

For example, a special client portfolio, which makes it different. But in short, one of the key keys is the cash flow that the company has to face the current commitments and to establish the basis of its future growth.

Once the correlation between cash flow, sales and some other factor is established, the critical mass can be determined very easily. This flow makes the business self-sustaining and we could translate this figure into average monthly sales, and then calculate the size of the customer base needed to produce those sales, which is their critical mass.

When this balance of power is produced harmoniously, there is no doubt that success is guaranteed.