The 7 Key Ingredients to Create a Successful Business

Ingredients of a Successful BusinessThere are 7 things that you absolutely need to have in order to have a successful business. And when I say “successful business,” I mean a business that is profitable, provides value, and is a joy to own. If you’re struggling in your business, in any way, shape, or form, you are likely missing one of the key ingredients in your recipe for success.

The 7 main ingredients for a successful business are:
  1. A great product or service that your target market will want to buy. You can’t sell something just because you’re passionate about it or because you love doing it. Does your product or service provide tremendous value to your customers and clients? Does it help them to solve a specific problem or achieve a specific goal? If not, go back to the drawing board and brainstorm some ways to add value and help them get to their desired outcome.
  2. A lucrative target market. Are your potential clients hungry for what you have to offer? You might have perfected your craft, service, or product but if you’re targeting people who can’t or won’t pay for your services, you’re wasting your time. Don’t just target the people you want to help, target the people who WANT your help.
  3. Strategic thinking. Building a truly successful business requires you to be able to visualize what you want and to create a plan to get there. Every action you take in your business requires forethought, planning, and execution. Success doesn’t come from slinging spaghetti at the wall and seeing what sticks.
  4. Systems for EVERYTHING. I always tell my clients, “If you have to do anything more than once, figure out the most effective and efficient way to do it and then do it that way all the time.” In order to have a successful business, things need to run smoothly, efficiently, and effectively. You can’t waste time and money putting out fires, apologizing for things slipping through the cracks, or missing opportunities because you don’t have your stuff together. Systematize everything.
  5. Support from others. It’s really difficult to run a profitable and sustainable business completely on your own. Get out of your shell and connect with others who can help you grow your business in some way. Surround yourself with others who believe in you. Hire other professionals to help you handle everything that falls outside of your core area of expertise. Sure, you may enjoy dabbling in web design, but shouldn’t you be out getting clients? Hire a designer. Sure, you could be doing your own accounting, but it’s been a long time since you’ve done your books and shouldn’t you be out getting a client? Hire a bookkeeper and/or accountant. You get my point.
  6. A solid profit structure. Structure your services so that your clients get good, consistent results, and you earn a good, consistent income. Don’t charge strictly by the hour—doing so is rarely good for anyone. Beware of discounting, bartering, and trading—you need cash flow (and a profit) to stay in business. Work through your money issues and stand firm in the value you provide.
  7. Courageous action. Owning your own business is not for the faint of heart. You have to be willing to step outside of your comfort zone, tell people about your business, and set bold goals in order to truly own a successful business. If owning your own successful business wasn’t scary, everyone would have one. Don’t let fear ever stop you from doing what you know you need to do in order to create the business you desire. Be bold and be in action.

I would love to hear your comments on the “7 Key Ingredients.” Please feel free to share your comments

About Tiffany deSilva

Tiffany deSilva is the founder, CEO, and visionary leader of BrightFire Women’s Business Network, LLC.

BrightFire Women’s Business Network is the premiere sales training and coaching resource for service-based women entrepreneurs who want to increase their sales, serve more people, and change more lives.

Feedback & Comments:

  1. I like that “systems for everything” part. I see so many people spinning wheels doing the same “administrative tasks” over and over – and really should not be doing it at all. Think strategic and think systems, I so agree!

    • Tiffany,
      Your list is one many start ups and relatively new ventures should pay attention to.
      Especially the profit part. Sometimes people forget their idea, their concept must be able to make money.
      Mitch

      • Yes, and even established businesses need to pay attention to these things–especially #1. Just yesterday I read an article about several established retailers going out of business because they can’t keep up with Amazon.com–those businesses should have been very concerned with figuring out what their target market really wants. Things change over time and often you need to go back and revisit the fundamentals.

    • Yes, Sue! I hate to see biz owners wasting time on administrative tasks that they shouldn’t even be doing.

  2. My favorite is Courageous Action because its what I am doing right now! I know that I want to create something spectacular in my business and life and without taking risks and having courage, I will always just maintain the level I am at right now. This for me is the hardest part and also the step that will help take me the farthest. Thanks for the reminders!

  3. Great, informative post, Tiffany! I’m with Sue, I believe having systems streamlines success and attracts it more easily! Thanks for highlighting that!
    Love,
    Katherine

    Katherine C. H. E.
    Author, Be True Rich

  4. Tiffany, Point #4 particularly resonates with me. A better “system of systems” is something I’m working on in this new year!

  5. I think support from others is a big one that new businesses miss for sure! Solo-preneurs think they have to do it on their own with their cell phone and laptop… and maybe a dog and a plant

  6. All of these are great. Strategic thinking and systems are critical! It’s not always the “Sexiest” part of business, but it’s the part that has the ability to make the most positive impact.

  7. Tiffany,

    You had me at “systems for everything”. I’m often amazed at how many business owners struggle with systems. Strategy is also KEY and something I work with clients on regularly. There has to be a reason “why” you do everything and there also has to be a method to the madness.

    Great tips.

    Write on!~

    Lisa Manyon

  8. Great tips – love lists of 7 – and it was #7 that got me!

  9. You’ve listed really great points here Tiffany that are foundational and key for biz success! Each paragraph has very profound information in it even though it could be passed over as too basic! I’m going to save these!

  10. Great summary but the two I really resonate with are systems and courageous action. I love that term BTW: courageous action!
    Trudy

  11. Tiffany, #1 is so important. I see so many people create a product and then seek an audience for it. You need to ensure that you have something that people want, need, and will pay for.

  12. Amen to systems for everything! When I first started my business, people would ask HOW I do what I do. And I didn’t know. I just did it. (and that’s what I’d say – yikes! *cringe*)

    Once I put systems in place and documented the process I use, I was able to speed up the processes, delegate tasks, get help, and work with more people more effectively.

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