Businesses come and go in today’s economic climate. According to the U.S. Small Business Administration Office of Advocacy, about 1 in 12 businesses close every year, stating that low sales is one of the primary reasons businesses shut down.
Entrepreneur and multi-millionaire Noelle Randall started her business after the 2008 global recession and has since built companies that have stood the test of time. She shares some tips to create a business that lasts.
Address a need and be a solution
Randall recommends, “Focus on helping others solve their problems.” She adds that an entrepreneur must identify a problem, specialize in handling that challenge, and build a business around it.
This helps the entrepreneur leverage a service that can fit the needs of a specific target market, making the business more sustainable in the long run. She continues, “It’s about finding an opportunity to make money in a particular problem and growing your business from there.”
Getting business credit
Many new business owners fall into the trap of using personal funds to fund their businesses, and Randall stresses that this is a big mistake. This adds a lot of stress on top of having to focus on necessary operations. She shares that there are avenues for new entrepreneurs to support their businesses without putting their savings and credit at risk.
Randall strongly recommends building business credit. This can help business owners receive better terms and prices on loans, credit cards, and other financial products.
Business credit gives new business access to more funds earlier in their company’s life. This means they can start improving their products and services and optimizing their marketing strategies sooner than if they used personal funds.
Education is the key to long-term success
Randall stresses that education is vital when building a business that lasts. Entrepreneurs need to understand how the industry they are operating in works. She advises following practicing experts on social media and YouTube or getting a mentor and following their advice.
She also emphasizes the importance of keeping up with the latest trends in the market. Business strategies that may have worked before likely don’t work anymore. To adapt to consumers’ ever-changing needs, keeping up with trends is essential for entrepreneurs.
Take advantage of opportunities to learn
Noelle Randall invites aspiring real estate entrepreneurs to join the GROW YOUR WEALTH Investor Summit. This three-day real estate education conference includes a tour of actual properties she manages. This event is a great way to learn the ins and outs of owning a real estate business. For more information, visit www.GrowYourWealthEvent.com.
Building a business with staying power largely depends on how much its owner prepares and adapts to the changing markets. Entrepreneurs need to know their target market, stay informed, and use all resources available to them.