The Secret to Succeeding as a Small Business Owner (2022)

The fact of the matter is that all successful small business owners have just one thing in common, and that is being able to stay focused.

Whenever the topic of small business owners comes up, people are likely to come up with a lot of different ideas. Small business owners are sometimes thought of as independent sole operators, like people who own hotdog stands.

A small business owner can also own a computer repair shop that employs several dozen people. The fact of the matter is that all successful small business owners have just one thing in common, and that is being able to stay focused.

Read on to learn all of the secrets to success that small business owners are eager to know.

Starting Small as a Small Business Owner

Small business owners are the cornerstone of the American dream. From door-to-door salespeople in the 19th century to merchants, importers, farmers, and geniuses, the only obstacle to success as a small business owner in the U.S. is really the size of your ideas.

Today, small business owners are just as enthusiastic and optimistic about their chances at striking it rich.

To start with, anyone who wants to be a small business owner has to look up ‘what is an LLC’, then determine if this is what they truly want to do. There is a lot of paperwork that has to be filled out just to officially launch a business.

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Then there are finance records that have to be maintained meticulously, standards that have to be met, and expectations to be surpassed. It’s all hard work, but it is also rewarding.

Controlling the Pace of Your Business Growth

A new small business can grow very slowly and steadily, but it can also blow up almost overnight. You do have some say about the pace of your business growth, but if you are dedicated to success, then you also need to be able to go with the flow.

If your hypothetical t-shirt business were to find itself with more orders than it could keep up with, would you be prepared to hire additional employees on the spot? Would you be able to put in extra hours at your small business location printing up brochures, answering emails, and collating your files?

As long as you are certain that you can meet the challenges you will meet as a business owner, you will be able to be successful.

Paying Attention to All the Details in Business

Running a successful small business is synonymous with looking at the details. You really do have to be able to look at the nuances and all of the little things in order to present a professional image.

Great small business owners feel that every customer should be satisfied and that every product is of superior quality. This actually begins when a small business owner is just starting out.

They will go to websites like https://howtostartanllc.com/what-is-an-llc so that they can learn about business structures and licensing requirements on their own before making an educated decision.

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Detail-oriented small business owners want to know the full meaning of what is an LLC prior to meeting with the first lawyer or business advisor. They take matters into their own hands, taking a hands-on approach when it comes to every aspect of operating a small business.

Meeting Deadlines and Taking Business Responsibilities Seriously

You can easily compare running a small business to taking on a long-term project. There are stages and steps that have to be completed first, some chronologically, and others just being completed as necessary.

In order to avoid paying late fees and penalties when it comes to licensing and taxes, you have to be able to meet deadlines consistently.

Whether you have a restaurant and bar and need to keep your business operator license in good standing or avoid paying a penalty for filing your state taxes late, organization and responsibility are key.

No one is going to take your small business as seriously as you do, so if you are planning on being successful and happy you need to learn how to meet deadlines now. Don’t procrastinate, and if you can, get things done early.

Enjoying Your Success as a Small Business Owner

It is common knowledge that small business owners are amongst the hardest working people in the world. It is also true that small business owners have unmatched levels of freedom in their professional lives.

In theory, at least, they can go on vacation when they want, afford to splurge on themselves when the mood hits, and most of all, they are the ones giving out the orders.

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The truth is that responsible small business owners have a really have time fully enjoying their success most of the time. Sure, they will save extra money toward their retirement, reinvesting in their businesses, and even reward their employees for a job well done.

Enjoy All of Your Accomplishments

At the same time, one of the keys to success as a small business owner is being able to enjoy all of your accomplishments. There is nothing wrong with being dedicated to your company, but you also have to know when to take a break.

The beauty of being a small business owner is the fact that you have a choice as to what you do. You can go into business for yourself as a personal trainer who spends hours at the gym or coaching virtual, creating meal plans for your clients and keeping yourself fit as a form of self-advertisement.

You might prefer to stay on your computer at home, creating websites, developing new software, and dealing with web security issues for your customers.

Have an Idea

There is no ideal way to go into business unless of course, you are talking about organization and strategy. Have an idea of where you want your small business to be in five to ten years. Talk to others about how you can get tasks accomplished faster and with better ease.

The secret to being a successful small business owner is to be happy with the way you do things on a regular basis. If you wake up with a smile and enjoy what you are doing for a living, then your business is going to be a blessing no matter the outcome.

Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement. We ask that every contributor and expert answer the Identity questions in keeping with our theme.

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Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.

What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re not talking about resignation, rather stepping into, embraced, and owned.

I have come to accept my failures as well as my strengths in dealing with day to day struggles. I understand that sometimes situations cannot always be controlled and that I should learn to appreciate the good times and accept that whatever happens, happens.

Appreciation is everything. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?

I have learned to appreciate the people I have that have stuck by me. It’s rare to meet individuals who become an integral part of your life offering support and companionship especially at times when you need it most.

Share with us one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.

The biggest achievement in my life would be my 2 children. The goals I have are what I strive to give to my kids for them to have a better life.

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FAQs

What are 3 keys to succeeding in business? ›

The three key things that all long-lasting companies share, he posited, are: Great vision.
...
  • A Successful Business Needs a Strong Vision. ...
  • Smart Investments Allow for Growth. ...
  • People Are the Foundation of Business Success.
23 Dec 2019

What skills should a small business owner have to be successful? ›

A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill. Growing a business requires a sound strategy based on inherent business sense and skills.

What is the key for small business owners to succeed in its endeavor? ›

Adaptability, persistence and hard work, these are the keys to success in small business, but they are three important attributes no matter what your endeavor.

What is most important to small business owners? ›

For small business owners, cash flow is king. Almost three-quarters of small business owners say that maintaining and increasing sales are their most important business goals right now, according to a recent survey. Half of companies surveyed said they have experienced a cash crunch in the past year.

What are the keys to success? ›

5 Keys to Success
  • Build high self-esteem Believe in yourself, have confidence, like and feel good about yourself, take pride in what you do.
  • Focus with a positive attitude Always expect the best possible outcome for what you do. ...
  • Set powerful goals Give your brain a place to aim. ...
  • Persevere Never quit.

What are the 5 keys of business success? ›

Business Matters: 5 keys to success
  • Create a market-fit product. It sounds so straightforward, however, I see plenty of entrepreneurs starting their businesses without having a good product. ...
  • Focus on what's important. ...
  • Develop your leadership skills. ...
  • Look after your customer. ...
  • Find time to think.
14 Jun 2021

What are the five keys to starting a successful small business? ›

Consider these tips on how to start a small business.
  1. Recognize your strengths and weaknesses. ...
  2. Start with a simple business plan and grow it as needed. ...
  3. Focus on something you have a passion for. ...
  4. Understand your target customers and existing market. ...
  5. Don't be afraid to ask for help.
28 Mar 2018

What makes a successful business entrepreneur? ›

Passion, resourcefulness, willingness to improvise and listen to others and strong determination to succeed is what makes an entrepreneur successful. And this is what you have to keep in mind as well if you want to be a successful entrepreneur yourself.

What are the three most important habits to be a successful entrepreneur? ›

Here are five undeniable habits that every successful entrepreneur adopts as their own:
  • 1) They set goals for themselves. ...
  • 2) They learn something new everyday. ...
  • 3) They're persistent. ...
  • 4) They surround themselves with people that make them better. ...
  • 5) They seek new experiences.

What are the 3 important skills of a successful entrepreneur? ›

Adaptability, persistence and hard work, these are the keys to success in small business, but they are three important attributes no matter what your endeavor.

What are the responsibilities of a business owner? ›

Business owner roles and responsibilities
  • Planning and strategy. ...
  • Finance and accounting. ...
  • Compliance and legal. ...
  • Marketing and sales. ...
  • Customer service. ...
  • Hiring and human resources. ...
  • Build an interesting and captivating brand. ...
  • Uncover opportunities in keywords.
15 Sept 2021

What do small business owners care about? ›

They want to know how to make more money, cut costs of doing business, avoid taxes, avoid expensive lawsuits, find new opportunities to do business and find inexpensive ways to fund business growth. Beyond that are the details and solutions to their unique problems.

How do I become more successful? ›

8 Simple Ways to Be Successful—from 8 Inspiring Leaders.
  1. Be Passionate. And do what you for love. ...
  2. Work Hard. Don't ever fool yourself—success comes from really hard work. ...
  3. Be Good. And by that, I mean damn good. ...
  4. Focus. ...
  5. Push the Limits. ...
  6. Serve. ...
  7. Create Ideas. ...
  8. Be Persistent.
10 May 2017

What are 10 ways to be successful? ›

Tips for how to become successful
  1. Be committed. Through commitment, you can gain motivation to pursue success. ...
  2. Learn from the journey. ...
  3. Have fun along the way. ...
  4. Think positively. ...
  5. Change your perspective. ...
  6. Be honest with yourself. ...
  7. Take away distractions. ...
  8. Count on yourself.

What is the first key to success? ›

1st Key: Make A Plan

The very first key to success is to make a plan. This means having a clear picture of what a successful life looks like to you and putting together a well-defined set of goals to get you to that life. Planning well starts with figuring out what you want and writing it down in detail.

How can small businesses increase profit? ›

There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.

What are the top 10 successful businesses? ›

This can lower or even outweigh potential returns.
  • #1 Apple Inc. (AAPL)
  • #2 Microsoft Corp. (MSFT)
  • #3 Industrial And Commercial Bank Of China Ltd. (IDCBY)
  • #4 China Construction Bank Corp. (CICHY)
  • #5 Alphabet Inc. (GOOGL)
  • #6 Agricultural Bank of China Ltd. (ACGBY)
  • #7 JPMorgan Chase & Co. ...
  • #8 Alibaba Group Holding Ltd.

What is the most important factor in business? ›

Most business have the Product thing covered, delivering a good enough product or service to be successful. From countless research results, Marketing and Sales and Money is the small business biggest challenge. But the One key factor responsible for most success and failure is Money management.

How can I sell my small business fast? ›

A Summary of the Steps to Sell Your Business Fast
  1. Prepare to put your business on the market.
  2. Time the sale for the right moment.
  3. Calculate the value of your business.
  4. Get professional help — broker, lawyer, and accountant.
  5. Perform sell-side due diligence.
  6. Put your business on the market.
  7. Pre-qualify buyers.
8 Jul 2021

What is the most profitable business to start in 2022? ›

Let's get started!
  • Identifying the most profitable small businesses.
  • #1. Business Consulting.
  • #2. Real Estate Agents.
  • #3. Cleaning Services.
  • #4. Social Media Management.
  • #5. Creating Online Courses.
  • #6. Start a Small Business that Makes Candles or Soap.
  • #7. Payroll Services.

What motivates you to become an entrepreneur? ›

The main reason most people want to become their own boss is the freedom, satisfaction and flexibility it offers them. Entrepreneurs need to embrace new technology and use it to their benefit to continue growing their startups.

What characteristics should a successful solution have? ›

Look For These Five Qualities of a Great Solution
  • Depth. A deep product or service has a robust set of features. ...
  • Intelligence. An intelligent solution solves people's problems in smart ways. ...
  • Completeness. ...
  • Empowering ability. ...
  • Elegance.
17 Apr 2011

What are the 10 qualities of a good entrepreneur? ›

10 Must-Have Traits for All Successful Entrepreneurs
  • Problem-solving. First up on our list is a trait that is often taken for granted. ...
  • Impeccable communication. ...
  • Determination to excel. ...
  • Calculated risk-taking. ...
  • Learning continuously. ...
  • Strong leadership skills. ...
  • Passion and ambition. ...
  • Open-mindedness.
20 Oct 2021

How do small businesses progress? ›

Although growing your small business will take time and energy, there are 10 strategies you can use to help accelerate business growth.
  1. Do Your Research. ...
  2. Build a Sales Funnel. ...
  3. Increase Customer Retention. ...
  4. Participate in Networking Events. ...
  5. Practice Corporate Social Responsibility. ...
  6. Form Strategic Partnerships.

How hard is it to be a small business owner? ›

Small business owners work exceedingly hard, spending their own time and money to operate and market their businesses. Because of this, they may not make a profit for quite some time. They often have to say goodbye to 40-hour work weeks, at least at the beginning.

Why should you become a small business owner? ›

Freedom and Flexibility

The freedom and flexibility of controlling your own destiny is a top reason many people take up business ownership. You get to set your own hours. You can take a leave anytime and for however long you want. You can also work from anywhere you want depending on the nature of your business.

Why being a business owner is good? ›

Creative freedom and personal satisfaction. As a business owner, you'll be able to work in a field that you really enjoy. You'll be able to put your skills and knowledge to use, and you'll gain personal satisfaction from implementing your ideas, working directly with customers, and watching your business succeed.

How can I improve my business? ›

Set clear goals

specific – state clearly what you want to achieve. measurable – make sure you can evaluate success. achievable – check your objective is something you have the time and resources to meet. relevant – make sure your objectives improve profit drivers and improve some part of your business.

What it means to be a small business owner? ›

To be a small-scale business-owner, you must own a business with fewer than 500 employees and less than $7 million in annual revenues. A caterer who works alone and from home is a small-scale business owner, as is the owner of a catering company with several franchises.

What is one of the difficulties faced by small business owners? ›

Recruitment, Retention of Employees, and Labor Quality. Challenges in labor quality, including employee recruitment and retention were cited by 55% of small business owners, making it the largest challenge. For the first time ever, lack of capital was pushed from its top spot as the number one small business challenge.

What is the importance of having a small business? ›

Small firms supply many of the components needed by big companies. They also provide large firms with such services as accounting, legal, and insurance, and many provide outsourcing services to large companies—that is, they hire themselves out to help with special projects or handle certain business functions.

What are the factors that motivate you to start new or own business? ›

7 Reasons People Become Entrepreneurs
  • Reason 1: Achievement, Challenge, & Learning. ...
  • Reason 2: Independence & Autonomy. ...
  • Reason 3: Income Security and Financial Success. ...
  • Reason 4: Recognition and Status. ...
  • Reason 5: Family. ...
  • Reason 6: Dissatisfaction with Current Work Arrangements. ...
  • Reason 7: Community and Social Motivation.
27 Jan 2016

What are the benefits of small business? ›

The economic benefits of small businesses are numerous and portray how even the smallest shop can have the largest impact.
  • Local Jobs. ...
  • Increase Tax Base. ...
  • Less Infrastructure and Low Maintenance. ...
  • Product Diversity. ...
  • Local Decision-Making and Involvement. ...
  • Community Identity.
5 days ago

What are three characteristics of a successful entrepreneur? ›

3 Traits Every Successful Entrepreneur Must Have, According to the Experts
  • Successful Entrepreneurs are Resilient. ...
  • Successful Entrepreneurs are Confident. ...
  • Successful Entrepreneurs are Innovative.

What are four ways to become a business owner? ›

Four Ways:
  • Starting a new business.
  • Buying an existing business.
  • Buying a franchise.
  • Taking over a family business.

What is another word for small business owner? ›

Proprietor

The title of proprietor is similar to that of an owner, as they are both typically used to describe the owner of a small business.

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