As an entrepreneur, you will always want to increase your business earnings. Some entrepreneurs make a good income from the very beginning, some can get there in a little while. Some entrepreneurs' incomes increase over time, and some come to a standstill - neither increase nor decrease.
Those whose income increases over time, what do they actually do? Do they know the magic that when others stop or go backwards - their accounts just swell?
Not to mention the world's most successful entrepreneurs, such as Alibaba's Jack Ma or Amazon's Jeff Bezos.
It’s actually not something very difficult or surprising. Entrepreneurs who earn more from business than others practice certain habits. Some may know, some may practice without knowing their benefits. But both parties benefited equally.
Today I will tell you about 6 such habits - which if practiced will increase your income.
01. Be Unique
Entrepreneurs who do conventional business - they often get stuck in one place. Their financial situation continues in the same way. They may earn a regular income - but their income does not increase.
Peter Theil, co-founder of PayPal, a world-renowned online trading company, wrote in his best-selling book, Zero to One, that if a business is to succeed at the highest level, it must have something in it that no one has done before.
When you work with a completely unique idea, or come up with something unique in a conventional business - people will be more interested in getting your product or service.
It's not that you have to come up with a brand new idea. It can be made unique in the eyes of the people by adding new ideas even in the conventional business. Take Amazon.com, it's a retail business. Jeff Bezos is the richest man in the world today by bringing the idea of a retail store online. If you have a store, you can change the design of the store a little but attract more buyers than others. Walmart founder Sam Walton placed a popcorn and an ice cream cart in front of his own store to stay ahead of the competition with the store next to him. Although he did not make much money selling these two cars, they did attract more buyers to his store. As a result, the sales of his shop were increasing.
To increase the sales of your business, always think of ideas that attract buyers even if they are not directly involved with your product. Many restaurants have separate places for children to play. While it's not directly related to the restaurant - it increases the number of shoppers coming to the restaurant, which in turn increases revenue.
Try to find a customer problem in your business that no one has solved yet. This is a great way to increase your business income in the long run. Keep an eye on competitors at all times. Try to understand what they are doing - as well as what they are not doing. The more uniquely you can present yourself - the more buyers you will be attracted to.
02. Don't be afraid to take risks
One of the main reasons for the slowdown in business income is that many entrepreneurs are too afraid to take risks. Once the business is in a stable place, they don't want to try anything new. Because they fear the current lucrative state of the business could suffer.
But you have to try new things to get the business going. Suppose you have a restaurant. Depending on the location of the restaurant, a maximum of 200 shoppers will come here every day. Your regular income from this restaurant is at a certain rate. Now if you want to increase this income rate, you have to open branches in other areas as well.
Now if you want to open a restaurant branch in a new area, you have to spend a lot of money. As well as allocating quite a bit of the time given to the current restaurant there. Moreover, there is a lot of work to be done in hiring new employees, marketing, etc. And even then, it cannot be said with 100% certainty that the new restaurant will run the same as the old one.
But if you want to increase the current income rate, you must open a new restaurant. If you don't take this risk, you have to stay where you are. A truly successful entrepreneur always wants to grow his business. And he took the risk by calculating for this.
Take Elon Musk, another founder of Paypal. He did not stop there after he changed the face of financial transactions with Pay Pal. Tesla, Space X - he has reached out to many businesses one by one. That's why Musk has become one of the best entrepreneurs in the world.
No matter what business you do, look for opportunities to expand your business. There must be a risk in this work. But if you want to increase the rate of regular business income, you must have the mentality to take this risk.
Remember the words of world-renowned author James Stephens, "The desire to do something new overcomes fear in a way that is not possible with courage."
03. Time management
The most precious thing in human life is time. Nothing is as valuable as time in any area of life. This is especially true for businesses.
Any successful entrepreneur manages time well. They know that their business will only improve when they work on time. Meet the needs of buyers on time.
If buyers have to wait a long time to receive your service or product, they will be annoyed and go to others. If it takes 5 days to deliver in 2 days - no buyer will like it. This will ruin your reputation in the market. The customer base will continue to decrease day by day instead of increasing. On the other hand, if you do all the business on time, it will build your reputation in the market. New customers will be interested in taking your product or service. Because, because of your good time management, old buyers will recommend you to new buyers. And increasing buyers means increasing your income.
04. Match words and deeds
Whatever you tell buyers, they get it. More days than what will be in the advertisement. Do not give less in any way. Your business will never improve without words and deeds. The value of honesty is everywhere. Maybe it takes time to get honest results, but once you start getting it, you don't have to look back.
If the service does not match your word, then a buyer will not come once. As well as word of mouth will spread your slander. As a result, business will not expand, but will continue to decline day by day. Many big companies could not survive in the market just because of this.
On the other hand, if the service matches the word - the buyer will come back, the reputation of your business will spread through the mouths of the people - which will add many new buyers. As a result, business income will continue to increase day by day.
What you don't have - never talk about having it. Be honest with the buyer. Your business income will continue to increase day by day instead of decreasing.
05. Try to learn something new all the time
As I said before, you need to apply new ideas to increase your business income. In business, you have to bring something that no one has brought before. Where do these ideas come from? - Of course through learning new things. Through gaining new experience and knowledge. You need to know about new technologies and trends. You have to keep a close eye on what people want. We have to develop our products and services accordingly.
Have you ever wondered why companies like Google, Facebook, Microsoft - bring updates every few days?
This is because they are constantly on the lookout for new customer needs - and update their products and services accordingly. This type of update can be brought to any business. Entrepreneurs just have to have a learning mindset. Almost all the big successful entrepreneurs in the world have a part of their routine assigned to learn new things.
The main reason why Facebook is popular all over the world is that it understands the needs of all types of people in the world. And Mark Zuckerberg has a great habit of realizing the importance of understanding this need. He regularly studies the different races and cultures of the world. This allows him to understand what the people of a country like, and how they behave. In this way he can provide certain types of services for certain types of people. That is why Facebook is as popular in Bangladesh as it is in Norway. But the people of the two countries have almost nothing in common.
Knowing people's needs, thinking and applying new ideas, applying new business strategies - these are the things that bring a business under continuous development. As a result, business is expanding and income is increasing.
06. Maintain a close relationship with buyers
No matter what business you do, buyers are the lifeblood. If people don't accept your product or service - that initiative is bound to fail.
Successful entrepreneurs make time for buyers on a regular basis. One of the big reasons Amazon can be the best online shop is because of its great customer service. Many businesses have not been able to succeed even after having good products just because the customer service is not good.
Giving importance to the needs and complaints of the buyers, keeping in touch with them regularly is one of the conditions for the success of a business. I have said in point 4 that if words and deeds match, buyers can be satisfied, and new buyers come through them. In this case too the matter is close. If you have a good relationship with the customers, if they contact you and get timely response, if your customer service is of good quality - then the existing customers will be with you - they will bring more new customers for you. As a result, your income will continue to increase day by day.
07. Keep improving the quality of service
Many entrepreneurs make an extreme mistake when starting a new business a little better. As a result, the business ends, or does not improve after reaching a certain stage.
There are many traders who attract buyers with very good service in the beginning. But after a while it is seen that they no longer have that service. Because, once the business is in a fairly good place, they think that there is no need to increase the quality of their service, the customer will come. But it is extremely wrong. Customers who come first for the service - if they do not get the service later, they will turn away.
It is often seen that in the early days when 10 customers came in a day, 2 people was enough for them. But even though the number of customers has become 50, they try to run with those 2 people. In this way, the buyers will not get the desired service in the normal way. In this case, the entrepreneur must hire new people and increase the quality of service. Otherwise his income will deteriorate, and his reputation in the market will be bad.
In addition, in order to increase the expansion and income of a business in a general way, the quality and scope of the service must be continuously increased. Otherwise the pace of business will stop.
Appendix:
An entrepreneur can be said to be fully successful only when his business is making significant profit and it is increasing day by day. The success of a business is measured by the financial gain at the end of the day. And in the long run, there is no substitute for consistently raising income to keep a business afloat. We hope that the tips in this article on the habits of successful entrepreneurs as entrepreneurs will help you to increase your business income at least a little bit.
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I hope @georgedonnelly , @Omar @ErdoganTalk sir likes my article. Thanks all of you sir for encouraging us to write authentic and quality article.
