5 Habits to Build a Six-Figure Business
The best way to become wealthy is still to start your own business, especially before you’re old. However, many businesses fail during the first few years of operation because it is easier said than done to build a six-figure business.
According to BLS data, over 20% of new businesses fail within the first two years of operation, 45% fail within the first five years, and 65% fail within the first ten years.
You will need the right system in place to help you avoid failure, and as such, here are 5 habits that you must have to build a 6-figure business.
5 Habits that’ll Make You Smarter
1. Scrutinizing your time
Time is the most valuable resource you have. However, very few people are aware of its true worth. The majority of adults follow the conventional 9–5 schedule. This indicates that they work 35 or more hours a week, essentially doing anything their boss asks them to.
This doesn’t imply that this is a bad way to make money, but it’s not designed to encourage you to utilise your time wisely.
This regimen is different when you are running your own business because there is no time to waste. The shockingly low success rates surrounding new businesses are actually a result of lack of time management.
Effective time management is essential when you want to build a six-figure business. Because of this, you must carefully manage your time.
Regular audit of your time is important. So, whether you’re starting a business or already have one, keep track of how much money you spend over the next few weeks.
This easy activity will show you where you are wasting time or working on low-value tasks in addition to where you have dead time.
2. Continuous learning
Given that practically everything you learned in school has almost little to no application to actual life, it’s likely that you have a cynical attitude against the idea of constant learning.
Don’t discount learning, it’s a crucial component of being a successful six-figure business owner.
Consider Henry Ford, the founder of Ford Motors as an example. At the time, the labour-intensive nature of the automobile manufacturing process led to a large number of Ford factory employees quitting their positions, which ultimately resulted in a reduction in the company’s ability to produce cars.
Henry Ford set out to find a better way to make his automobiles as soon as it was clear that he couldn’t continue doing it this way.
His efforts led to the creation of the first assembly line in history, which reduced the time required to produce one of his cars from 12 hours to just 2.5 hours.
Tom Ford never ceased learning, which led to the creation of one of the core components of every modern manufacturing business.
3. Setting goals and tracking progress
Without appropriate goals in place, you’ll wish you had done things differently when your ambition to build and own a six-figure business fails.
The secret to getting the outcomes you want in your business—or in any area of your life, for that matter—is to set goals.
Avoid focusing only on one aspect of your business and neglecting the others, especially if they also require your attention. Create a system of accountability to make sure you devote at least some time to them each and every week.
4. Saying “no” often
The word “no” evokes various emotions in each of us. Perhaps because we perceive it to be primarily associated with negativity or rejection.
But this short, this two-letter word is essential to succeeding in all of your commercial ventures.
You see, in business, saying “no” is crucial in some situations that every prospective business owner who wants to build a six-figure business enterprise must deal with.
You must develop the ability to say no if you want to succeed in business. To achieve the goals you want to pursue, you will have to make a lot of sacrifices.
5. Taking time to think
People believe that being productive is everything in business. Sadly, many confuse being busy with being productive, but they are two different things.
To make sure that each action you take is bringing about the outcomes you want, you must be able to take the time to think.
Every week, you should set aside time to consider ways to improve your business productivity, complete tasks more quickly, cut costs, expand your customer base, and have a host of other possibilities.
Once you’ve completed this crucial mental exercise and determined that fresh ideas are worthwhile to pursue, give those ideas goals so they can be actively pursued in the future.
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