Running a small business has an undeniable risk, and it can get confusing. Many owners are simply successful enough without them knowing. Remember that first paying customer you had for your product or service? There’s nothing like the feeling of success there.
The path ahead is unclear, so to help you ascertain where you are standing right now, here are some signs that your business has gone beyond the survival stage and is well into even more success.
You achieve cash-flow positive. The holy grail allows the business time to succeed and reinvest its profits for future growth. You might even be successful enough that you considered owning another house. Fixed rate home loans can help you with this one. You don’t want to put all your money in one place, right?
Clients find you. Yes, most small businesses seek out people to use or check out their service or products. If people are flocking your physical store even right before it opened, then you’ve got something going. For e-commerce shops, it’s those customers who keep coming back and ordering for more. Your catalog keeps showing out of stock and you seldom use off prices to sell.
Customers refer you. Word of mouth is still one of the best indicators of success. It’s when people tell other people about your business without you commissioning them. It’s when blog sites mention your brand or website, simply because it changed their life or it provided value to people.
Media takes notice. See your brand on a newspaper? How about a newscast? Is it on other websites? A successful business magnetizes the media like no other marketing business stunt can. If you’ve ever been invited to a radio or television show, shouldn’t that tell you something?
You show up on the first page of Google. Even if you do so little SEO. Successful businesses tend to be popular in the internet, and ultimately, every other search engine like Google, Bing, Yahoo, etc. And this is organic, compared to paid SEO undertakings.
Where to next?
Invest in another property (real estate)
What do you do next if you have more money in the bank than you care to spend? Easy, you can either spend it to buy new business tools, hire more staff, or invest it in another property like office spaces or homes. When the time comes, fixed rate home loans will help you with this.
Real estate investment is worth another article, but here are the main points to show you why it’s a desirable investment.
- It is necessary for shelter and economic purposes, like housing a business, manufacturing plant or a warehouse.
- It can produce passive income, either through capital appreciation, rents or both.
- It is a tax favored investment, with amazing depreciation write-off, and as favorable capital gains treatment once it reaches more than a year.
- You can earn a fortune in it when the real estate booms.
- Yes, it’s an investment, but it’s also a hands-on skill. By having a property investment, you’ll become more knowledgeable in real estate investing.