The 3 Biggest Success Or Failure Factors In Business (REAL WORLD Stuff!)
"Why other businesses are a success? Why does one deal at a car dealership do great and another one fails?"
- A question from Ben from the Secret Wealth Project Facebook group.
This is a very good question and it applies to every business, not just internet businesses and it can apply to any type of business. I'm going to answer it from any business point of view, because at the end of the day as much as we do focus on online business, it's still wealth generation we're talking about.
These are the three major reasons that can make or break any business...
1. Marketing - This is the main factor
Marketing skills and/or a marketing partner contributes at least 50% to the success of a business. You can have everything right including an amazing product, but if you get the marketing aspect wrong, everything will fail. Whereas you can offer a product that is just 'okay' but if your marketing is amazing then your business will almost definitely succeed.
2. Location - This could also apply to online business, but more so to offline business
I spent a lot of time and money learning that location is very important in a business. I used to own a night club and the location was very bad.
I don't mean that the location was bad because people had knives, but because the location didn't have any footfall (not enough number of people passing through the area at any given time). If my nightclub had been located in a location where most nightclubs were, I'm sure we'd still be smashing it up until now.
Location for real world businesses is massive.
If you have a bad location, your business will surely fail. However, if your business is in a good location, you will surely succeed. Free parking is very important when choosing a location.
People want convenience and if your business is located in a location where parking is free, it will help your business succeed.
With no free parking and no foot fall, you will be fighting an uphill battle from the start.
3. Mindset - Mindset is everything. Everything was against me when I was in the night club game.
I didn't know what I was doing, I was a beginner, I didn't know any laws, I didn't know the regulations, I had never ran a nightclub before and I had never managed a nightclub before.
I did not have a clue and I did everything on my own. I didn't have an experienced business partner and I didn't have someone to turn to.
I had to learn everything about the night club game from scratch with nobody to ask and it was nuts and I don't know how I made it work.
My nightclub was a very successful business for a couple of years. Looking back, I shouldn't have done it because the location was bad and I was inexperienced.