Steele Smiley, the founder of STEELE Fitness, a personal training company owned by Lift Brands, gives his advice on running a successful business.
Steele’s Commentary: Anyone can start a business, but it takes patience and poise to build a successful brand. It’s no easy feat, either. So many of us want to make a profit — fast. While that may be the case for a small percent of businesses, it’s not the rule. Experience is what defines entrepreneurs. It can build you or break you; it’s all relative to your attitude and your willingness to grow with your company. I’ve been in the industry for over 10 years and I’m still learning. What I do know is that the following will give you a nudge in the right direction:
1. Define your mission. Ask yourself this: What do I hope to accomplish with my business? This statement will influence your decision making when it comes to company matters. Write this down and refer to it every day.
2. Create a stable business model. This may take time, but this is a crucial step. Decide what resources are needed, who does what and how you profit from the process.
3. Do your research. Read up on how others have fared in your industry. Did they have similar concepts? Focus on what sets yours apart and how to avoid the previous missteps.
4. Choose your staff wisely. You’ll need a team of reliable, motivated individuals to help get things done. Use your judgment when bringing in new faces.
5. Consistency is key. There’s no Silver Bullet for success. Don’t fixate on finding the one great idea that will have a big pay-off. Instead, give your absolute best in all your daily operations.
6. Be sales-focused. Have a system for everything. This will help you keep track of trends and areas to improve on.
7. Test everything. Nothing will bust your business like a faulty program or misconstrued operation. Double and triple check that whatever you’re using within your company and putting out for the public works.
8. Keep your head straight. Don’t get too high on your successes or too low on your setbacks. Neither the good or bad times last forever.
9. Address problems immediately. Everyone makes mistakes. What sets exceptional entrepreneurs apart from the pack is the ability to roll with the punches and never make the same mistake twice.
10. Love what you do. It’s no secret that running your own business is hard work. There are highs and lows, but passion is what keeps companies moving and innovation brewing.
