The great way to get wealthy is still to start your own business, especially before you get old. However, a lot of 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, more than 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’ll need the right system in place to help you avoid failure, and thus, in this post, we will give you 5 habits tips you need to build a 6-figure business.
5 Habits to Build a Six-Figure Business
Here are 5 habits you need to build a 6-figure business.
1. Checking Your Timings
Time is the most valuable resource you have. Although very few people know about its real value. Most adults follow a traditional 9–5 schedule. This indicates that they work 35 or more hours a week, essentially doing whatever their boss tells them to do.
That doesn’t mean it’s a bad way to make money, but it’s not designed to encourage you to use your time wisely.
This rule is different when you are running your own business because there is no time to waste. The shockingly low success rates around new businesses are actually the result of a lack of time management.
Effective time management is important when you want to build a six-figure business. Because of this, you should manage your time carefully.
Regular audit of your time is crucial. So, whether you are starting a business or already have one, keep in mind how much money you are going to spend in the next few weeks.
This simple activity will show you where you are wasting time or working on low-value tasks, and also where you have dead time.
2. Continuous Learning
Given that practically everything you learned in school has almost no use in real life, it is likely that you have a cynical attitude against the idea of continuous learning.
Don’t discount learning, it is a vital component of being a successful six-figure business owner.
Take Henry Ford, the founder of Ford Motors, for example. At the time, the labor-intensive nature of the automobile manufacturing process caused a large number of Ford plant employees to leave their jobs, ultimately reducing the company’s automobile production capacity.
Henry Ford set out to find a better way to build his cars as soon as it became clear that he could not continue.
As a result of his efforts, the first-ever assembly line was created, which reduced the time it took him to build one car from 12 hours to just 2.5 hours for him.
Tom Ford is constantly learning and producing one of the core components of the modern manufacturing company.
3. Setting Goals and Tracking Progress
Without proper goals, you wish you had done things differently when your ambition to build and own a six-figure business fails.
The secret to getting the results you want in your business – or any area of your life – is goal setting.
Avoid focusing on only one aspect of your business and neglecting others, especially if they also need your attention. Create a system of accountability to make sure you dedicate at least some time each week to them.
4. Saying “No” Over and Over
The word “no” evokes different feelings in each of us. Perhaps because we think of it primarily as associated with negativity or rejection.
But this little, this two-letter word is important to being successful in all of your business endeavors.
You see, in business, saying “no” is important in certain situations that every potential business owner who wants to build a six-figure business venture must deal with.
If you want to be successful in business, you have to develop the ability to say no. You will have to make a lot of sacrifices to achieve the goals you want to pursue.
5. Taking Time to Think
Many people believe that being productive in business is everything. Sadly, many people confuse being busy with being productive, but they are two different things.
You need to be able to take the time to think in order to make sure that every action you take is bringing you the results you want.
Each week, you should set aside time to brainstorm ways to improve your business productivity, complete tasks more quickly, cut costs, expand your client base, and have a host of other possibilities.
This habit is more valuable for building a six-figure business. Once you have completed this important mental exercise and determined that new ideas are worthwhile to pursue, give those ideas goals so that they will be actively pursued in the future.