What ALL Successful Businesses Have in Common

May 25, 2020

Let’s be clear:

There’s no such thing as a one-size-fits all when it comes to finding the formula for success.

If something like a strategy, narrative, or script works for one, that doesn’t mean it’s going to work for others. But interestingly enough, all successful businesses seem to have a few things in common!

Here’s what the formula for success looks like:

Indefinite passion
+ deep-dive market research
+ branding with purpose
+ giving value
= success

Of course, hard work is non-negotiable and depending on your dream business, you may need to add a couple of other variables to the formula.

However, the core of that formula never changes! Ever! You can think of it as the foundation for a business that’s going to be successful in the long run.

Here are a few tips to help you nail the formula right from the first try!

Be the person who inspires others.

In his book Start With Why, Simon Sinek explains that there are the leaders and then there are those who lead.

Sure, leaders get things done too, but the magic of those who lead is that they do so much more: they lead with passion, they inspire action, and ultimately, they change the world!

The only possible way to be a genuine, compassionate entrepreneur – one who leads and inspires others – is to have a strong why behind your idea.

For example, the why behind everything I do is helping others step into their purpose (who they’re here to be and the work they’re here to do). I’m a multi-passionate entrepreneur and yet, the desire to change the lives of many is at the core of what I do. No matter the how or the what, my why always will be the same!

Know your audience.

When I say know your audience, I mean really take the time to know them.

Don’t lose yourself in the data by itself – sure, age and gender are important but try to go a bit deeper than that. Try to get the emotional insight!

What keeps your target audience up at night? What’s their biggest headache at the moment? What’s something that they could really benefit from – and how can you provide that something?

Again, this is just scratching the surface.

However, when you do this, dive as deep as possible. Getting this right from the start is going to save you a lot of time and energy down the line!

Tell your story to the world.

We all have a story to tell. Yes, even if you don’t believe your story is worth sharing… believe me, it is!

Your story is what makes you unique and memorable and what sets you apart from the crowd. Your story is what makes you – you!

If you find a way to infuse your business with your story, I guarantee it won’t go unnoticed.

Now, not everyone wants to build a personal brand – and that’s okay! – but there are still ways to tell a good narrative and include some of your personal values into the business you’re building.

For instance, if you really value honesty, then perhaps look into adding that value within your brand values and communicate how that value is making you different than the rest.

Add value to everything you do.

Long gone are the days when all you needed to do was offer a product or service, and have everyone jump at it!

Now, more than ever before, customers value connection with brands. They want to feel understood, and supported – they want to be your friend.

One amazing way to get connected to your audience – and to build friendships – is to add value at every step of the way.

Let’s say you’re building an email list, don’t just give a freebie and leave it there. Provide your email list with informative, helpful emails that they won’t only enjoy – but actually get some value out of.