Personal Finance Dec 07, 2015 04:50 AM EST

How to Build a Thriving Business When You Have No Time

By Staff Writer

Quitting you job and starting your own business, can be a quite scary and daunting process. Nearly 50% of the new businesses fail within first five years and only 3% of those remaining ever make it to the 10 year mark. The reason that majority of the businesses fail is due to simple lack of planning. While there is no formula for success but there are some rules every business should follow to be on the right track.

 The Huffington Post tells the story of John Rampton, a well-known serial entrepreneur (he has launched four startups), when he was 10 years old he took a $100 loan from his mom, and stocked up on candy from his local Costco and then set up shop in his local neighborhood. . "I could buy something for 10 cents and then sell it for 50 cents," he says of his first entrepreneurial venture. "I was making good money from a little pack of skittles." He learned one thing there that one can always buy things for cheap and sell them for a little bit more, and earn a little bit money off it. Rampton gives six tips for entrepreneurs who want to build or grow a successful business. 

Motivation is the one step towards launching your own business; you should maintain a bias towards actions. "There's only one percent of people who will go build it, who will go do it," says Rampton. He also says that time is more important than money. "Time is limited but money is not," says Rampton. "You can never get time back -- even if you're charging a million dollars an hour. At the same time, the amount of money you can make is infinite. You can always make more of it. Keep time in mind and prioritize what's important in your life." Rampton likes to turn off his phone and email while working and that helps him to finish his work faster.

According to Kickass Business Online, you should have a detailed business plan before starting a business. Read everything you can on the subject - books, blogs and articles. Meet the business owners you admire and talk to them.  You should also know your targeted market and your competition. People want solutions to their problems, not to be told what their problems are. Find out who your product/service provides a solution for and go after those people. Then, study which businesses are providing similar products/services as you and build your brand off their weak spots.

Forbes says that there are various benefits for having a business blog as it helps to drive traffic to your site, create sales, and create awareness of your business among the people. But when are running a business you may don't have time to manage the blog so you can always hire freelancers and invite guest bloggers to write on your site, so you can do what you do best - running your business. Some sites where you can find reliable writer are -Upwork, FreelanceWritingGigs, Craigslist, and theProBlogger job board.

Building or growing a business is time consuming and requires consistent effort. Follow the rules above to make roots of you business strong enough so that it grows wisely in a long run.


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