When do you consider your business being successful?

[Chris_39]

Often I meet with friends and relatives and many of them start out their conversation by asking me how my business is going.

I have been in business a couple of years now and have always been in the blacks. However, there was never that much left over for me. I actually was better off when I was employed and my friends know it. I put most of the surplus right back into the business.

That is why my friends and family often see me being able to afford less than they can and I have the feeling they feel bad for me. Thing that I do not want. I have this feeling that they do not share my hope for success. I do not worry to much but I wish I could convince them somehow otherwise.

One of my biggest problems is that I cannot tell them. Hey! My business is successful. It is profitable. It is just not at the point yet were I can draw a salary that makes me being well off.
What holds me back is that I fear that I would see it in their doubts and disbelieves in their eyes.

So, what should I do? I just want to continue until there is enough cash so I can prove them wrong. However, I am running out of time.

What do you think? When would you consider a business successful?

 

[woodss]

Why do you care so much about what people think? It's your business, literally.

As long as you're happy, not drowning in debt and have a plan then I'd call that success.

 

[FreebieBoy34]

I would consider my business (online or offline) to be successful when I'm at a point of stability. Meaning, I'm able to return the capital that I invested, I'm not worrying too much about any debt. and my day to day earnings are stable...

 

[Jacksonln]

Sadly, it is often human nature that people like to make themselves feel better by judging others and deeming them to be less fortunate than they are. However, it is all about perspective. You could be earning mega bucks doing a job that others perceive to be beneath them, or less than, and they would still feel sorry for you.
If you are doing something you enjoy and surviving I'd call that a success. Worry less about how others judge you, and focus on achieving what you want from life (not what others think you should have).

 

[lloydsolutions]

Only you can measure your success. When they ask you just say it is going fine and start asking them about their work, family or whatever. People love to talk about themselves and the conversation will soon switch to something else.

 

[Ian J]

You make it sound as if you are running your business for your friends' benefit. If they ask you how the business is doing just say "fine" then ask them how their job is going

 

[tony84]

Who cares what others think?

If you are running out of time, then I would not consider it a success. That typically means you are spending more than you are earning and that can not go on forever.

When I first went self employed I was living pay cheque to pay cheque, thats not successful. That is managing -- just! To be successful you need to be covering your expenses and earning an income that allows you to live without lookng over your shoulder wondering whether or not you can pay the next bill.

 

[StevePoster]

Successful business defines the number of achievements and most importantly how many satisfied clients or customers are benefited with your brand.

 

[serendipitybusiness]

Your friends and family care about you and want to share your journey. They worry that you may not be going down the right path or that the business will fail. Not because they want to see you fail, just the opposite, they don't want to see you fail (although some may take comfort if you do by feeling validated that they made the right choice in sticking with employment and not taking the risk to go it alone). There may be disbelief in their eyes, that is okay. I bet you have moments of doubt too. I know I do every time I knock back a high paid job to go it alone!

I have had the same thing with my family and friends, they question whether I am going down the right path but it is because they care. I even had an aunt tell me you will never be a millionaire, just face it. Others have said your so talented and clever, you should be earning much more (aka go and work for someone else, what are you doing). They haven't said this to be cruel or because they think I am a fool (although probably a few do!), they have said it because they genuinely want the best for me. I have also had friends and family say you are so brave, I am so proud of you and all the hard work you put in. You deserve to be successful. Some just don't get it from my point of view because the thought of doing the same terrifies them, some do and are fully behind me, some just like to watch the journey from a distance and chip in when they can but think I am mad!! Nobody is wrong or right in this situation they have just chosen different paths.

People are built differently, they think differently. This is how the world works, if everyone felt the same as you, there would be no employees just owners. I felt like you at the beginning and kept everything quiet, deflecting wherever possible. Then I realised what was happening and started sharing my journey. My failures and my successes. I will openly tell my family and friends when things go bad or when I get my breaks. I go into detail, my return on investment per hour of work, my future plan, my current plan and what I am learning. They love to join in, give advice, listen and share the journey whether they believe I am doing the right thing or not.

They are all behind me now that they see I am making money but it took time to get there and I have been distracted by a few ventures I have walked away from during this journey. In one mindset I would be fearful of telling family and friends that I have just walked away from 9 months of hard work but now I just tell them what has happened. Their reaction and thoughts are theirs to have and own. I am happy on the path I am travelling and I own mine.

You need a thick skin to be a dedicated entrepreneur, everyone has the same issue. Don't worry so much, it is natural, just enjoy the journey (even the bad parts) and keep at it.

 

[woodss]

People want the best for themselves and when they see someone doing well at something they don't have the guts to try themselves, they try to bring them down - sometimes in a subtle "caring" way.

Sorry if that's overly pessimistic but you can't live your life listening to others because you are not their priority when all is said and done.

Putting someone down is far easier than doing it yourself.

 

[Pish_Pash]

I'm sort of in the same space as the OP....I'm just coming up to the end of my 4th financial year. I'm making decent profits (solid, but nothing outrageous)...& growing 30% each year, but ploughing a lot back in to the company due to aforementioned growth (I need ever increasing amounts of stock)...I've only put in about £100k of my own money, but I if I took out, my company would then be strapped for cash! (because I've been paying myself a salary/dividend each year). the way I see it, you can only ever pay yourself back fully once your company is making stonking profits & has grown extremely well but beginning to plateau - if you are still just growing "quite satisfactorily", then it becomes a case of 'stock in->stock sold->.... rinse repeat' with no hope of ever paying the initial starting capital down!

To say I'm pissed with George Osbourne & his Dividend tax is putting it mildly..... it's as if when I get to the point when I can actually start reaping the benefits of running a limited company, someone goes & moves the goalposts which have been static for years!

So to the OP...I sympathise...I haven't got the answer, but I know that after 4 years of heavy graft, I'm still at least a few years away from being in the place that I'd deem 'being successful' ...but a lot can change in that time, so I'm not counting any chickens here!

2017 will hopefully be the turning point for me ...it's been very difficult to achieve 'escape velocity' wrt purchasing power (vs the average 'salaried' worker), but I now have my finger moving towards the button labelled '"warp" ...I think the back end of next year is when it'll be pressed

 

[SamStones]

For me , success is in the eye of the beholder. There's different milestones you can achieve along the path of success.

Step 1: getting off the ground and starting trading. Many people will talk about starting a business or going it alone, but few will ever try.

Step 2: making it through the first years trading and knowing that you're going along the right path.

Step 3: being happy in what you're doing. I wake up each day and look forward to going into work, I know plenty of people who have regular 9-5 jobs, are on good money, but are as miserable as sin! You're going to spend a large portion of your life working , so if you can enjoy what you're doing and can survive off that then you are successful.

Step 4: For a business to be a "business" you have to be able to leave it and let it generate money without your input. Otherwise, you're just self employed - you stop working and the "business" stops generating money. If you can take a holiday and someone else is making you money whilst you're away then you have a "business". Please note that this is different from you being a success in yourself as the op asked when the business is classed as a success.

Step 5: when you're no longer robbing Peter to pay Paul - you've got money in the bank, no overdue bills and are living comfortably


These steps can come in any order at any time, and can also disappear over time. You may become disillusioned with your work, you may lose a big contract and have to downsize or you may lose a key employee. Hopefully if this happens you still have the other successes to fall back on.

As others have said, don't worry about what others think, just keep doing what you feel is right. 2 years trading is nothing in the scheme of things, and if you're keeping your head above water you're already winning!

Good luck!

 

[Redd]

You work for yourself and should be answering to nobody, they may well be asking you hoping for positive news as they may want/wish they had the balls to do something similar and therefore not have to answer to there boss every day at set hours. whatever is happening in your business stick with it, think outside the box to your competitors and make it happen, do not be afraid to fail. good luck

 

[Talay]

If you were earning £50,000 a year and your business hasn't been able to pay you any salary or dividends then it already "owes" you your investment, opportunity cost of investing that money elsewhere, your time, £100,000 lost salary and then the premium it should generate above your salary to compensate for the risk, possibly another £50/100,000.

If you can't ever reach that position, then unless you have an overwhelming reason why working for yourself is so much better than working for someone else, you need to question the viability of your business going forward.

Some businesses can't ever reach that, irrespective of the work put in or the enthusiasm of the owner.

 

[MikeJ]

Apropos nothing, but the OP's website is laughable considering he's supposed to be a digital marketing expert. The link at the bottom of the home page to "Contact us" doesn't work. Maybe if that got sorted, the business may make enough to pay him a salary!

 

[tony84]

Apropos nothing, but the OP's website is laughable considering he's supposed to be a digital marketing expert. The link at the bottom of the home page to "Contact us" doesn't work. Maybe if that got sorted, the business may make enough to pay him a salary!

I think Mike has found at least one major problem. Looking at the code as well, I am no expert but using Left justify for each line is quite old school. Even a free wordpress theme would probably help with your conversion rates. Being completely honest, if I had met you and liked you and seen your site...I would not use you. It does not need to be all singing and all dancing but it does need to look professional.

 

[Samaksh]

Your business is successful, if you're organically showing up in google search results like Google, Bing, Yahoo. It will really mean you've made it to the first page for a highly searched, highly profitable keywords.

 

[Ian J]

Your business is successful, if you're organically showing up in google search results like Google, Bing, Yahoo. It will really mean you've made it to the first page for a highly searched, highly profitable keywords.

What rubbish. I know of many businesses that are successful and don't even have a website.

In my own field there are many successful businesses that aren't on page 1 of Google - Lloyds Bank, HSBC and Barclays to name just three

 

[Plumb Spares Direct]

Refer to your business plan, is your business on track with that? If it is, all is well, if it's not, you need to revisit and revise it. It really is that simple.

 

[Ago]

If you employ the right people who cares about your business,then you can say 'the business is successful'.

 

[JEREMY HAWKE]

When do you consider your business being successful?

Don't really care because one day everybody wants to buy a product the next day it is out of fashion and your going bust . No such thing as success

 

[Vectis]

...So, what should I do? I just want to continue until there is enough cash so I can prove them wrong. However, I am running out of time...

Running out of time for what?

 

[Samaksh]

What rubbish. I know of many businesses that are successful and don't even have a website.

In my own field, there are many successful businesses that aren't on page 1 of Google - Lloyds Bank, HSBC and Barclays to name just three

I'm not saying businesses can't be successful if they aren't showing on the first page of Google. My point of view here is - If they don’t fully engage online, they are at a competitive disadvantage. The competition for Google’s first page is fierce: you have to compete against your rivals for organic positions as No 1 position is worth the effort as it brings lots of new visitors that in turn increase the conversion. It's my opinion.

 

[James1974]

My business was successful the day that it replaced my employed job and I got to then spend more time with my family and be my own boss, controlling my own destiny. Money had nothing ever to do with it. Work like balance and all.

 

[Ian J]

My business was successful the day that it replaced my employed job and I got to then spend more time with my family and be my own boss, controlling my own destiny. Money had nothing ever to do with it. Work like balance and all.

I'm sure that you wouldn't be saying that if your business was losing money

 

[James1974]

That's a fair point. Was there for a while and it was horrible