A billion dollars. More money than most people can spend in a lifetime. Billionaire-status may seem unattainable to most people, but a recent survey has revealed that billionaires are more relatable than you might think. According to the research, 55.8 percent of the world’s more than 2,600 billionaires are self-made. Cumulatively, these self-made billionaires have combined assets worth almost $5 trillion.
Self-made billionaires come from all sorts of humble origins, and not all of them are related to finance. One of the most famous examples is Mark Zuckerberg, the founder of Facebook. The tech mogul started the social media platform while he was still in college and has recently become worth more than $100 billion.
Billionaires could achieve their status from having a wildly successful business specializing in curtain truck for sale or getting an idea for an innovative app in their college years. They can even be small business owners.
How can you grow your humble enterprise into a billion-dollar industry?
1. Find Partners
Small businesses and enterprises need to band together to become stronger. Consider forming profitable partnerships with compatible businesses from an early stage. For example, if you run a small craft store you may want to form a partnership with a local courier service so you can deliver your products to customers more efficiently.
2. Preserve Cash
Financial experts have revealed that 82 percent of small businesses shut down because they have poor cash flow. If you want your business to make it past your first year, you should always have cash reserves that you can tap in case of an emergency. Do everything you can to protect your cash reserves such as taking loan extensions and exploring other revenue streams.
3. Build a Brand
Brand recognition is crucial in creating a stable customer base and you won’t become a recognizable and profitable brand without effort. Well-designed logos, consistent messaging and a continual retooling are all parts of an effective brand strategy. Think about what your business is truly about and use it to form your brand’s core identity.
4. Focus on Growth
Too many aspiring billionaires take an aggressive stance when it comes to managing their business and focus on expansion rather than growth. This can lead to overextending your resources and crippling your operations. Instead of expansion, focus on improving your systems and increasing your operational capacity. This will yield more revenue and allow you to create a firm foundation for expansion later on.
5. Explore Ideas
Once your original business has grown and is ready for expansion, try thinking outside the box. For example, Amazon started as an online book marketplace and delivery site before turning into the billion-dollar international conglomerate it is today. Think about business ideas you can connect to your original company and strategize how you can explore them. This can be the key to your business joining the rank of some of the most profitable companies in the planet.
6. Embrace Change
Stagnation is the first step to extinction, at least in business. There are so many innovations and game-changing updates to every industry every year that it can be difficult to keep up. But you need to explore these changes and discover how you can fit them into your existing operations. Doing so can mean the difference between your business becoming the next billion-dollar company and shuttering your operations.
7. Keep Learning
As a business owner, you should always be educating yourself on a variety of fields. You should be updated on the best practices of your industry as well as management tools you can use to improve your operations. You should also explore other areas that can offer new ways for you to pursue your goals.
For example, learning programming can provide you with a way to streamline your company’s website. Every learning opportunity is a chance for your business to grow along with you.
Financial security is a lofty goal on its own, but you can aspire for more and attain billionaire status. All you need is skill, ambition, determination and to follow a few great tips.