When you’re starting out on a new business venture, how long do you think it will take for your business to succeed? It’s worth considering. Success is neither guaranteed nor is it even likely. A large number of new businesses fold up rapidly despite the best efforts of their owners, and at all levels of operation. Could this be due to the failure to ask this simple question: “How long will it take for my business to succeed?”
Success, and Succeeding
Success can mean many things to different people. It can transcend earthly matters. However, in the context of a new business initiative, let’s define success as the achievement of a level where the business can sustain itself -in other words, when the business can become profitable.
This definition is relevant because no matter what success means to you, if your business consumes resources that are more valuable than the ones it produces, and continues to do so, eventually, the business will consume everything – like a black hole.
Success can be many things but the achievement of profitability is a relevant goal, especially if you don’t want to be sucked into a black hole.
How Long Will It Take For My Business To Succeed?
The time to success for any business varies. It depends on the business, the product, the overheads, the industry, the competition. Sometimes success stories are rapid and seemingly overnight, whilst others take years, or decades, to get the traction to succeed. Audacity, innovation, and fortune play complex roles. Rather than get lost in complex calculations, a good question to ask is, “How long will it take for my business to succeed?”
Do you expect your business to succeed overnight? Are you relying on your business to become successful within two years? Are you relying on your business to become successful immediately? Are you relying on one marketing campaign or initiative such as a website for success?
All of these options are possible, but you need to bear in mind that they may not be likely. Usually, growth needs to occur, and it doesn’t happen overnight. It’s like gardening.
Gardening and Your Business
Even if you don’t have a green thumb, it’s worth looking at the similarities between growing a garden and growing a business. It can help answer the question “How Long Will It Take For My Business To Succeed?” Here is a short list of gardening considerations. Can you see how these relate to business?
- Needs to be nurtured
- Can grow in soil that is fertile
- Requires attention
- Growth takes time
- Will be attacked (weather, insects, plant species)
- Gets stronger as it grows
- Becomes more tolerant of adversity over time
- Can develop momentum
- If untended, spirals off into ruin
- Can succeed
- Success is linked to the gardener’s efforts
The point here is that it may matter less how good your product or service is – perhaps what’s more important is how willing you are to nurture your business into success. Or do you think it’s going to happen overnight? How long do you think it will take your business to succeed?