Running an online business can be difficult and confusing. For many owners who have no prior experience, the path forward is often unclear. Hence, a lot of entrepreneurs give up or fail for different reasons.
Statistics show that more than 50 percent of all startups fail after five years in the US. However, there are others who do achieve success – that is, create a profitable and sustainable business.
Signs of a successful online business:
There is always an excitement associated with an online business, but it also comes with some worries. Quite often, we are not sure if the business is going in the right direction or we are heading towards the danger zone. Thus, it is important to know how your business is performing in its industry. Here are ten signs that will let you know that your online business is well on its way towards success.
1. You’re excited about your business:
You know your business is doing well if you are excited to dive into work every morning. If you are bored doing what you do, you can bet that your business will not likely inspire your customers. If running an online business feels like a drag, it is time you start doing some soul searching and figure out the reasons. It is hard to rekindle a lost flame, but it is indispensable to keep your business afloat.
2. You have a diverse audience base:
If your customers are coming from different regions and background, it is an indication that you are at the top of your business. People from different industries and companies will use your product and services in multiple ways, so even if there is a sudden drop of interest in one industry, you continue to generate leads and profit.
3. Consistent Sales Performance:
If your company starts making consistent sales every day, you can be sure it’s heading the right way. In the early days of business, many owners are stressed when there are zero sales when halfway through the month. But the first year of operation or earlier performance doesn’t mean that your online business is a failure. If your business is growing and you’re making a profit according to your financial plans, it is a sign for a healthy business.
4. Your network is growing:
You know you’ve made it when people on social media or offline, are talking about you and your business. If people in your own industry come up and know who you are without you introducing yourself, you can be certain that your business is performing well. Expanding your network, both online and offline is an excellent growth indicator for two reasons:
- It is easier to convince someone you know to purchase your product or services. This is no brainer because people buy from those they know and trust.
- As you grow your network, you expand your business footprint and reach out to new clients at a lower cost. Word-of-mouth marketing is powerful and has the ability to grow your customer base.
5. Your business appears on the first page in search engines:
The ranking of your business website will affect the performance of your online business. Research indicates that only 5 percent of people make it past the first search engine result page (SERP) when searching for commodities and services online. This means that websites on the first page of search engines receive almost 95 percent of the web traffic.
If your business website is placed on the first page, you will get more visibility, and will likely generate more revenue. The importance of ranking in search engines has multiplied as most of the buying cycles now start online. Whether people search for services on the web or looking to buy cars online, a search engine is the first place they visit. If your website has made it to the first page of search engines, it is an indication that your business is doing well.
6. You’re getting feedback for your product or services:
Another sign for a successful online business is when you get contacted by your customers and know that they’re satisfied with your product/service. Their feedback is a good indicator for reviewing your growth strategy and planning your business journey. You also get asked for advice, tips, and tricks from fellow entrepreneurs in your industry.
A successful business also receives customer complaints if something is not working well. This means they are engaged enough in your business to say something about it. Customer complaints are valuable opportunities to find out your flaws and work on removing them. Make sure you respond to their queries timely. If done well, such customers can become the biggest advocates of your business.
7. Blog referrals and press:
If bloggers and journalists proactively reach out to you for guest posts, interviews, podcasts, or live videos on their site, you can be sure that your business is going in the right direction. These external sources can be good indicators of healthy growth of your online business. You also get clear signals about unexplored markets for your business to delve into.
8. You’ve all the necessary processes of online business in place:
Fully functioning processes keep the growth of businesses steady in months and years ahead. If you have automated and streamlined your customers’ management and sales operations, be sure that your business is heading towards success. CRM and sales software make it easy for employees and customers to operate efficiently and grow on a professional and personal level.
9. You’re improving people’s lives:
If you are earning a profit and becoming richer, but your employees and people around you are not progressing, we can’t say your business is a success. The success of a business is not only enjoyed by its owner, but also by the people associated with the business.
10. Partners and investors contact you:
A successful business attracts investors and business partners who want shares in the company. This is because your business shows profitability and stability, and investors are always looking for a good investment opportunity in companies. If investors and partners are constantly contacting you, it is an indication that your company is expanding and is ready to become a bigger enterprise.
Conclusion:
Entrepreneurs often need to assess their business’ growth to know whether or not the business is moving in the right direction. Regardless of why you need to analyze your business, the above points are visible indicators that your business is growing.
