If you take the time to study any successful business from large to small you’ll notice some qualities they all have in common. If you want to have a long term business it’s important that you learn what these qualities are so that you can develop them within yourself. Thankfully, most things can be learned even if they don’t come natural.

When I first started my business more than two decades ago, I was building HTML websites, managing newly formed online communities through bulletin board systems and a lot of other things that I don’t do today. I’m still in business because I ensure that I keep moving  forward with technology and the needs of my audience.

They Do What They Enjoy

Long term entrepreneurs are smart to choose to do the things they love to do. Naturally all businesses have some things none of us want to do, but once you get your business off the ground you can outsource the things you don’t love and focus on what you love. But, overall it’s important to choose a business that you’ll be passionate about and enjoy the end results. If you choose something you love you’re going to be more likely to enjoy your life and stick to it long term.

They Take Their Business Seriously

Entrepreneurs who have sustainable businesses do not run their business like a hobby working on it only when inspiration strikes. They create a schedule based on their business plans and stick to it day after day, always looking ahead to the future. They believe in their own abilities and run their business as a serious business and do not waiver. Due to the fact that they take their business seriously, other people do too.

They Know Their Audience

A serious and long term business owner will continue research about their audience on a regular basis. Like technology, audience’s change. For example, big businesses like Unilever which creates personal care products. Over the years they have had to change how they market to their audience. If they marked these products today the way they did just 20 years ago they would lose a big share of the market because the old ads might actually offend their audience today.

They Understand the Importance Branding

Marketing properly requires an understanding of branding. Creating a known cohesive brand in all marketing channels, online and offline is the key to getting a larger share of the market. The larger share of the market you can convert to customers the longer your business will be around. To do this, taking the things you know from audience and competition research and promoting benefits over features of any product or service will endear you to your customers.

They Develop Plans for the Future

A sustainable business owner cannot be afraid of change. Entrepreneurship requires understanding that change is a constant. For example, if one is a Website developer, the tools from just 10 years ago are old hat. The smart entrepreneur stays up to date on the changes happening in their industry and makes plans to move with the changes now and in the future. A really good example of a successful business that has developed plans for the future and changed as technology has changed is Netflix. They have gone from distributing DVD movies through the mail, to streaming movies, to now becoming their own powerful network. Without a willingness to change as technology changes and customers’ needs change, your business won’t be around long.

They Invest in Their Business

Long-term entrepreneurs know that they must invest wisely in their business to earn money. They must pay for hosting for a real website, purchase a good auto-responder service,  use a good project management system, and buy the right software and more to ensure the success of their business. Trying to run your business without the tools you need wastes time and makes you look unprofessional to those whom you wish to work with.

They Build a Team and Network with Others

No CEO becomes successful for the long term on their own. No one is really self-made. People who are successful know how to surround themselves with other experts who can help them succeed. They know that they need to reach out to complementary professionals forming strategic partnerships to get to the next level. Working with contractors and joint venture partners is something all long-term business owners eventually need to do.

They Study and Develop Expertise

No one knows everything. Even if you’re an expert in something today, if you don’t keep informed about your industry you may end up being out of touch with the new technologies and facts affecting your niche. Chances are whatever you are doing today to earn a living will slowly change over time until it’s fairly unrecognizable when you compare today to 20 years from now. Keep learning, take classes, read industry publications, and educate yourself so that you are the go to expert in your niche.

They Study their Competition

If you want to be in business for the long haul it’s important that you keep apprised of what your competition is doing. Figure out who is selling and promoting to your audience and follow them, friend them, and associate with them on a regular basis so that you know what they’re doing that is working, or not working, so that you can do even better.

They Are Available to Their Customer and Follow Up

Smart business owners who thrive during the ups and downs of any economy, the changes in technology, and the changing and growing needs and desires of their customers make sure to find time to follow up properly. Without following up, you’re missing out on your best source of new sales, the customers you already have.

Finally, one last point is that long-term entrepreneurs never stop marketing and promoting themselves, their business and the people who help make them what they are. They keep going during busy times and show times.

As a small business owner you’re supposed to be the master of your domain. Every story you see about working from home talks about working from the sandy shores of a foreign land, enjoying a lot of family time and down time with friends. But, the truth is, most small business owners don’t live that way. In fact, many are so overworked that they suffer from burn out.

Photo Credit © Depositphotos.com/BrianAJackson

If you don’t want to risk burn out it’s important to schedule in down time. When it comes to getting things done your calendar is your friend. Everything I do, whether it’s taking a walk with my husband, or shopping it is scheduled using Google Calendar. We all have access to each other’s calendars so that it’s easy to see what we’re doing at any given time. That might sound boring, but the truth is, if it’s not in my calendar the chances of it getting done are near zero.  This can work for you too and when you try it, you’ll understand the power of the schedule.

Schedule Family Time First

When you start your calendar, open it up and first schedule family time. After all, the main reason you want to work from home or have a small business of your own is to spend more quality time with your family. Even if you schedule thirty minutes to spend with your kids or spouse each day, that is something that should be sacrosanct, avoiding any reschedules for non-emergencies.

Add in Appointments & Regular Infrequent Chores Next

Once you have family time in your calendar add in regular appointments that you have such as yearly doctor’s appointments, dentist appointments, and chores you do on a schedule such as changing your air conditioning filter. While this may seem like too much scheduling, the truth is, if you do things such as deep cleaning a closet on a schedule it’s more likely to get done, and since it’s getting done regularly it will take less time.

Block off Your Yearly Vacation Time Now

If you don’t take a yearly vacation on any particular schedule, you’re a lot less likely to do it. Look at your family’s normal schedule such as school and the ability of your spouse to take a vacation and schedule a regular time for your once a year vacation. Block it out, and make it sacred. Even if you cannot afford to leave for your vacation for some reason, make this the time you and your family take time off to be together even if it’s a “staycation”.

Mark the Times and Days that You’ll Devote to Work

Now that you’ve put in all the important things, mark off days that you will be working, including the actual hours you’ll work on your business, billable hours, and even lunch breaks so that you know at a glance of your calendar what you’ll be doing on any given day. It may seem obsessive but you’re going to get a lot more done if you know that from 8am until 11 am you’ll be working on client A’s work, and from 11:05 am. Until 12:05 pm you’ll be at lunch. Be sure to mark off the real time it takes. Don’t underestimate the time things take.

Putting everything, even the mundane in a calendar is going to help you not only have more downtime to enjoy with yourself and your family, it will help you get more work done in a shorter period of time because you’ll be organized and know exactly what you are doing at any given time on any given day.