Is your goal to build an empire around your business? That dream, held by many, doesn’t happen overnight. In the days of online entrepreneurship, the question of how to build an empire is more common than ever.
So, what does it take to achieve success? And where should you start?
Building a business empire is not an easy process. Often, it takes years of hard work, patience, and a fair amount of good luck. Today, we’ll look at everything you need to know to maximise your chances of success.
Table of Contents
Let’s start with the basics.
Build an Empire: What Is a Business Empire?
A business empire does not have a firm definition. It is often associated with multi-billion-dollar businesses with branches established all over the world. However, this is not the only way it can be defined.
There is no standard and there are no parameters or thresholds upon crossing which, the business turns into an empire. A business empire is any business that starts from scratch, proves itself and continues to grow over time.They may begin as a small LLC with only an operating agreement and an “articles of organization.” Soon, they’ll be a full-fledged corporation that signs contracts with multiple suppliers.
For example, you might only operate in one city, but if you’ve got a couple of branches, and you have the market pinned down, most people would count this as a business empire. Like a real life empire, a business empire is all about having control in your industry
Build a Business Empire: How to Get Started
A strong start is crucial to stabilise a business and gives the business the right direction to development. To ensure the success of a business, an entrepreneur must be anything but spontaneous.
Every step of the following takes research, and thorough investigation to be executed properly and fulfill its purpose.
Offer What People Want
Deciding which product you want to sell is the first step to build an empire.
Believing in a specific product is great, but it is not enough. Selecting a product that you admire, or one that you have a good feeling about, is not a guarantee that it will make profit.
Studying the market and positioning your product in the correct place is crucial before selecting a product. Customising a product based on the market’s needs is more efficient than following the trend.
While the trend may bring you immediate success, a product built based on a strategy will have more success and stability in the long run. Furthermore, the process of choosing a product to sell or create should be as specific as possible, especially when you are starting.
Focusing on, not just one product, but also a specific niche of a product, makes the process well-defined and measurable. This makes it easier to point out the weaknesses and modify the process accordingly, in addition to limiting any financial loss.
It’s also important to offer quality products if you want to get ahead. For example, in just a few years, Happy Houseplants have established themselves as one of the top indoor plant stores in the UK. How? With hard work stocking quality products.
Learn and Earn
Another relevant step that should be prior to launching a product is learning. Learning involves studying everything related to the industry:
- The production process,
- The financial aspect,
- The consumer behaviour,
- And all other tiny details.
Building a business empire means being the best in your industry. This is pretty much impossible if you don’t know your niche inside out.
Research the Market
To build an empire around a product or a service, it immediately puts you in the position of “the expert.”
Therefore, you should be well informed about the industry to look credible.
Also, the more you know, the easier it is to avoid being misled or falling victim to fraud due to inexperience. It is wise to spend enough time learning and researching, knowing that this time is not wasted.
One way to start your business empire is to spot a gap in the market. Think of how Apple cornered the market for tablet computers when they released the iPad – something the world had never seen, and didn’t even realise they needed.
The time you spend learning will be translated into money you will be earning later.
Find a Coach
Business consultants are also an option that could be so beneficial, especially in well-established industries. A great help is making friends and building connections with people who have been down this road before.
There is always someone’s experience that you can learn from. Moreover, this will be of great help in the future if you need a partner, or a cooperation with a competitor.
When you start to build an empire, you’re going to encounter problems which few people will understand. Having an expert guide is crucial here.
Watch this video to better understand business strategy.
Listening is an element of the research process which is concerned with getting to know your consumers better.
What are their problems with other brands in that industry? What do they lack? How can you improve their experience? Which kind of service or product do they need? And of course, what would make them replace the brand they are loyal to with another one?
The best place to find out more about consumers is to ask these consumers themselves.
Focus on Bringing In Cash
When starting a business, things can easily seem overwhelming as there are many things to prepare and get done. Cash is the lifeblood of business and is essential to sustain its continuity and growth.
Poor cash flow is one of the leading causes of business failure.
For service-based businesses, the best model would be making all payments up-front to be in control of your cash flow. Deposits are also a good option to secure your financial situation and avoid cash gaps.
Even for retail, you can offer an up-front monthly payment system in return for benefits such as free delivery or discounted prices. This is especially important for products which consumers buy on a repeat basis.
This helps you plan your monthly target ahead and avoid the gap between the time when you receive cash, and your financial commitments like staff salaries or stock inventory. For more in-depth financial planning, consider partnering with business plan consultant companies. These specialists can conduct thorough reviews of your business model, operations, and cash flow needs. Their outside expertise can reveal areas for improvement and provide tailored strategies to optimize your finances. Engaging business plan consultants enables robust forecasting and effective long-term cash flow management.
Keep Costs Low
Of course, when you’re starting your future business empire, you need to consider your budget. Almost everyone starts with a tight budget either to minimise risk, or due to lack of resources.
When it comes to office space, marketing, and infrastructure, you should avoid retail as much as possible.
There are more business costs than we typically anticipate. Office space, furniture and filing systems, phones, inventory, office accessories, and advertising are all items that have many alternatives.
Remember that if your expenses are high, even making a huge revenue will not shield your empire. So, do your best to discover the best deals, this will have a positive impact on your business.
Overestimate Expenses and Underestimate Revenues
A golden rule for whenever you are setting up a strategy, a budget, or any project plan: expect the least income and the maximum expenses.
This is not about having a pessimist perspective at all. To build an empire, you have to be careful with money matters because it is sensitive when a business is still in its initial phase.
Building your basic budget based on the worst-case scenario is about preparing ahead for any challenge you may face on the journey to build an empire.
As time passes, you will have a clearer vision about your estimated income and expenses, and planning will be much easier.
Sales and Marketing
Building effective sales and marketing strategies is crucial for you as you build an empire. To begin, startups should first conduct thorough market research to understand their target audience, competition, and industry trends. With this foundation in place, they can then create a compelling value proposition that addresses the pain points and needs of their potential customers.
Next, startups should focus on establishing a strong online presence through a well-designed website, engaging social media profiles, and content marketing efforts. Leveraging digital advertising and search engine optimization (SEO) can also help attract and convert leads.
Building and nurturing customer relationships through email marketing, personalised communication, and exceptional customer service is vital for long-term success. Additionally, startups should continuously analyse data and metrics to refine their strategies, adapt to changing market conditions, and optimise their sales and marketing efforts for sustainable growth. Ultimately, a flexible and customer-centric approach, combined with a data-driven mindset, can lead a startup to build effective sales and marketing strategies that drive business growth.
Build an Empire: The 3 Steps that Come After the Start
So once you’ve established your business, the next step is to grow into a fully fledged empire. Scaling your business brings a whole new set of challenges. Here are three steps you can take early on to set your business empire up for success.
Build an Empire: Build Systems
If you think automation is expensive, try doing things manually. Automation is a huge time saver.
It could be overwhelming to run a business empire. It takes time to grow your business. At many times, you will find yourself wasting time and resources on activities that have no impact on your profit whatsoever. Eliminate that by assigning these tasks to a system.
If you are paying someone to do tasks that an automation tool can handle better, you are going in the wrong direction. The right system will be the backbone of your business and it will help save your most valuable asset – time.
Accuracy is something else that makes setting up a system a must in every organisation. A business empire should be professional in every sense of the word. Inaccuracy is unacceptable, especially today, in a culture where customers have the highest expectations.
Lowering your error rate is central to presenting your business as a powerful entity.
Build an Empire: Hire the Right People
In many cases, business owners start on their own, or with a partner or two at most. Then, they spend the first phase of their business doing everything themselves from cleaning up the office to accounting and marketing, and everything in between.
This may be efficient for the times when you still cannot afford to hire people. Once your business has survived that phase, do not let it linger.
Move to the next phase by hiring people to help you. You will have some difficulty handing over tasks because you are used to getting everything done the way you want it.
However, you will be amazed with how much the process will be faster and much more financially rewarding.
It goes without saying that before starting anything, you should hire legal advice and an accountant, then hire more resources as you go according to the nature of your business. Remember that you can never start a business alone.
At some point, you’ll also want to hire a marketing person to help scale your business.
Build an Empire: Expand and Scale Sustainably
Many entrepreneurs hesitate to take a step that involves expansion. When a business passes its first phase and starts growing, entrepreneurs feel comfortable and less stressed about whether their business will be making money.
Therefore, deciding to expand becomes a step outside of the business’s comfort zone. Expansion could be an added service, a new product line, or another branch opening. It all requires hiring new resources, additional expenses, planning, time, and effort.
Of course, expansion encompasses some risk, however, it is a major step that every business empire must go through.
Knowing when to expand is key to sustain a stable empire. In addition, listening to the feedback of your customers and comparing your position to competitors in the market are two main factors that you should consider before expanding.
Empires are not meant to be small start-ups forever. They are built to be great and leading enterprises.
Build an Empire: How to Build a Business Empire Like The Global Giants
Pioneers who build an empire like Steve Jobs, Mark Zuckerberg, Elon Musk, or Bill Gates, always have a thing or two in common.
Of course, each one of these multi-billionaire businessmen and businesswomen had a personal approach, however, they do share some basic thought leading ideas and qualities.
Build an Empire: Believe in the Product
Here we are still talking about the importance of designing a unique product. Each one of these inspirational names had a one-of-a-kind product which later became a necessity. They observed the market and saw something that most people do not.
They saw something that the market was lacking. Something extra which only they could provide.
The best business empires start with innovative product ideas.
They all believed in their products and how revolutionary it would be if they introduced their concepts to the world. They were right. Believing in your product stems from deep analysis and investigation.
None of them started looking for a product that could make them billionaires overnight.
Yet, money came knocking on their doors. The point is: to start your entrepreneurship journey, you should be looking for a product to believe in, not one of those how-to-make-money-while-you-are-sleeping products.
Yes, you can make money online, or while you are sleeping, but this will not be a business empire one day.
Build an Empire: Develop a Business Culture, Tell a Story
Little things not little! Your logo design, your slogan, or how you introduce your product in 140 characters are anything but trivial.
When IBM said “Think” they were introducing themselves as thought leaders in a robust industry that has been going viral since then.
But Apple had another say when they adopted “Think Different” as their slogan. Steve Jobs introduced his empire as a game changer; one that will force other empires to reconsider their strategies.
Every product Apple has produced told the story of “Think Different” to the world. Stories do have a sacred power. Your business empire must have its own culture and code that is reflected through the product and everything that surrounds your business.
How you present your ideas are just as important as coming up with them.
Build an Empire: Be a True Leader and a Role Model
True business is built on relationships. Strong relationships between management and employees, and between the employees themselves are what makes a company stand out and have a good reputation.
Wise leadership drives your staff to look up to you, and to continue to work for your company because they believe in your dream. They can see themselves growing and giving back to the organization.
If you do not have a clear perspective and vision, why should anybody look up to you? People need inspiration and change. A typical “boss” is someone that employees quit as soon as they have the chance.
On the other hand, a true leader is someone that employees would rather stick with through thick and thin than be anywhere else. Cultivate your business environment with ethics and moral values and do not compromise those.
You will find yourself surrounded with more than just “employees” but rather loyal believers in your vision.
Build an Empire: Final Thoughts On Becoming an Entrepreneur
There are many stages that your business will go through. Every stage has different requirements.
Yes, a business empire is a lot of work and effort. Take time to analyse and plan before moving to a new stage.
Be attentive and listen to the feedback of everyone surrounding you. Also, do not risk everything all at once. There is always a risk in business, however, you determine how much you risk – and when – with a solid strategy.
If you want help scaling your business, contact ProfileTree today for innovative growth marketing solutions.