Building a dream business is more accessible than ever. With the internet, you can find multiple streams of resources that you can utilize to build a business you love. However, not all businesses result in a happily ever after.

According to ¹Investopedia, “45% of businesses fail during the first five years, and 65% fail during the first ten years.” This means that 45% of you reading this blog post will kiss your dream businesses goodbye within your first five years of starting, and only 1/3 of you will make it long-term.

But it doesn’t have to be that way! 

I have learned not only from building my own business, but from coaching my clients as they build theirs, the two secrets behind building a dream business.

What does it take to build a dream business successfully? 

Successful businesses are built on 2 Key Components: Knowledge & Application

Sounds simple enough, right?! It is that simple on paper, but let’s dig deeper because if you have ever started a business or are currently running one, you know it is not all unicorns and butterflies. 

Secret #1 Knowledge

Typically, as a small business owner, you mastered a skill that created a desired service or product that people were willing to pay you for. GREAT! 

However, I am not talking about your lack of knowledge within your skill, but the areas outside of your expertise will be a determining factor in the success of your business. Knowledge is power when running a small business; lack of it can cost amazing entrepreneurs (like you) their dreams. 

Knowledge is gained from personal experiences while building your business and learning from other business owners.

However, I often see business owners lacking knowledge for two reasons: 

1. They do not know what they do not know. Many tools, strategies, frameworks, and resources could take their business to the next level (if they only knew about them).
   1. How do you prevent this? You must continuously seek education about running a successful business. By doing this, you will stumble upon all sorts of critical aspects that can ensure business success! From free resources (such as this blog), investing in online courses, business coaching, and creating a solid network of others at least 1 step ahead of your business, you can obtain the knowledge necessary for success.
2. They have not started!
   1. You can only gain knowledge by experience if you start. Sometimes, we are so afraid to fail that we do not even try. Or we feel so overwhelmed we become paralyzed. Does this sound familiar? If so, do not let it keep you from your dreams. In fact, if you try something within your business and do not find success- but you reflect and grow, then you did not fail. You LEARNED! 

Secret #2 Application

Knowledge without application is 100% useless. However, the need for application is where many business owners miss out on the full potential of building a dream business. (Yes, I am speaking to you, the business owner who will invest in 5 online courses or free online summits and soak up all the knowledge but has yet to apply it.)

Your desire for results, level of discipline, and mindset is what drives application in your business. 

1. The stronger your desire for the results you want your dream business to achieve, the more tenaciously you will strive for success.
   1. As a small business owner, you have probably heard the importance of knowing the “why” behind doing what you do. A strong why is critical to help entrepreneurs and small business owners push through hard seasons.  
2. The only person who can steal your dream away from you- is YOU!
   1. You are the only one who can choose to start or stop pursuing your dreams. More than likely, you have already come up with multiple reasons why you can’t do XY&Z in your business. Mindset can either work for you or against you. Only you can control your mindset!
   2. Your mindset controls the amount of effort/action you put into application. Ultimately, if you have the knowledge but choose to believe you will not achieve the results, you will not put much effort into applying what you have learned…little effort = little results.
3. Motivation will get you as far as your mood, while discipline will get you where you want to go.
   1. There will be numerous times the excitement and inspiration will wear down in pursuing your business dreams. So, focusing on being disciplined with what you need to accomplish vs. working only when motivated will be necessary to build your dream business.

Building a dream business is 100% possible. As a business coach, I have a front-row seat every week, watching clients reach new levels of success. If you continually grow in knowledge, apply what you learn, and protect your mindset, you can create lasting business success!

1. Investopedia ↩︎