Buffini & Company Blog

3 Tips for Building a Business that Lasts

People get into real estate for many reasons. One of the most common is they wish to go into business for themselves and have the freedom of being their own boss. Being an entrepreneur is a mindset. You want to bet on yourself, believe in yourself and you have the desire to bring a product or service into the marketplace in a way that’s better, different, cheaper or faster than someone else. However, not every business makes it. According to the Bureau of Labor Statistics, more than 20 percent of businesses fail in the first year and half fail by their fifth year. How can you beat the odds?

Lean into your past experiences

Your tomorrow builds on your today; that is, all of your past experiences provide insight and guidance into your current business. Success leaves clues. Look into your past and ask yourself the following questions:

  • What experiences can you tap into today?
  • What are you good at?
  • What do you enjoy?

Your answers to these questions will help you figure out your strengths and decide what to specialize in. Be great at what you’re good at. Be a specialist, not a generalist.

Find a need, fill a need

One of the reasons businesses fail is they’re launched based on the entrepreneur’s needs instead of the needs of the people. It’s a recipe for disaster! If you want your business to succeed, find a need and fill it. If you aren’t sure of a need, focus on a problem to solve. For example, FedEx offered a system for tracking packages, giving people peace of mind—something the post office couldn’t offer at the time.

Become a student of success

Voltaire said, “Is there anyone so wise as to learn by the experience of others?” Just as we’re eager to adopt the successful strategies of others, it’s also important to learn from failures as well. Study books, articles, and podcasts about successful business leaders and pay attention to the lessons they learned from their failures. Also, look in your marketplace and think about who you admire who is doing it right. What are they doing right? Where could they improve? Figure out what works for you and apply it to what you do well. Jimmy Connors said it best: “What works for the person you’re imitating may not work for you.”

There’s nothing like building and growing a business. Today’s biggest challenge involves having to reinvent your business due to advances in technology and industry disruptors. However, by focusing on what you’re good at, meeting your clients’ needs and studying the successes and failures of others, you can build a business that thrives in any market.

Learn more about the mindsets, motivations and methodologies of success by subscribing to The Brian Buffini Show. Each week you’ll get the tips and strategies you need to help your business succeed. Don’t miss it!

It’s a good life!

Brian Buffini

Related Posts

July 11, 2019

What the Summer Real Estate Market Trends Mean for You


We’re living in a world that’s rapidly changing – and nowhere is the speed of this […]

June 13, 2019

Why You’ll Want to Get a Mid-Year Real Estate Market Update


It’s hard to believe that it’s mid-year already. You’ve done phenomenal work so far, but there’s […]

June 4, 2019

The Advantages of Poverty


One of my favorite books is “Advantages of Poverty” by 19th century industrialist and philanthropist, Andrew […]

May 9, 2019

Discover Your Purpose Through Personal Growth


Mark Twain once wrote, “The two most important days of your life are the day you’re […]

April 16, 2019

Developing a Knack With Money


In today’s culture, many people find themselves endlessly struggling to manage their finances. They often work […]

April 11, 2019

Kill ‘em with Kindness: Generate More Referrals in Real Estate


In springtime, we typically see lots of homes come on the market…and lots of buyers ready […]