Our goal is to make the most money possible so we can live our best lives.
We also want to have autonomy and control over our day-to-day living and working.
Starting your own business can give you both those things!
For aspiring business owners, here are 5 tips you can incorporate into your budding business to ensure its success and profitability.
Trust in business differs somewhat from trust in our personal lives.
Usually, we equate trust with being honest and telling the truth.
That applies to business as well, but it goes even further, and is perhaps even more important since it can directly relate to your success and profits.
Another difference is that trust in your personal life really just affects how people see you, whereas trust in business affects you financially and can provide your biggest profits ever if done successfully.
To begin, let’s look at 5 levels of trust in business.
The first level is trust in technical competence and expertise.
This basically translates to your employees and clients being able to trust that you know what you’re doing.
Otherwise, it’s unlikely they’ll stick around for the long haul, and you’re basically just throwing money away on them.
The second level is trust in character and conduct.
This level deals with morals and what is and isn’t ethical to do.
You want your employees and customers to see you as an upstanding citizen, with values aligned with their own.
People want a leader whom they can trust to do the right thing, no matter what they may be faced with.
That might seem a bit extreme, and maybe even impossible to live up to, but so long as you’re seen as wanting to do what’s right at all costs, you will live up to this level.
The third level is trust in your relationships and social skills.
This one is a little easier and is all about how you relate to your employees and customers.
People’s first impressions are made very quickly and are very difficult to change.
So, make it a priority to put them at ease and make them feel comfortable, both in you as well as in the situation.
People can sense if something is off, so being genuine and sincere is a must.
The fourth level is being open and transparent, as it relates to your business relationships.
You can’t underestimate the importance of transparency in your business.
Be open and communicative about everything you’re doing and you will attract more customers as well as more, and loyal, employees.
People will find you infinitely more trustworthy when you’re upfront about what’s going on than if you’re constantly trying to hide things and saying things that turn out to be false.
The fifth and final level of trust is being a person who is true to their word.
This level is all about holding yourself accountable in all things you do within your business.
Anyone has the potential to realize they’ve done something wrong when it’s pointed out to them.
True honesty and strength comes from being able to identify when you’ve messed up and take responsibility for that.
People will trust and admire you more if you can own up to your mistakes.
Once you start your business and have established these levels of trust within yourself and your business, make sure that you revisit these levels and ensure that you continue to stay true to them.
While it can be easy to brush off the importance of truth in business, it can be the difference between a client staying loyal to you or not, and is often the difference in terms of your ability to hold on to your employees.
If you’ve been debating whether this is the right time or not to start your small business, my advice to you is to seize your opportunity.
Small business owners with less than a year of experience owning a business or leading a team made salaries between $35,000 and $75,000 in their first year.
That’s without experience, and without me providing you with tips to make your business even more profitable!
While these truth tricks may seem like they’re just designed to make you a better person, they are actually a secret money-maker.
Just think about it—employees will be more likely to stay with you if they believe you are truthful.
Considering the average cost of training ONE employee is $1,208, having to continuously train new hires because people quit becomes extremely costly.
Why waste all that money when you could hold on to your employees and form them into the workers you desire, just by being open and honest?
Additionally, being perceived by your customers as an open and honest business owner will ensure they come back to you for your services and/or products time and time again, meaning more continued profits for you.
They’re also more likely to recommend your business to their friends, giving you even more customers, and increasing your overall profits.
Making more money is as simple as incorporating these trust levels into your business.
So why not give it a try?
You have nothing to lose and millions to gain!