Most entrepreneurs dream of having an ultra-lean business with high-revenue and lots of freedom. There are several characteristics of ultra-lean businesses, and here are a few:
1. Have a Niche-Niche marketing makes it possible for businesses to build their brand loyalty. This marketing approach lets you provide customers with products and services they need and desire. You end up having a leg up on the competition because items in a niche market are difficult to find in general products.
2. Most are Self-Funded-Ultra-lean businesses enjoy their freedom and independence, by self-funding their businesses they maintain control. Tapping into their savings or retirement accounts, or eating peanut butter and jelly sandwiches is what most ultra-lean entrepreneurs are willing to do to keep investors, and others out of the major decision because of the love for freedom and independence. Most like making decisions without having to consult with their investors.
3. Love What They Do-Loving what you do creates this passion to do well in your business. You’re more motivated to succeed and it won't feel like work and more like pleasure, and because of this you're therefore more likely to put more time in to your work. That doesn’t mean you have to stay back every night, but it means you’re dedicated to making sure your company succeeds.
4. Automation-Most ultra-lean businesses utilize technology more than traditional businesses. This allows them to scale faster and cheaper because of automation. Automating manufacturing, fulfillment of orders, to invoicing are ways that ultra-lean businesses have
benefited from automation.
5. Not Only About The Money-Most ultra-lean entrepreneurs find that giving back to the community, traveling, or spending time with family is their main reason for "WHY", which is why they decided to start a business. The results of loving what they do, giving back to the community, having time for themselves and family results in high-revenue and a successful business.
Want to learn how to have an ultra-lean, high-revenue business with more freedom and independence? Learn how here