10 Powerful Business Principles that will build a strong healthy and ethical business.
Every successful business has clear business principles aligned with its founder’s ethics and values. When you set and maintain strong business principles your setting clear foundations for your business. You are setting the core elements, that will help you not just grow but actually withstand different business challenges.
The problem with many spiritual entrepreneurs, spiritual and holistic business owners, is they are so focused on their passion and purpose, they forget they are running a business. So they don’t take the time to set healthy foundations, they often don’t realise the importance of basic business principles.
So What Are The Basic Business Principles Of A Successful Business?
Well, different types of businesses and industries will have different recommendations. But here are what I believe are the most important Business Principles of a Spiritual Business.
Ten Basic Business Principles At The Heart Of A Spiritual Business.
Do Something You Love, Something You Are Passionate About.
Business isn’t easy, when you first start out it can be extremely challenging. But if you do something you love, you are passionate about it is much easier to remain heart-based. You will have more motivation and tenacity to get through the most challenging and stressful times.
2. Provide A Need In The Market Place
Always provide a product or service that solves a need, a gap in the market. If it seems to be a saturated market, niche down. Learn to specialise by offering a specific solution, a product, or service to a select audience that wants your solution.
3. Research and Know Your Market
Research, research, research…Do your homework! Understand your market, your niche audience, your soul tribe. Identify their biggest challenges, identify their interests; learn where they hang out, learn how you can connect and nurture them, learn how you can help them.
4. Focus On Priority
Always focus on your top business and marketing priorities, don’t wast time on frivolous things that aren’t as important. Don’t hide your head in the sand and avoid things you don’t like doing. Believe me, this is a big problem in the spiritual industry. A business has lots of elements to it, you can’t do it all, you can’t do everything. Get expert help when you need it.
5. Reinvest A Portion Of Your Profit
Building a healthy business involves investment, when growing a business you need to be able to re-invest some of that income into future growth. Especially income towards advertising and marketing at the early stages of your business.
This is one of the biggest mistakes many small business owners make. They often underestimate how much they need to invest financially to grow their business at the early stages and during slow times. If you don’t invest your business will struggle to grow.
6. Invest In The Most Important Tools And Resources
Choose wisely when making any purchases. Invest in the tools and resources that will help add value or save money in your business. This will help maximise profit, it can be tempting to invest in frivolous things that may look nice, feel nice but if they don’t add value or save you money. You are basically wasting resources.
7. Use A Business Model That Works For You And Your Business
Every spiritual business owner I meet is unique in skills, expertise, natural gifts, and personal circumstances. Choose a business model that will not only help maximize profits, but is time-energy-efficient. I actually advise all service-related businesses for example coaches, healers, and therapists to have some sort of additional passive income stream in their business for a variety of reasons.
8. Have A Clear Concise Branding And Marketing Message
What you offer has to be clear, your business message, your branding, and your logo must all unite together. It should be so simplistic that a child can understand it. Archetypal branding and marketing is a powerful way to express the energy behind your solution and your business.
9. Hire Other’s Expertise
Remember you can’t do it all, even if you are on a low budget. Sometimes it is best to hire an expert or someone more experienced in certain areas. If your struggling to do something in your business and simply have no money to hire help ask friends, family who are more skilled in specific tasks to help you get started. Today there are also so many sites that offer very cheap services by students or those abroad who charge very little. Fiverr.com is a great site where you can get inexpensive logos, help with your website, or SEO even content writing from very modest fees. But make sure you do your homework and only hire those with great reviews. I have used this service for website issues, for link building and SEO services,
10. Offer Great Client Customer Service And Care
Brilliant customer service will always go noticed, the little touches can make a huge impact to your customer and client. And so important in the caring, holistic and spiritual industry. People buy from people, they want to know you and your staff genuinely care, that it is not just about the money.