Photo credit: Shani Lechan, founder of Shani Wigs, with permission

An existing business already producing cash flow and hopefully making a profit is more likely to flourish than a new one starting from scratch. In an economic downturn, customers are less likely to spend money due to a lack of financial resources. After years of operating their business, most entrepreneurs eventually encounter financial difficulties.

Entrepreneurs are just as responsible for maintaining their peak performance as other company assets. How do you continue the hustle after the initial struggle has been overcome and the business has gained traction? Shani Lechan, the owner of Shani Wigs, a company selling high-quality wigs, has the answers.

Dedicated to excellence and fueled by realism

Having consistency over a long period is one of the most challenging things to achieve, as it requires integrity and sustained commitment. “Achieving the success I have requires having a genuine belief and interest in what you do and the product you are selling,” said Shani.

A feeling of excitement regarding the prospect of starting a business is expected. Frequently, new entrepreneurs are so eager to own their own businesses that they fail to see the downsides of being in business for themselves. After working on a product for years, it is easy to become disengaged and uninterested. Be sure to stay up-to-date on the latest trends to attract your audience's attention, but refrain from copying what others are doing all the time. Take the initiative and do what no one has done before in your industry. Ensure that you distinguish yourself from the competition.

Establish a constant competitiveness

Regardless of the nature of your product or service, as an entrepreneur, you must remain updated on all the latest trends and changes in the marketplaces.

When you acknowledge these concerns, your business model will need to be modified as soon as possible to keep your product at the forefront of the market. Adapting your product to current trends will allow you to attract more customers. Although it s crucial to be unique, customers desire to purchase products that align with their lifestyles and what is currently fashionable as well.

To maintain your brand's relevance and to ensure excellent customer service, Shani says it is essential that you constantly review and innovate. Likewise, Shani believes that maintaining a competitive advantage while avoiding a decline in the future is the only way to maintain a leading position.

When in doubt, ask an expert

The Shani Wigs' founder also recommends consulting an expert whenever a significant financial decision must be made to avoid making the wrong decision. “From a business perspective, it’s important that any big financial decision is thought through and that you consult professionals,” said Shani.

Financial advisors: why?

By seeking the services of a professional financial advisor, you can avoid making costly mistakes that could cause your company to cease operations abruptly. Don't take your finances for granted. Financially, a business can face many challenges. Several new businesses fail due to improper use of funds, difficulties with cash flow, and an inability to pay vendors.

Promote a diverse audience

Having the mindset that you are immune from downfalls is not a good strategy when running a business. As you develop your brand over time, the concept that you have enough customers to cease seeking new business opportunities may become ingrained in your mind. Such a manner of thinking is termed "getting comfortable."

As an industry professional, Shani suggests that you always continue broadening your demographic, regardless of your experience level. Her early marketing efforts focused primarily on the Orthodox Jewish community. She has recently expanded her clientele to include women undergoing cancer treatment.

How else can you influence more people?

Create a persuasive, convincing persona for new products that align with the target audience. Always align your website pages, blog posts, and articles with a vision that resonates effectively with your target audience. Lastly, you will need to tailor your message based on the audience you are speaking to.