Measuring success is not a one size fits all model. It all depends on what your goals are for your business. It is important that you measure success on what is best for you. The main question you need to ask yourself is do I know what I am working towards. What is your definite major purpose?
Is it about the money?
If you know what your definite major purpose is or what the #1 goal is for your business you will it will be easier for you to determine how success should be measured. If your goal is based on how much money you want to make, great that makes it that much easier to determine how success should be measured. Now you can break it down. You can measure it by gross income, net income expenses etc… just to name a few. Knowing what you’re working towards is the first step to
Is it about your time?
Some people quit their 9-5 to have a better schedule working for themselves. You may go from 40hrs/week to 80hrs/week but now it is more on your terms. More hours doing what you love is nothing compared to having to clock in and do a job that does not inspire you. Depending on what your venture is you may have more time for family, travel and generally anything you want! Maybe right now you don’t have that flexibility. That is fine. Now you have a goal to work toward and another way to measure success.
Is it about your impact?
If you’re measuring your success based on the impact you have on others that are great, Also it might be harder to measure. You must find points both qualitative and quantitative that will that you can measure so that you know you’re moving the needle towards your goal.
Listed above are a few but definitely not all of the ways you can figure out the best way to measure your success. In my opinion, once your definite major purpose and a plan to achieve that purpose everything will fall into place.