If you’re a new business owner, you’ve probably come across statistics that suggest that 90% of startups fail. This doesn’t make for great reading if you’re an ambitious entrepreneur, but it is possible to beat the odds. If you make the right choices, you’ve got a watertight plan, and you’re ready and willing to put in the hard graft, there’s no reason why you can’t be in the minority rather than the majority. Here are some steps that will take your new business in the right direction.
1. Getting to Grips with Funding and Finance
Surveys suggest that running out of cash is one of the most common reasons new businesses fail, accounting for almost a third of casualties. It’s very easy to underestimate the amount of money you need to spend to get a new company off the ground, let alone keep it afloat in potentially choppy waters. Before you start making grand plans, make sure you have a firm grip on the numbers. Work out what you need to hit the ground running and make sure every aspect is funded. There’s no point in dedicating every waking hour to a new venture that is flawed financially from the outset.
2. Eliminate Problems Before They Occur
As a small business owner, you should be aware that even the smallest glitch can have disastrous consequences. Forward planning is always beneficial when it comes to running a company, and if you can successfully eliminate problems before they even occur, this will stand you in good stead if times get tough. If your business is heavily reliant on IT systems, don’t underestimate the impact of downtime. If you don’t have IT support on site, look into options like managed IT services. This will give you peace of mind that any problems will be dealt with swiftly by people with expertise in this field, as well as reducing the risk of issues occurring in the first place. You can also apply the same way of thinking to managing the books and preventing legal complications.
3. Spread the News
One of the most important things you need to do as a startup owner is spread the news that you’re open for business and you’re on the lookout for new clients. Whether you’ve opened a shop or a salon, you’ve set up a dog walking or window cleaning service, or you’re hoping to be the next big thing in digital marketing, you need to get the word out there and generate some interest. There are so many ways you can market your business and try and get people talking. Put flyers through the door, set up social media accounts or host an event. Once you’ve started attracting followers and friends online, running competitions and offering discounts is a fantastic way to encourage people to share your posts and see what your business is about.
Running a business is no easy task, and that’s why so many fail. If you’re eager to beat the odds and be in that exclusive club that succeeds, take these tips on board, and make sure you’re ready for everything that the world of business will throw at you. Good luck!