Starting up a business is one great adventure. Unfortunately, ninety percent of start-ups fail within their first five years. Having the financial capacity and knowledge to get a business off the ground through levels of growth is very important. When building a start-up, you want to ensure you are building something that fills a need in the market.
Surviving the competition, volatile economy, as well as the change in times and uncertainty of the marketplace are some other factors to consider. Longevity in start-up creation is also a matter of necessity as nobody set out to create a company with an expiration date.
71% of businesses fail within 10years. Note that once you get your company off the ground you need to work just as hard to keep it going each year, because it takes hard work, dedication, money, sleepless nights, and even some failure before you succeed.
The startup experience is not all rosy. For example, Exzie started in a barbershop in 2015 and has transitioned through business solutions to position itself in the entertainment industry. Let’s take a look at some basic strategies you can implement to achieve business success:
- CREATE A BUSINESS PLAN.
A proper business plan gives you a significant advantage before investors. Note in simple and clear terms that a business plan is the written description of your company’s process and prospects. In your business plan, you outline what you want to do and how you are planning on achieving your business goals.
- PROCURE APPROPRIATE FUNDS.
Funding is one vital ingredient for running a startup. It could be seed funds or investors’ money. Adequate capital is needed to get your company off the ground and kickoff operations. The startup capital will surely vary from one industry to another. However, the cost of running a startup is relative to the business idea that is being executed.
- GIVE A PRODUCT/SERVICE THAT SOLVES SOCIAL OR ENVIRONMENTAL PROBLEMS.
There are a lot of opportunities in the market for any kind of business. But the market opportunities for products that address social or environmental needs will always remain. So ask yourself what does my startup have to offer to consumer basic problems, or how does my business idea fix one problem in society. That way, your business can be sustainable.
- DON’T COMPROMISE ON CUSTOMER SERVICE.
As a startup, the hurdles of getting your clients to trust you takes a lot of effort; however the possibility of losing them over poor customer service is high. So, irrespective of your growth and reinvention, high quality customer service needs to be consistent.
- LEVERAGE INEXPENSIVE ADVERTISING STRATEGIES.
That your business is just starting to make good money, it will only be practical that you rethink any expensive choices to get individuals to notice your services or product. Don’t just be keen on getting ROI, only to spend so much on advertising. Embracing social media can help expose you to a broad market place without you having to go above your budget.
- TAKE ON PROPER TECHNOLOGY.
In recent times, startups actively chase innovation and technologies if they want to grow and be relevant in business, knowing well that technology can improve operation and management. Startup founders must learn how and when to take advantage of these innovations.
In conclusion, launching a startup is one of the best decisions you can make. Entrepreneurs understand the need to prepare for unforeseen circumstances in their business journey, but proper planning and execution will help limit those hurdles.