Starting a new business is hard – no secret there. According to the study by Inc. magazine and the National Business Incubator Association, 8 out of 10 startups fail, which means you have to do everything you can to keep your business alive. But what is it that makes some startups stay in the game while others keep failing? Listed below are 5 things your startup needs if you want it to be successful.
In the world of business, every opportunity you get has a limited window of time before it expires. This means that if you spot a business opportunity, you can’t wait too long to take it. Similarly, if you start your new business too early, chances are you won’t be able to make it. It’s very important that you do all the necessary research about the industry and other local companies, and make sure starting a business at that point in time will pay off. There are experts who can help you analyze the market and determine whether starting a small business in that industry is a good idea.
Products or Services
Of course, you can’t start a business without having something to sell. No matter if you’re selling products or services, only by offering your customers top quality will your startup be able to succeed. When designing your first product, it’s always recommended that you stay away from the features that will make your products or services too expensive. Offering a cheap alternative to the big companies out there is a much better option. Once your business starts growing, you can think about adding some additional features and increasing your prices.
Another thing you just can’t succeed without are the customers. When starting out, you simply have to attract enough customers to start making profit. Of course, it’s very important that your offerings are of high quality, but it’s also necessary for you to invest in marketing. There’s no need to spend a fortune on getting your business noticed, since there are cheap ways to market your business such as radio commercials and flyers. Bear in mind that your startup also needs social media presence as that’s where you can communicate with your customers directly.
Starting a small business from your home can be a good idea. Still, if your business starts growing rapidly, you’ll have to move to a real office. That’s why it’s recommended that you start looking for an office as soon as you figure out what you want to do. You can always choose an older office for a lower price and give it a makeover. If your business is based in Australia, experts who offer rubbish removal services in Sydney can help you clean up the space, so you can start working on giving the office an entire new look.
There’s no need to say that every business today needs a website in order to attract a larger number of customers. That’s where users can browse your products, find out more about your company, and get all of your contact information. Just make sure your website loads fast as most of the users will leave your page if it doesn’t load in the first couple of seconds. Furthermore, people are using smartphones and tablets more and more, and making your website mobile-friendly is also necessary if you want to get as many hits as you can.
If you put enough effort and plan carefully, there’s no reason why your business shouldn’t be able to succeed. Just make sure you’re constantly working on improving your products or services and getting your business noticed.
Homerun Nievera is the publisher of WorldExecutivesDigest.com. He has interests in several tech and digital businesses as director and chief strategist.