If you’ve launched a business or thought about doing so in the near future, you’ll have seen the worrying stats that up to 90% of all new businesses crash and burn. This is likely to leave you feeling more than a little concerned, but it shouldn’t stop you from chasing those dreams. After all, many of those failures are due to very simple mistakes.
Avoid the five common culprits below, and your chances of being among the one in ten will look brighter than ever.
No visibility | It’s impossible to sell products if audiences aren’t aware of your existence. While many businesses rightly place a lot of focus on perfecting the branding elements, it’s equally crucial to be seen. In today’s climate, that requires strong SEO and social marketing as to reach the online market. On a similar note, the content needs to be presented in the right manner across all platforms including mobile devices. Shortcomings in this aspect are an increasingly common source of failure.
Inadequate support | Given that the business needs to press forward at a rapid rate, acquiring the support of a winning team is imperative. Many entrepreneurs fail to appreciate the true value of getting this right, and fall into the trap of thinking all about numbers. In truth, quality is more crucial than quantity and getting the recruitment process right should be top of the agenda. Follow this by keeping employees motivated through suitable facilities, and you will not go far wrong.
Poor strategy | Success doesn’t come easily, and all ventures will encounter obstacles along the journey. Being prepared for small business challenges removes the element of surprise. This gives you the best chance of overcoming those issues. Time is money, and rectifying those problems will always be more costly than preventing and managing them. If nothing else, that sense of control enables you to focus on the elements that will drive the company towards its intended destination.
Overspending | Every modern business needs to spend money before making it. Unfortunately, acquiring capital is harder than ever before, which is why you must learn to use it wisely. Whether it’s finding a cheap web host or distributor, every saving that doesn’t compromise the venture is a positive step. The word cheap doesn’t always equate to value, though, so juggling the two ideas is key. Still, making your money work harder can only enhance your hopes of success.
No passion | People buy people. Therefore, showing a passion for the work and the products will always spark a positive response from the clients. Then again, it’s equally crucial to have a love of the customers. Showing that you care with great support and promotional tools can make a world of difference. Essentially, a lot of businesses forget that consumers are the ones that will decide whether the venture sinks or swims. If yours can show an appreciation of this factor, it should be just fine.
While those tips won’t guarantee success, they’ll certainly boost your chances. Right now, that’s all any entrepreneur could ask for.
*This is a contributed post