Who doesn’t want their business to reach dazzling heights? There are thousands of businesses that start every day but only 30% of them survive and the rest are headed for failure.
Setting up a new venture is not a piece of cake; it requires long-term functional, technical, emotional and financial commitment. Lacking one or more of these components can lead to the failure of your business.
So here are some factors that a founder should bear in mind before setting out for his new venture-
1. Generating ideas is easy, implementation matters
Just because you have several mind-blowing ideas for an effective business doesn’t mean you are bound to run a successful business. There is a huge gap between developing ideas and implementing them in reality. On the ground level, shaping your plans into products needs financial support, good and reliable investors, market demand for your product, user reception and most of strong determination to make it happen.
So before starting out, ask yourself a couple of questions-
- What would be the possible obstacle in your way to success?
- Who are your competitors?
- What is the current market position?
- Do you have the potential and the resources to solve problems?
- What are your chances of succeeding?
2. Try your level best to solve a problem
You can steal an idea, you can steal its process, you can steal products but stealing the efforts to execute these plans is something that’s next to impossible. The success of anything largely depends on how you stand strong against the problems. There will be times when you will find yourself stranded between the devil and deep blue sea but you can get over this tricky situation by keeping your chin up and facing the problems with everything that you’ve got.
What makes a man great and successful are not the resources that he has but the courage and self-motivation that keeps him going on no matter how bad a situation is.
3. The journey to success starts with the first step
Many people spend a lot of time brainstorming business ideas for their venture. We are not saying that it’s not something that you shouldn’t do but you can’t adhere to a point to make it perfect. Perfection is a myth; the key to success is getting started. After doing the sufficient research and analysis, do not over think the same, move on, take your first step and get started with the journey.
4. Know what your customers want
Another mistake committed by most entrepreneurs is that they love their designs and think that the customer will love it too. Don’t force your ideas and choice on your patrons. Do your research; know what your customers really want.
Big companies like Apple and Facebook didn’t come up with the designs and products that their customers love for the first time. Think of how Facebook looked back when it was new Of course, it was not the same as it looks now. A lot of things have been fixed for better functionality. So, know the requirement of your customers and then update your design and products accordingly.
5. Keep your financial records up-to-date
Cutting corners in maintenance of financial records and accounts is like walking on thin ice. Government policies keep changing from time to time and poor record maintenance can cost your business dearly. So to avoid such serious repercussions, refrain from turning a blind eye on record keeping and hire a professional accountant in Northampton to handle the financial side of your trade.
6. Make an online appearance
Gone are the days when setting up a shop was enough to bring customers to your door, now your business needs its online space. And not only space, your site or online profile should be appealing and updated to let your customers know about the daily discounts, offers or addition of special features to your business.
Not only the design and layout of the website but also the content should be interesting and captivating. For advertising and free marketing, do not forget to make a social media account of your company, it will surely help you reach out to your target audience online.
We hope these business saving ideas will help you save your business from tanking.
