To succeed in today’s competitive and cutthroat business world, you will need to have a great deal of drive, enthusiasm, passion, and determination. This is especially true if you are starting from scratch, as estimates suggest that between 80 per cent and 90 per cent of new businesses fail before they even get going.
But, on the assumption that you possess all of aforementioned character traits, what else is required to get a start-up off the ground? Here are five top tips that should stand you in good stead when it comes to seeking out commercial prosperity and profitability.
1. Explore all options for funding.
These days, the cost of starting a business is relatively low and more than 90 per cent of start-ups are self funded, which means you don’t have to give up any equity or control. In addition to your savings, you can boost initial capital with a credit card, crowdfunding in exchange for a reward, or an investment like CFD trading.
If you are still struggling to raise enough money, consider applying for a bank loan, solicit venture-capital investors, request a small business grant, join forces with a strategic partner, or ask for help from friends and relatives.
2. Take advantage of digital marketing.
In the past, you would have to rely on radio commercials, print advertisements and direct mail to promote and publicise your start-up. But ever since the advent of the Internet and things like social media, it has been much easier and cheaper to market a new business.
What’s more, some digital marketing tactics and techniques are free, costing you just the requisite time and effort. Take content marketing for example, which can be helped by something as simple as a weekly blog post on your website.
3. Come up with a business plan.
Even if you have developed a unique product or service nobody else is offering, you will still need to create a comprehensive and coherent business plan that maps your route to success.
This should include things like financial funding, market research, demographic data, as well as details of partners, suppliers and premises. For a watertight business plan, try to be concise and specific in all areas.
4. Don’t be afraid to ask for help.
The thought of going it alone can be quite a daunting prospect, but you would be surprised at just how much help is at hand for start-ups.
In addition to a plethora of online resources including independent sites and even government bodies, you should also ask for advice and guidance from family members, loved ones, former colleagues, and industry influencers.
5. Exercise caution with growth.
It is easy to get ahead of yourself after witnessing initial start-up success. But before you know it, your business will have expanded too quickly and you might lose focus of what matters most.
Therefore, try not to expand too quickly, instead concentrate on meeting your audience’s expectations as best you can. Just like your initial business plan, develop a rational strategy for growth that you can reasonably maintain. Trying to run before you can walk will make your business trip up.
