The vast majority of companies fail within the first year, and in this day and age, it comes as a surprise to absolutely no one. According to Harvard research, this number is now up 75%.
With so much competition, and globe-trotting corporations leading the game, we can only expect this number to grow soon.
So, how do you avoid failing? There’s no one clear solution to this problem, as it depends on many factors, and sometimes it’s just downright luck.
But, there are things you can do to decrease the chances of this happening.
1. Do something you enjoy
If you have no passion for the work, you’ll be more tempted to quit when the going gets tough. You’ll be a lot more motivated to keep going if you can do something you enjoy.
Building a company from the ground up is hard work, and if you cannot commit to it, then rethink the plan. Startups usually need more than a 40-hour workweek, so be sure you’re ready to work around the clock.
2. Organization is key
As we’ve already mentioned, corporate success doesn’t come easily, and you’ll have to work a lot. However, being meticulous about organization significantly improves your odds.
So, the second piece of advice we have for you is to keep organized in all you do.
To get organized, start by making a detailed strategy. You should list your objectives and split them down into smaller stages/steps. Moreover, make a timetable and start writing to-do lists every day. These pointers will help you stay above water.
This tip is vital when it comes to documentation. Keep thorough records of everything relating to your business and write down all of your agreements.
3. Pick the right name
Branding and naming a business go hand in hand, and we all know names are important. Make sure that the name is relevant, connected to the products or services you’ll be offering, and easy to remember.
Just think about some of the most famous brands on the planet. For example, let’s take Nike, a sportswear brand named after the goddess of victory. What could be more fitting?
4. Analyze the competition
There will be stiff competition in whichever field you choose. And it’s your job as an entrepreneur to know your competitors and figure out how to keep up with and outperform them. A detailed analysis of your future competitors can help you get started on the right foot.
Take the time to research your potential competition. Check out what your competitors are doing to achieve their objectives and the typical errors they’re making. You should be able to devise a successful strategy based on this information.
On top of that, all the data you gathered will prove to be ideal when writing a business plan.
5. Remember, it’s for your customers, not you
While it is natural to feel pride in your creation, or this case, your company, you always have to keep in mind that customers have to come first, not you. Keep them in mind when making business decisions and spreading your reach.
The ideal situation would be that your product offers a solution to a problem both you and the customers are having. That way, the interests can peacefully coincide. That’s the only way to create products that sell.
6. Find out what the customers want
It might be expensive to assume you know what your clients want. It could cost you a lot of money to get it wrong. Thanks to the internet and social media, doing some preliminary research doesn’t have to cost an arm and leg. You can always turn to free resources like forums, questions on social media, or polls if you are on a tight budget.
7. Use social media
New entrepreneurs frequently expect that their products will attract attention all independently. Other people must be too excited if you’re excited about it, right? Sadly, that’s not the case, and you will need to tap into the power of social media to get things going.
If consumers don’t enjoy your product, you’ve squandered your time and money. To prevent this awful situation from happening, start by collecting input from your target audience on social media and other channels to determine your product’s genuine potential.
8. Think about the future
Nobody can know what tomorrow brings for sure, but if you stay educated and understand how to recognize emerging patterns, you’ll have a better chance of getting it right. In addition, always staying atop market trends will help you adapt if things start to falter.
Starting a business isn’t just jumping into the water and seeing what floats anymore. Without a proper strategy and plan, your only chance of succeeding is an overly potent four-leaf clover.
Work for a startup begins months ahead of the launch, so be prepared, and you will evade becoming an all too common statistic.