Setting up your own business can be stressful and even scary at times. From choosing the right industry to finding funding sources, there are many theories but no one concrete formula. Although, as reported by Fundera, almost 20% of businesses fail in their first year, how can one muster the courage to start a new business? Sure, a business cannot guarantee success; however, new entrepreneurs can keep a tip or two in mind.
|Some tips are:
· Involve your family & friends
Let’s investigate each one of them in detail:
Involve your family & friends:
During the initial stages of your business, you need billions of things to figure out, and millions of questions might need an answer. This is a time you don’t want to deal with things alone. So, keep your family and friends close. Have someone who can lend you a ear when you need to talk and a shoulder to cry on when times are hard and an objective view of the whole thing.
Find a Mentor:
Someone who has already gone through almost everything you have been preparing for. He can guide you, give you priceless advice and choose which road to take whenever you are in a dilemma. Sure, even after that, you are bound to make mistakes. But a mentor is always there to motivate you!
Commencing a new business opens way too many opportunities. You will make new clients, customers and networks that will help you a long way. But one thing most novice entrepreneurs seem to oversee is that maintaining new relationships is essential; however, capitalising on the ones you already have can be a blessing. In the initial years, when your business is not prominent, a push from your existing friends and networks – who can be your customers, might give you a boost to keep you going.
As mentioned above, a business operates in a highly dynamic environment. Things take a turn in a matter of seconds. To stand out and be relevant to your customers, you must keep up with the latest trends. You cannot function solely on your father’s tactics to operate his business. Those methods might have proven beneficial to him, but it might not be the case for you. Choosing the proper approach to adaptation and evolution is tough; consequently, many businesses discover a strategy and adhere to it, even if it is ineffective in other circumstances. However, one needs to accept that times have changed, and only he thrives who decides to change with it.
Diversify the workforce:
Many start-ups are nowadays employing ‘young blood’. They think that they have new perspectives and will bring the best inputs to the table. While it might not be entirely wrong, keeping a workforce that mixes various age groups, multiple nationalities, and both genders can be lucrative. Diversification in the workplace sparks innovation, expands the customer base, and improves collaboration and team performance – some things that all businesses are looking for.
Don’t compromise on quality:
In an era of consumerism, customers are still looking for a superior quality product yet pocket-friendly. Many start-ups focus on the second part and compromise on the product’s quality. Your product’s quality sends your vision and mission to your target group. A low price might get you a handful of customers in the short run; however, quality is what can make you the next Apple.
Every customer matter:
“Okyakusama wa kamisamadesu” is an old Japanese saying that typically translates to “customer is king”. Well, they are not wrong. It should be of utmost importance to any business for the customer experience to be as smooth as possible. Customers have numerous alternatives to choose from and the resources they need to enlighten themselves and make decisions on their own. This is why it’s critical to deliver an exceptional experience by making them repeatedly want to do business with you. Consumers are your finest resource for increasing brand awareness.
Starting a business is challenging, but with practical leadership skills, a far-sighted vision and the tips mentioned above, you can save yourself from falling into the “20% businesses fail in their first year” category. Also, don’t confine yourself to these suggestions but try what suits you and your business best. Keep experimenting, keep going!