It is no secret to those entering the world of business that survival is tough, and that a significant number of businesses fail within their first two years. Therefore, it is crucial that, if you are getting ready to start your own enterprise, you take the necessary steps to protecting yourself and giving your company the greatest chance of success. Here are methods that you should be using to ensure the survival of your startup company.
Know Your Stuff
The first, and possibly most important thing, you need to ensure you have locked down is the knowledge of your field. Of course, it is more than likely that your industry will be challenging every week, but you should still have a solid, working knowledge of it before you take your first step into it. To conquer this point, we recommend obtaining a degree in your field, as it gives you the best opportunity to learn and receive accreditation for said learning. What’s more, it is now easier than ever to afford college or university, thanks to the host of private lenders available who can offer student loans. Take some time to consider these to ensure you choose a loan that’s right for you.
When it comes to business, there is no benefit to trying to tackle the journey alone. There are many people who have already done what you are setting out to do and have lived to tell the tale. Therefore, you should be seeking out the wisdom of these people, perhaps through the form of mentoring or just the occasional nugget of wisdom when needed. Of course, you can also seek advice without having to personally interact with the person themselves through books and podcasts which will already be available to you.
This point may be an obvious one to many, and yet it is all too common for unnecessary costs to build up over time and eat away at the finances of a new company. When considering the outgoings of your company, it is crucial that you are ruthless with your decisions. Ask yourself, does this particular outgoing stand to benefit my company’s revenue? Or is it something that has been purchased for other reasons? If the latter is true, then it may be worth cutting the expense until you can comfortably afford it. During the first couple of years of business, your main goal should be ensuring you have enough money coming into your company to survive.
Tighten Up Your Marketing
Marketing is a powerful tool in the acquisition of new customers and, by extension, new sales. However, many companies waste money in this area because they do not understand how to effectively utilize the tool. For example, if you are interested in using SEO to appeal to new customers, it’s not enough to simply pay for the service and hope for the best. You must ensure that you research and understand the words and search intent that you can then convert into traffic driven to your site. With the potential to have such a positive effect on your business, we recommend ensuring that you do not squander this resource, and either research deeply or talk to a specialist to ensure you are getting the most out of the methods you use.
Author: Thomas Wells
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.