10 Success Business Startup Tips
Posted: May 28, 2013 by Alex Chan
Startup businesses have a 95% failure rate over 3 years. They say it's because new businesses require a continual flow of fresh ideas, determination, hard work, and most importantly – Time. The funny thing is; every entrepreneur knows this going in. So what causes so many businesses to fail? In my opinion, it's more about combination of luck, timing, and prep. Good news, with timing and prep brings luck, and prep with luck brings timing. You only need 2 out of 3 to win so here are a few tips to prepping better, finding your timing, and getting lucky.
1. Be Organized
Being well organized means everything when you are trying to run a successful business. Keeping track of key points enables owners to stay on top of tasks to get the job done. A simple To-Do-List can make things very easy to follow. This is where smartphones come in handy.
2. Analyze The Competition
Whenever you decide to open a certain type of a business, you must always know who your competition is. By analyzing your competition, you can avoid making the same mistakes as them. More importantly, you can use their positive strategies since they've already paved the way for what works and what doesn't.
3. Be Prepared To Make Sacrifices
Opening a business will not make you a hot shot owner who does not need to work anymore. On the contrary, you will have to spend more time in the office than ever before since it is your company at steak. Building a supportive network from your friends and family can be a great asset in starting a business. Everyone needs a little help, be prepared to sacrifice sleep, money, and time.
4. Be Prepared To Take Risks
If you ask any businessman, he or she would say that taking risks is what keeping a business is all about. Whether it is an investment strategy or brick and mortar, you must always be aware of the worst and best case scenarios. Knowing the risks and the possible outcome makes it easier to take chances when doing business. You can't win the lottery without playing.
5. Be Creative
Being creative is the essential requirement for any business. New ways to attract customers and stand out from your competition is what separates the winners from the losers. This is not always easy so be open to new ideas and approaches. Paving a new road may not always lead to riches. Know when to stop and take the time to reevaluate. Sometimes your final destination isn't where you originally thought the path was going to take you.
6. Keep Records
By keeping detailed records of everything regarding your business and your company, you are always one step ahead of any potential problem. Well organized documents enable easy access into the company's soul. Log anything useful because one day, you'll need that data.
7. Offer Original Products and Ideas
Customers are a tough audience to please. They crave something new and fresh on the market. Don't jst copy someone else's idea and try and sell it in a different package. Analyze, investigate, research the market. See what people want and find ways to offer them just that. Twist, tweak, and mold concepts into your own creations that people can follow, like, or tweet.
8. Offer Good Service
The saying "The customer is always right" exists for a reason. If you treat your customers well, they will reward you with their loyalty. They will talk about you. They will talk about your product. More importantly, they will endorse you. If I told you I made the best cheese bread in the world, you might nod and smile. But if your friend told you I made the best cheese bread in the world, well, see you in the line up.
9. Offer Consistency
Consistency is very important when running a business. You should be consistent when it comes to the products you offer. Create a balance between quality and price that doesn't fluctuate or force you to rethink the marketing strategy. Consistency builds trust. Never lose the trust you build.
10. Advertise Everywhere
We are living the in era of social networks. Television and newspapers to Facebook, Twitter, and Google+ offer some amazing platforms to promote your products. Marketing is the life blood of every operation. The best water engine in the world is completely useless if no one knows about it. By taking the time to be active everywhere, people can find your business through a variety of different channels. Exploit the benefits of social marketing and make people know your company.
In the end, running a business may be more rewarding but it is also more difficult. Success does not come fast or easy, but achieving it is the final reward. So, be patient, work hard and hopefully, someday, all that hard work will pay off.