Did you know that more than eighty percent of new businesses fail within their first year? That makes you want to rethink your next career move doesn’t it? The truth is that starting a new business isn’t an easy or risk-free way to make money. In fact, the opposite is true as you can tell by the eighty percent of people that fail every year. Still, that doesn’t mean that you shouldn’t try and build a successful business because you have to give it a try. Then, if you fail, you won’t have any regrets.
The trick is to avoid the mistakes that most startups make on their way to the scrapheap. Even if that doesn’t guarantee you success, it will give you a better chance of succeeding. And, the best way to avoid mistakes is to follow the tricks of the trade. Below, you will find ten secrets that will help you build a brand.
Please note these aren’t going to guarantee you success – nothing can guarantee success in the business sector. But, they will improve your chances. Enjoy and good luck!
1. Understand That It Is Okay To Fail
Instead of thinking that you are the exception to the rule, understand that you might fail. After all, the data points in that direction. It is okay to understand your limitations because that is how you grow and rebuild. Of course, you want to put your all into your business because that is how you will succeed in the end, along with a bit of luck. But, knowing that there is a chance you will fail isn’t going to hinder the odds. In fact, it will balance it back in your favor as it will take the pressure off your shoulders. People tend to work better when they are relaxed and focused, and that is what failure does to you. Plus, it also encourages you to work harder, which is a good thing in most cases.
2. Enter Into The Right Market
There is a cliché among writers that says you should write about what you know because it is familiar. The familiarity gives you a certain amount of safety that you can fall back on as you have knowledge and expertise (hopefully) in the area. And, it also makes starting a lot easier. If you have ever tried to start anything from scratch, you will know that the start is the hardest point. All of the above applies to a new business. Entering into an area that you understand gives you a foothold in the market that you can exploit. When you build a business in a new sector, you don’t have the same type of foothold, which means you don’t have the same advantage. It is also worth noting that you can save money this way as you can complete internally instead of externally.
3. Believe In Your Brand
At times, you will sit in a dark room with a glass of beer and think, ‘why is everything going wrong?’ Trust us when we say that almost every entrepreneur on the planet has had the same thought. Your response to this thought is essential because it will set the tone for the rest of your reign. Obviously, you want to think positively and come out all guns blazing. And, you will do that if you believe in your brand. Bosses that know their brand is big are the ones that don’t let the setbacks affect their mindset. They understand that the brand will bounce back as long as they make the right strategic moves. As a new business owner, this ideology will spur you on from the jaws of defeat several times.
4. Be Original
It is easy to look around and see the copycats that make tons of money from copying another product. To be honest, there are too many to list in a post – you know who you are! But, it doesn’t mean that you will make money even if they are making money. For starters, they tend to be huge corporations that can throw money at a product and use their reputation to take a nice share of the pie. Also, they have the expertise and knowledge to fight back against the inevitable setbacks, such as a handful of lawsuits. Your best option is to create an original product that is different to everything on the market. If you do, you will have a monopoly that is hard to break up or destroy. Yes, businesses will try, yet they won’t be able to knock you off your perch. When you create something, you get a lot of brownie points that secures your position for the long-term.
5. And Be Prepared To Be Copied
Take it is a good sign when a rival copies your invention. At the time, it is almost impossible to think of it like that because of your anger. However, it doesn’t change much in the grand scheme of things. You still have a huge chunk of the pie, and they will play second fiddle. The great thing about being the originator is that you are always one-step ahead. No matter how they try, they will struggle to create a superior product without your input. You can take action and file a suit, but that is costly in regards to time and money. What you want to do is focus on how you can make your product better. Then, it won’t matter who tries and replicates your idea.
6. Invest In Technology
In today’s world, you can survive without technology. Not only does it make businesses more efficient, but it also makes them cheaper to run. The problem you have is that you need to make sure you invest wisely. There are plenty of programs on the market, and some of them aren’t great. Even the ones that are good still aren’t the best option. You want the best tech possible, which is why you should talk to businesses like http://www.ATB-Tech.com. These companies can make the difficult process of investing in technology quite easy. All you have to do is listen to their advice and see if it correlates with your firm. If it does, your partnership could make your life a lot easier in the future.
7. Outsource Tasks To Experts
You will need help from external companies if you are going to be successful because you can’t do everything alone. This is where outsourcing companies come in handy as they are willing to help for the right price. In fact, they build their business model on the fact that they will perform other companies’ tasks better and cheaper. When you look at it like that, you can’t afford not to hire their help. Not only will they raise the standard and lower the price, but they will also give you more time. With that time, you can focus on the core areas of your business that contribute to your longevity. If you want to find out more about outsourcing, take a look at www.flatworldsolutions.com.
8. Surround Yourself With The Right People
The term ‘right people’ has two meanings. Firstly, you need people that don’t agree with everything you say because you’re the boss. You need them to challenge your logic to make sure that it is watertight. When this doesn’t happen, the ship starts to sink pretty quickly. It also means that there are specific people that are instrumental to your success. To begin with, there is your accountant. Accountants deal with money and figures, and they know how to manipulate them to cut costs. A lawyer is also essential as you will come up against legal issues in your young life. When that happens, you need a legal expert to guide you through the process. These are just two examples, but there are plenty more people that are instrumental to your success.
9. Keep Your Money In Reserve
Having a lot of money might not be a secret to most people – everyone knows you need money to survive. Still, it is worth pointing out because most people don’t realize how much they need to start a business. No matter how good your numbers are, always keep some money in reserve just in case. Money goes quickly in business, and you don’t want to be in the situation where your bank balance says zero. Obviously, this isn’t easy to achieve because everyone would do it otherwise. A good tip is to get in contact with a bank and ask for a loan. Or, you can look for 0% APR credit cards as they are a lifesaver.
10. Remember That It Is A Marathon
Society dictates that you need instant success. Well, business doesn’t work that way as it takes years for it to materialize. The people that realize it is a marathon and not a sprint are the ones that invariably achieve success. Although it is only a small thing, it puts everything else into perspective.
Hopefully, these tips will help you become part of the twenty percent that does achieve success.