If you are one of those open minded persons who want to set off on an adventure in setting up a business then you’re most likely outcome is an utter failure! Wondering why this is being said? Then you might want to gaze through numerous researches done on why startups fail?
Some of those listed high on the list are that the business model is not viable, not enough traction, running out of cash, no market, poor branding, lazy marketing and unfounded goals.
The list is pretty much unending. However, to succeed you probably need to do few of the things correctly. Moreover, following certain time-tested rules would make a better impact for assured success. Therefore, to make the journey less of a path filled with uncertainty. You can choose to follow the 5 tips mentioned here to kickstart your business with confidence.
Target a niche not the whole ocean
Annually around half a million new businesses are started in the United States alone. With such a big number you can have an idea why you need to specialise in your business. The competition is tough and making a breakthrough in your select industry is stiff.
Instead of becoming a jack of all trades the pitch should be for a specific vertical. Moreover, take a deep dive and see for yourself if you could make a distinctive offer for the market which would place you as a go to business place.
The Idea is to start small and get steady. Once you have established yourself in that particular niche then you can move ahead and start placing yourself in other related niches as well.
Understand the pulse of your target market
Many businesses fail due to lack of understanding of their market. They wrongly assess the pulse of their target consumer. Moreover, they come out with the offerings which are not what the market is looking forward to.
When you come out with an idea make sure that you deliver what the consumer wants and not what you think they need. Listen to your customer find out their pain points and come out with your action plan. This way you would make sure you are not darting in the dark.
No matter the size of a firm, if they are wrong in their assessment then they are sure to fail. Therefore take an extensive assessment of the mind of the customer to get a foothold into their aspirations and project your product as the best companion.
Cash flow is the life force for business
The sole purpose of any business is making a profit. If you do not make the profit you will go bust. As simple as it is. The cash flow is the reason any business would keep running.
When the flow of cash is adequate you would have a good standing in the industry. With money, you would be able to make better decisions as well. Money brings confident and with it better results.
To make sure you have a good flow of cash you need to have in place a solid accounting process tracking expenses and income. You can also make use of 80/20 rule to target customers with the products. Products that bring in 80% profit should also receive 80% of your input.
Be Frugal. Yes! if needed cut on all the expenses wherever possible. In fact, devote some time to understand where you can cut corners in expenses.
Branding, Marketing and all that makes you stand out
The website is your point of touch with your customers. The Internet has become the greatest generator of sales for any business. Up to 2.2 trillion dollars worth of business happens because of the internet presence for companies across the world.
Therefore make sure that you have a perfect website. This would require you to have the best people to work for you. You can hire an agency or a freelancer to do your work. At best you can expect a price quote of at least $1000.
If you cannot wait for long and would want to create a brand presence with great designs then you can consider AI enabled design service providers. One such great tool is the Tailor Brands Logo Maker. It is a machine learning based AI designer for your brands and other business collaterals that you can get build in a matter of few minutes. Moreover, the results are great too.
Track and mark your progress
One of the mistakes that the newcomers make as a business person is to not to track the progress and analyse what is working for them. When analysing the marketing data make sure you do pin point what is working for you. There are many measurement tools available online that can track your progress.
If a certain marketing tactics is gaining momentum and bringing new leads then you should probably stick to it.
Moreover, it is also important to go through your business metrics at least once a month.
When you follow the above-mentioned points you will succeed with your venture. Furthermore, you will have a consistent business model. A business which will guarantee growth and profits.