Did you know that 9 out of 10 start-up’s fail?
Starting your own business can be a gamble. The motivation to not only care but love what you do is a primary indicator that you are a horse worth betting on in the close race to business success.
Is your business a safe bet?
1. Does your business solve a problem for your clients?
If you wish to beat the odds, it is critical that you research and ensure that there is adequate demand for your product or service. Ask yourself the hard question, is your product or service something that people need or want? A survey completed by Fortune found that of all the failed start-up’s interviewed, 42% identified a lack of market need as the biggest reason for their failure.
2. Work on your business, not in your business
Growth is the word most associated with success, and the only way to accomplish this in your business is through you. Knowing how to utilise a team and trusting that team is a hard thing to do. This business is your baby but spending all your time on the small stuff, micro managing every aspect of the business will soon run your company into the ground. Your job as the owner of this great enterprise is to improve it and grow whist not get distracted by the day to day running.
3. Running out of money
Why do businesses run out of cash? Because they didn’t grow fast enough. If you can focus on simply growing your business then you can bypass this major obstacle. If you are experiencing rapid growth early on, this is a good indicator that you will be successful in the future.
Before starting your new business, you need to create a detailed budget. It’s always best to assume that it will cost more and take longer than you initially think. By over estimating you will be pleasantly surprised if the project comes in under budget and you don’t end up bankrupt.
4. Culture and environment
Being able to separate home and work life is of the utmost importance when starting a new business. It helps keep you sane and motivated. Working from home can decrease productivity and growth.
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