Will your office beat the odds?

start-up

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.

Our  serviced offices and virtual  office  packages  are  an  inexpensive  and  one  stop  solution to taking your business to new levels of success. Check out our latest serviced and virtual office promotions and special offers here.