Many people started a side-hustle or small business during the long stay-home period last year, but did you know that 45% of start-ups fail within the first five years? That’s almost half of all new businesses. This guide will provide tips to give your business a better chance of success and ways to stand out from the crowd.
Be an icon
Becoming a visual icon in the business world is no easy feat. Brands like Nike and Apple have mastered the visual aspect of branding with their sleek designs and instantly recognizable logos and products. If you want to follow in their footsteps, you need to find your product or service’s essence and translate that into branding and design. Key things to think about are the message you want to portray and the emotions you want people to feel when they see your product.
Plan everything down to a tee
Planning never hurts a business. The best companies know their strengths and weaknesses from the start – so you can simply maneuver any setbacks to growth. The main elements of a business plan include an executive summary, a business description and structure, market research and strategies, management and personnel, and lastly, financial documents.
Get to know your sales efficiency
If you are interested in creating value, and let’s be honest, what entrepreneur isn’t? Working out your sales efficiency is a must. There are seven important ways to improve your sales efficiency worth knowing about, including how to monitor your net profitability and identify customer attrition rates.
Ask for help
Sponsorship helps get your business off the ground financially, but good mentoring is highly underrated in business. Networking is essential for finding connections in your field and potentially experts whose advice could be the difference between success and failure. Getting an accountant on board is advisable to handle the bookkeeping and financial documents like profit-and-loss statements, balance sheets, and more.
Look after your wellbeing
When starting a business, it is difficult to switch off from your work-life when every responsibility falls solely on you. However, becoming burnt out can be the worst thing to happen to your business, and you might start to miss opportunities if the energy and drive aren’t there. Make sure to take time to unwind from work-related activities before sleeping and when you first wake up in the morning. Scheduling at least one day a week off will improve your health and that of your business.
Insure, insure, insure
Safeguarding your business is the most effective way to tackle risk. Small business insurance is not as costly as you might expect, and it will look after your livelihood. Insurance will cover important stock and premises in an emergency such as theft or fire.
It can be tempting to splash out on the flashiest and most recent business tools when you first start. Don’t–it is a trap that will set you back and lead to failure. It sounds too simple, but maintaining a low overhead and managing your cash flow is vital.