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It’s widely believed that nine out of ten startups don’t make it past their first year in business. While the true figure might not be quite so high, it is still sure to be a substantial number. There are many reasons why people businesses fail, but there are plenty more reasons why businesses succeed. Here are six (not-so-secret) secrets for you to follow to ensure that your startup is a success.
- Get On Top Of Your Finances
One of the biggest reasons business fail is because their owners don’t properly take care of the finances. After all, no business is going to survive for very long if it doesn’t have any money. If you’re not very financially savvy, it makes sense to consult an accountant before making any big financial decisions.
- Organization Is Everything
If you’re not organized, you’re never going to get anything done. Make sure you have a business plan, so that you know the general direction your business is going to take. You should also make to-do lists every day to make sure that you get everything done that needs to be done.
- Learn From Others
Even if you’ve studied business, marketing, and accounting, you still aren’t going to know everything that you need to know about running a business. A lot of this knowledge comes from trial and error, but you can easily learn from other small businesses too. Look at the things that successful competitors are doing and try to do this within your own business.
- Stand Out From The Crowd
If you want to be successful, then you need to get your brand and products out there for everyone to see. First impressions matter so ensure you market your small business and products well so that they attract the right target market. Be open to new approached, and move with the times, so that your business doesn’t get left in the past.
- Customer Service Is Key
If you’re not good to your customers, then your customers aren’t going to be good to you. Sales are where most of your income as a business is going to come from, so if you don’t focus on getting your customer service right, you’re not going to sell anything, and aren’t going to last very long as a business.
- No Pain, No Gain
You are not going to simply make a business and have money coming in right away, especially if you don’t put the work in. You need to make sacrifices to get your business off the ground. You’ll be working longer and harder than you’ve ever worked under a boss, but the rewards will be much greater.
Owning a small business isn’t easy, but the only way that you are guaranteed to fail is if you don’t try. Don’t give up on your business, take care of your customers, work hard, and get organized, and you should do just fine. It won’t be easy, but nothing worth doing ever is.