Starting a business today is like taking a leap of faith. Will you fall flat on your face? Or will you step over that gap marked ‘business failure?’ We don’t have that answer, and if you don’t have a time machine or a crystal ball, neither will you. It’s a risk, but despite the large number of businesses that don’t make it after startup, you might be able to rise above the statistics.
So, while you will be taking a leap of faith, you can minimize the risk of failure by considering the following.
#1: Find your niche
Coming up with an original idea isn’t easy, but your business still needs to have its own unique identity if it’s to find a place in the marketplace. So, consider the type of business you are planning on starting, and research the similar businesses in your locale. How can you set yourself apart from them? It might be that you could target a demographic that others aren’t reaching, or you could sell a product that has slightly different functionalities to those provided by your nearest competitors. Market research your business idea, and fill in those gaps that your nearest rivals haven’t yet filled.
#2: Buy a franchise
Rather than start a business from scratch, you might want to consider a franchise opportunity. This way, you will have the opportunity to run a business with an established brand name, and one that will already have a customer base from which to draw from. You can still put your own stamp on the franchise you buy, of course, but you won’t have to start entirely from scratch with your endeavor. Search the world’s largest franchise directory at Franchise Direct, and consider those that befit your interests in business.
#3: Sort out your finances
Money makes the world go round, or so the saying goes, and the same is true in business. The better your financial situation, the greater the chances of success in business. And as a lack of money is a common factor often cited by closing businesses, make sure you begin on firm financial footing at the outset. So, be careful when considering business loans, as you don’t want to start off deep in debt. Research the loan providers available to you and look for favorable interest rates. Alternatively, consider other financing options, such as bootstrapping and crowdfunding, as these could be considered safer ways to fund your business.
#4: Focus on your marketing
There will be much you will need to do during the early days of your business, but you need to place a special focus on your marketing. After all, word of your business will need to get out there somehow, as you will never experience success if people don’t know of you. Check out our list of marketing essentials, and as well as promoting your business yourself, consider outsourcing this area to those professional agencies who can guarantee you greater amounts of success.
#5: SEPARATE YOUR WORK AND PERSONAL LIFE
It’s important to have boundaries between your work and your personal life. Without boundaries, both can negatively affect the other. For example, attempting to use a single bank account for personal and business use could result in personal financial decisions affecting your company spending. Setting up separate business bank accounts allows you to allocate funds specifically for business use, as well as making calculating tax easier. On top of having separate bank accounts for work and personal use, you may want to consider separate phones and email accounts to keep things organized.
There is much more to be said, of course, but you can source other information around our website and elsewhere online. You see, the more research you put in at the outset, the greater your chances of success anyway, so do what you can to ensure you start your business on safe ground at the beginning.