If you’ve ever pondered the concept of starting a small business in 2018, you’ll have come across the fact that up to nine in every ten startups will fail. While those figures are worrying and may lead to feelings of self-doubt, it’s not simply a game of chance. The 10% of success stories occur because those entrepreneurs take the right steps to work the odds in their favour. But how?
Firstly, the vast majority achieve success by accepting the fact that online business is future. Brick and mortar shops are continually on the decline. Frankly, the fact that even the biggest companies are closing stores should underline how tough it is for new businesses to survive. Generally speaking, the online arena is far more forgiving, at least in terms of needing overnight success.
One of the reasons for that is that the digital environment encourages budgets to last longer. This is something the smartest entrepreneurs make good use of from day one. Whether it’s working from home, using shared office spaces, or embracing money-saving production methods doesn’t matter. A greater respect for utilising capital in a smart fashion will instantly boost the hopes of success. It buys the company more time before it needs to become profitable.
Handling money in a smart manner is just one example of good asset management, though. The best entrepreneurs often place a huge emphasis on building strong teams. Even when working from home, services like eReceptionist to create better businesses. It also allows owners to focus their own energies on their strengths. In this example, the added commitment to the customer is another aspect that can be attributed to great results.
After all the consumers are the people, who need to back the business. Without their support, the lack of sales means that there is no opportunity to gain revenue or grow the venture. While great products are important, it’s equally vital to build a strong brand and get seen. Experts at Boson Web understand both digital and consumer trends. Embracing that sort of knowledge goes a long way to create the right first impressions. These are needed to immediately jump ahead of every company that’s getting it wrong.
Every aspect across staff management, customer care and marketing should embrace a personal touch. Perhaps the best way to embrace this, though, is to showcase your passion. The vast majority of failed entrepreneurs struggle largely due to their hopes of following the money. Nowadays, the size of the digital market means you can still make big money from niche areas. Working on something you love will shine through for the customers. Besides, that enjoyment is a reward in itself.
Each of those above factors can have an immensely positive impact on the business venture. Ultimately, the key ingredient in the recipe for success is in the ability to seek new opportunities. From Mark Zuckerberg to Pierre Omidyar, taking those core principles and finding a unique spin and concept is a common feature of success. Learn to follow a winning blueprint while putting your stamp of authority on things, and that exclusive 10% club will be yours.