20% of Startups Succeed – What you need to know

» Posted by on Aug 12, 2014 in Business, Business Plan, Financial, Startup | Comments Off on 20% of Startups Succeed – What you need to know

What Startups Need to Know to SucceedHow Startups Succeed

The number of small businesses that fail in their first five years is astronomical – 75% to 80%. What are these businesses doing, or not doing, to cause this failure? At Building Bridges for Business, we want to give you the information you need in order to succeed. Here are a few tips to get you thinking, and help startups succeed. Start off with a Business Plan that is complete. Don’t skip over any of the details. Know what you are getting yourself into and know how to fix the problems before you even get started, and help startups succeed.

Startups succeed with thorough planning. Make sure your business plan includes a Marketing Plan. Know who your clients are and what kind of products and services they are looking for. Market to these people in the places they go. If your new business is selling cupcakes for weddings, don’t advertise in a home improvement magazine. If your new business is providing weight loss coaching, make sure your put up flyers at your local gym. Keep up with the newest social media platforms and always have an up-to-date website with new information. Remember, if your clients can’t find you, they can’t support you.

Make it easy for them. In addition to your marketing plan, make sure you complete your expense reports. Calculate the amount of Capital you need to not only start a business but to remain in business. Keep in mind that your business may not make enough money to cover your expenses for the first few years. Many new business owners burn through their start-up money before their cash flow is positive. Seek the advice from financial experts in order to get these calculations correct. As a solo-preneur you have a big job in front of you. Not everyone can be all things to a business. You need various skills in order to succeed. Most importantly you need to be a Leader. Know what you are able to do yourself and hire others with the proper skills to do the rest. But don’t stop there. Continuing education for all concerned is mandatory to keep up with emerging technology and trends. Don’t assume you can do it all by yourself. Self-sabotage of a business is not pretty. By starting with these suggestions you may be well on your way to success.

Don’t be a statistic. Be a business that succeeds because you did the proper planning and took the advice of experts. Let’s make it so ALL startups succeed!

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