Almost around 150 million businesses are opened each year, as predicted in this lengthy study from Moya K. Mason on Worldwide Business Start-Ups. However, the real question is that how many of these actually survives the initial period of “starting up”? You will be amazed to know that almost 90% of them fails in the initial year of launching. Why is that? Among various factors contributing to this gigantic failure rate, some are quite basic and important flaws which most of the entrepreneurs make when starting a new business. So, today we are going to enlighten all beginner entrepreneurs in our reader’s community about some of the most important tips they should ensure to follow when starting a new small business.
Get Your Goals In A Step-By-Step Procedure -:
This is the first and probably the most important factor that decides the fate of any small startup. Young entrepreneurs often make this mistake of setting up goals without any specific schedule or planned process. You should have to have clear short-term and long-term goals which should be divided based on years, months, or even days (in certain circumstances). Although, not actually an entrepreneur in the fullest form of the word, but the Spanish painting giant Pablo Picasso once said:
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.”
We believe that this beautiful sentence from what is supposed to be the greatest painter of 20th century sums up this whole paragraph effectively (without further a saying on this). Let’s move onto the second important tip for small startups in 2017.
Get Out Of Your Comfort Zone To Succeed -:
Let there be no mistake about this fact: You want something like crazy, you need to work harder to earn it. When starting up a new business, most of the young entrepreneurs put a lot of faith and trust in the new venture (often without much analytical foresight). They simply put off other important things like studies or part-time jobs they might be working on. Let us tell you that this is a wrong way to begin. For quite some time until you start and run your own business, you are unsure of what results it will yield.
Do not put all other important activities of your life on hold just because you started a new business. Instead, step out of your comfort zone, work harder, and dedicate more time for productivity than usual. For example, one way to go out of your comfort zone would be to continue whatever day job/studies you are doing along with giving time to augment your own business at night time as well. Remember, there is no shortcut to success; It’s a simple and straight 2 + 2 = 4 formula. Make sure you follow it.
Do Not Poke Into Everything & Obtain Mastery In Your Trade First -:
Honestly saying, a majority of those people who likes to become the jack of all trades usually end up becoming an expert of neither. Obviously, you don’t want to be in that league of people who are starting new businesses in 2017, right? So, pick up one single niche about which you are ultimately passionate and eager to contribute something new and unique, at least in the first initial years of your business development.
A unique and creative single service/product will bring much recognition and success than an assortment of things at a time. Once you become known for the niche in which you have invested, and obtained the trust of a wide audience, this can be the phase now in which you may think of diversifying your business.
Keeping Costs In Check Is Another Way Of Succeeding -:
It often happens with young and passionate entrepreneurs that with the arrival of a little success in the initial period, they start to spend that hard-earned money unwisely and on unnecessary things. This can be disastrous and a must thing to avoid. Always remember that keeping yourself cost-effective and friendlier is the only way you can reach into the club of millionaires (or probably billionaires) someday.
For example, ask yourself why you need to have a physical office at some place when you and your employees can easily communicate and do things effectively using the virtual world? Today, we have ample resources available on the web to accommodate any small (or even large business) requirements with ease. Be cost and eco-friendly in your approach.
Networking Is Crucial -:
The final important tip we have for all of our valuable entrepreneurs who are beginning their business journeys in 2017 is of building a robust and strong connection with others, in and outside of your niche. In this age of digital socialization, it has become much easier as compared to the pre-internet decades. Never lose a chance if joining professional groups or interacting with other people in the greater business communities on the web. Remember, networking itself opens up a lot of business probabilities and it might give you lots of chances to make good connections in the industry you work in.
A Final Word
So, we hope that the tips we have given above will definitely help you set up a great foundation for the success of your new business. Additionally, for all small business owners, we have a great tool which will help specifically in building great customer relationships. This tool is our OneCubeCRM application, a cloud-based CRM portal which not only provides great customer relationship management but also helps in social marketing and project management (within your business staff). We are providing a one-month free trial to every small business owner (without a credit card). Interested in trying our application? Click here!