New businesses have a high failure rate in the first year. It’s even higher in the second, and in the third, well, let’s just say most don’t make it. The funny part is every small business owner knows this going in. So why do that take the chance? Bottom line, money. Unfortunately, the drive for money isn’t enough to create a successful operation. That brings us to our first point:
1. Like Your Niche
Enjoying your work means everything when you are trying to run a successful business. No one really likes to work but if your work is rewarding, it makes it that much easier to do it daily. New businesses require a lot of “free” labor for months at a time. If you’re working purely for money, the drive will eventually fade.
2. Study Your Competitors
Know who your competition is. They’ve already paved the way and learning about them will provide a few shortcuts.
3. Make Sure You Have Lots of Time
It takes an incredibly amount of time and patience to grow your business. You will have to spend more time at your desk than ever before. Point #1 comes in handy here. If the work is fun, the time spent working will fly by. That’s what you want.
4. Be Prepared To Take Risks
Taking risks is what running a business is all about. Higher risks lead to higher gains and only you can gauge how much risk your company can handle. Follow your gut and let your bets ride because eventually, one will land.
5. Be Creative
Use creativity to attract customers and stand out from your competition. Paving your own road requires a little imagination but also know when to stop. Sometimes a change in direction is the right move.
6. Advertise Everywhere
Advertising is the best investment for any company. The most amazing product is completely useless if no one knows about it. Investigate television, radio, and any other type of broadcast that allows you to reach new customers. Facebook, Twitter, and Google AdWords all offer amazing platforms to promote your products at a low price. Internet advertising revenue reached $36 Billion in 2012 and pay-per-click spending saw a 15% rise.
Building a business from the ground up isn’t for everyone, but everyone can do it. It takes a lot of time, creativity, and organization. Fortunately, it’s not all hard work. Most successful businesses were started by people that actually enjoyed what they did. At the end of the day, that’s the most important part to a successful startup.