As someone who is starting up a new business, you ear must have been full of words from the horror stories of business failure after business failure. Listen to people who consistently denies, criticizes, or doubts and they will make you have the belief that not less than 89% of all new businesses are destined to record failure. However, the actual fact is a light on your path to achieving success in your new business: The U.S. Bureau of Labor made their findings and recorded that 75% of new businesses do not fail in the first year, 69% make it through the first two years, and 50% keep the survival going for good five years. Going by this record, it means you have a 50-50 chance of surviving to five years without recording failure in your new business. I know this doesn’t sound that great, but you can’t just sit down, fold your hands and let chance be a dictator of your own fate in that business. Which is the more reason I appreciate that this awesome article came up just at the right time for people looking to start up a new business. I will be giving some interesting points on what to do to survive the heat in this initial years of running a business, and they are as follows:
Create a Business Plan
I do say this that if you want to be successful as a businessman, then you really need what is called a business plan. Although it’s tempting to not want to care about having a business plan when you ain’t in search for an investor or loan. Even with that, I still want you to know that creating a business plan is a perfect way for you to make your vision more acute and effective. This tends to give you a proper and accurate insight into the problems your trying to solve, whose lives you are trying to improve and the best time for your product launch, sales and profitability. Just make sure your business plan is concise and detailed enough (in relation of target market, business model and others) to serve as a roadmap on your way to achieving success in that business.
Make sure to Reinvest in your business
I know how hard it is for someone who left a salaried job to practice entrepreneurship, to give up stability of the money received on payday as payment for work performed. But to come out realistic, you should try as much as possible to make sure the first money you make from that business is reinvested back into the company, your product and marketing, as this will help boost finances and increase revenue. In conclusion, you need to develop the attitude of pursuing a long term goal, because if you don’t then you might give up on the business in times of crises even before the business fail.
Thanks for reading this amazing article.