According to Startup Genome’s 2019 report, 11 out of 12 startups fail. But does that mean you should give up your dreams of pursuing your ventures?
As a business consultant in Sydney, I understand the struggles of starting a business. There is a lot of work involved, and it’s easy to get bogged down by everything you need to do.
That’s why I’ve compiled a list of tips that startups in Sydney can use to increase their chances of success.
Tips to Increase Your Chance to Succeed in Your Startup Business
Haven’t you noticed that the ones who make the most effort and dedication succeed?
Starting a business is not easy. It requires hard work and dedication. You will have to make sacrifices to see your business through. It can mean less sleep, less time for yourself, and fewer happy hours. But it will be worth it in the end.
Test your ideas.
Test your products with your network before going far to help you identify and fix any potential issues before introducing them to the market. Additionally, it will help you gain feedback from people who matter to you and have your best interests at heart.
Focus on a specific niche.
Focusing on a specific niche allows you to target your marketing efforts and make the most of your resources. It will be easier for customers to find you and for you to develop a brand identity.
Monitor your cash flow.
One of the most prominent mistakes startups make is not keeping track of their cash flow, which may lead to financial instability and even bankruptcy. As a business owner, be aware of how much money is going in and out so that you can make smart business decisions.
Nurture your customers.
According to outboundengine.com, getting new customers is 5x more expensive than retaining the existing ones.
Customer retention should be one of your top priorities. If you lose them, you lose revenue. That’s why it’s essential to nurture relationships with them by providing excellent customer service and incentives to keep them coming back.
Tips to gain loyal customers:
- Provide excellent customer service.
- Offer discounts and promos
- Keep track of their purchasing habits and provide personalised recommendations.
- Listen to their feedback and make changes accordingly.
Put everything into writing.
Putting everything into writing is crucial, especially when you’re a business owner. It includes your business goals, strategies, plans, and procedures. By doing so, you’ll have a roadmap to follow and will be less likely to veer off course.
Sometimes things don’t go according to plan, and you feel like giving up when starting a business. But persistence will help you get far by facing these difficulties and not giving up on your dreams.
Many people want to start a business, but only a few pursue it. Also, it’s easy to give up when you do not see any results from your efforts. The truth is, most of the time, you’ll only see the results of your efforts after months or years.
A plan and budget will help you stay on track when starting a business.
Don’t take it personally.
Don’t take it personally when things go wrong or according to plan. It will only bring you stress and can lead to poor decision-making. Remember, it’s not about you; it’s about your business.
Setbacks and failures are unavoidable. There will also be people who will bring you down, even those closest to you, and you will also be dealing with angry customers. If these happen, don’t take it personally and let these ruin your life and mental health.
Learn from your mistakes and move on.
Learn all the skills needed in your business.
When starting a business, it’s not enough that you know the primary skills. For example, learning fashion design or dressmaking is not enough if you’re starting a clothing shop. To create a business, you’ll need to know bookkeeping, management, marketing, and even customer service.
Have a specific plan for your goals
Be clear about what you want to achieve. Without a clear goal, progress is difficult. That’s why it’s important to set measurable and achievable goals.
Here are the factors to consider in building a specific goal:
- What do you want your business to achieve?
- How do you plan to reach your target market?
- What do you want your business to look like in the future?
- What do you need to do to get there?
- What is your backup plan when things go wrong?
Seek an expert’s advice
Starting a business is complex, and mistakes are unavoidable.
Sadly, some mistakes won’t give you any second chances. To avoid this, ask for an expert’s help. A business consultant guides and supports you to help your business grow successfully by helping you set realistic goals, develop a plan of action, and overcome roadblocks.
Schedule a call with a business consultant in Sydney today for more inquiries!