As 2019 draws to a close, many entrepreneurial individuals have set themselves a lofty goal for the coming decade: starting their own business. Creating your own startup is by no means an easy task, but it’s certainly a worthwhile challenge for those pursuing their passions. That being said, many would-be entrepreneurs struggle to get their business idea off the ground; statistics show that up to 70% of all business partnerships fail. So how can you ensure that your new business for the new decade will be one fo the few that succeeds? Here are several business-savvy tips that can help you launch your business successfully.
Plan, Adapt, And Plan Again
While a rare one in a million may be able to create a thriving business by “winging it,” the average entrepreneur needs a well-crafted plan before they get started. You don’t have to have experience in developing a business plan – there are countless templates for beginning business plans available online. Remember, however, that your initial plans are very likely to change once you start working. Just because you’re not able to follow your initial plan perfectly doesn’t mean the plan isn’t worthwhile. Instead, adapt your initial plan and forge on ahead with your adjusted expectations.
Mind Your Marketing
One of the most common challenges that new businesses face, regardless of industry, is in creating a sound marketing plan. The only way your business will thrive is with a reasonably sized customer base, and the main way you can draw in customers as a new business is through creative and smart advertising. Marketing your business isn’t necessarily only about social media campaigns and spreading the word; every little detail about your business can be an opportunity for marketing. Even a detail as small as color increases brand recognition by 80%. Consider the effects these decisions will have on your brand’s appeal, and choose wisely.
Know What You Need
Most small businesses and startups are launched on a shoestring budget, which means you’ll be operating on limited supplies by default. However, you’ll probably need some basic supplies to get started, whether that’s a sound internet connection or a small inventory for your first few orders. As you’re building your initial business plan for 2020, try to create at least a rough budget for your initial operating expenses, including necessary supplies. The more detailed you can make your budget, the better; even keeping your office printer stocked with enough paper comes at a cost, and a typical US business will increase its paper output by 25% per year. Know what supplies you need as a bare minimum, and if your budget allows for it, know what supplies would make your job easier. Remember, also, to plan for future development and the possibility of scaling. About 94% of businesses rely on cloud services for business streamlining. It pays to be ahead of the game and thoroughly explore options you’ll need now and may need in the future.
Listen Carefully To Your Customers
Finally, as soon as you start providing goods or services to your customers, keep your eyes and ears open for feedback. Word of mouth is one of the most influential marketing tools out there, especially for small businesses, so keeping your first customers satisfied is key to getting your business through the first few difficult months of operation. The more positively people respond to your launch, the more likely it is you’ll have more customers soon. This is why a whopping 72% of businesses say improving customer experience is their top priority. Listen to what your customers have to say, both directly in interactions with you and your business as well as online. Often, customers will have surprisingly helpful constructive criticism that can make your business better.
The start of the new year is a great time to start a new passion project startup, even if it’s not necessarily going to be an easy task. Use these tips to help your new commercial enterprise get and stay ahead at the start of the new decade.