On average, about 30% of new businesses fail in their first 2 years. As a new business owner, or someone planning to open a startup, you’ve probably heard the scary statistics but pursued your dream anyway. You’ve passed the first test! What the statistics don’t tell you is why new businesses fail. Most often it’s due to a poor concept, lack of a researched business plan, undercapitalization, insufficient marketing efforts, and changing market economics. Knowing the reasons most businesses fail can give you insight into what not to do. Click To Tweet
Tips to Help You Start a Business
So how do new businesses succeed? Occasionally it’s pure luck and good timing, but more often than not it’s a solid business plan, developed brand, welcoming office space and a great product or service. Check out our 5 tips for a successful new business:
- Create a Solid Business Plan
- Develop a Brand
- Take Your Brand Online
- Get The Right Office
- Design an Efficient Workplace
1) Create a Solid Business Plan
A solid business plan should be your blueprint for a successful business. It should flesh out a basic plan, develop marketing and sales strategies, create the foundation for operations, and hopefully convince a lender or investor to jump on board.
2) Develop a Brand
Your brand goes beyond your business name, encompassing every aspect of your business. This includes company culture, logo and colors, aesthetic, online image, and work ethic. It’s critical that once you brand your business you remain consistent.
3) Take Your Brand Online
Nearly everyone in the world is online today. Consumers access and search the Internet for services and sellers, and rely on online reviews to guide them. Creating a legitimate online presence is crucial to the success of your business.
4) Get The Right Office
If you need a physical office space, make sure that the location and layout is ideal for you and your employees. If you have a high traffic business it should be in a convenient area with plenty of parking, a clean and modern waiting area, and appealing decor and office furnishings.
5) Design an Efficient Workplace
Starting up a business can be more than a little intimidating, which is probably why many entrepreneurs tend to put off spending time or money on a modern office design. However, a key component to attracting top talent (and more customers) is an impressive office space.
Put Customers First
Even the best-laid plans will fail if you put your business or image first. That leaves out the most important part of the equation: The customers! Whether you’re opening a dental office or retail space, you must have a clean, modern facility, knowledgeable staff and a product or service that sets your business apart. Keep your customers happy and success will follow.
Contact Us to learn more about furnishing your startup or giving your existing office an overhaul!