Starting and running a new business is an exciting experience, but it can also be filled with a number of challenges. In fact, according to the SBA, over 50% of small businesses fail in the first five years.
While that number may seem a bit scary, there are a number of things that you can do to help ensure your success.
Have a plan.
Sounds simple right? You would be surprised how many people start a business without one. Having a good plan of action with clearly defined goals can help you avoid the pitfalls that most startups will experience.
Your business plan should spell out exactly what you want to achieve and exactly how you intend to achieve it.
Refine your plan monthly.
Having a plan helps, but in business, things can change quickly. Being able to adapt and change with the marketplace takes flexibility and will require you to review and update your plans often.
Make marketing and sales a priority.
Don’t ever neglect the importance of having a solid sales and marketing plan. Your marketing plan is the key to your success, without one you are putting your business on the road to failure.
Don’t be afraid to ask for help.
New business owners can sometimes feel overwhelmed, but it doesn’t have to be that way. Finding a couple of really good advisors can help you avoid some of the mistakes associated with running a business. Don’t be too proud to ask for advice from someone who has been there before.
No matter how knowledgeable you are in your field, working with others who have been there and experienced all the nuances of running a business can help you steer clear of problems.
Know when to call in the Big Guns.
Calling in a professional can have a huge impact on your business. It’s important to recognize when you are out of your element and call in help when it’s needed.
Manage your time.
Running a business can often feel like a 24/7 job, in fact, a lot of new business owners are surprised at how much time their business takes up. As your business grows, you’ll have to learn to delegate tasks to your employees or outside professionals. You need to focus on growing your business and avoid the trap of thinking that you can do it all.