Secret tips to achieving small business startup success – Prosper without falling in debt

Startup businesses don’t die, rather the commit suicide. In other words, 90% of the startups fail as their founders get bored, demotivated and discouraged with their efforts and they gradually move on to something else. Not always do the business startups die due to a catastrophe or some other disastrous event but there are times when the people who started them make them fade away. However, no matter how dark it is today, things will certainly be brighter tomorrow. Experts always encourage entrepreneurs to spend a lot of their time in their business so that they can take the best steps that are required for their business organizations. But despite such advances, how many of them are able to invest so much time?

If you’re someone who is looking forward to starting off with your own the company, you must be aware and familiar with the intimidating statistics for launching a small business and making it successful. As per the SBA Office of Advocacy, around half of the new businesses survive maximum for 5 years and around one-third survive for about 10 years. Nevertheless, you should know that there are chances that your business will thrive only if you follow some essential tips and avoid making some common mistakes. Read on to know more.

1. Don’t start the venture alone: If you have been following a number of startups that are successful enough, you must have noticed that none of them are founded by a single person. Most of them are multiple-founders. When you start a company all on your own, this puts you at a disadvantage for multiple reasons. Being a business is a daunting task and there are many vital things that you need to do. If you’re someone who is planning to run your business alone, don’t do so as you will surely fall in trouble after a few initial months.

2. Ensure you have lots of money: No matter how much money you’ve saved for your business, this wouldn’t be enough for shaping a successful business. There will be a time when you will see that your funds are falling short of your expectations and requirements. If you can seek out for some good investors, this will always be a good idea during the initial stages and equity crowdfunding can even be a lucrative and profitable option for Startup Businesses.

4. Location of business is important: Even though more and more businesses are starting out online, still the physical location of your business is vital. In case you’re planning to set up a brick-and-mortar shop, you should set it up in a place where your target audience is situated. Even when you plan to set up an online store, you should consider the location of the place.

6. Focus on your target audience: No matter how small your business is or how big it is, whenever it’s a startup, you should have a clear idea of your target audience. For whom are you manufacturing your goods and services? Who are they? Where are they located? There are too many entrepreneurs who get so much tied up in the intricacies of launching their business that they forget to take into account the people who keep them in the business.

8. Watchfully select your employees: As your business starts developing and growing, you have to learn about the tactics of retaining your employees and luring new ones. Remember that employees will always come and go as they will always look for better things in their life but you should know how to retain your best employees so that their departure doesn’t harm the productivity of your business. Invest enough time during the process of hiring and don’t select average employees as they’re not going to give you good results. Choose the best ones.

9. Customers should be given the highest priority: Though this point is almost needless to say but yes, customers should always be given the highest priority. Customers are the ones who can either make or break your business and hence if you don’t pay attention to what the customers need, you won’t ever be able to satiate them. Listen to what they have to say about the quality of your products and services so that you can improve your goodwill depending on their needs. Also, embrace social media to keep constant interaction with your customers.

So, if there is a Startup Idea in your mind and you want to bring it into reality, make sure you follow the above-mentioned tips. Don’t fall in debt while starting your new business and even if you do, you can search the web and learn more on the ways in which you can eliminate your debs without hurting your credit score.

Startups Funding India is a well-known tech startup funding company in India. If you have a business idea we are able to Invest in Startups according to your needs for a new business. Call us today! +91-8750042190

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Created on Feb 19th 2020 01:36. Viewed 1,105 times.

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