These stats aren’t the most motivational numbers for future entrepreneurs or small business owners, but if your business is able to survive the first five years, you will have a much better survival rate.
That being said, what will make your business go beyond that five-year hump? Well, you always need to keep the economy in mind when deciding if and when to open up your own business or startup.
Timing is nearly everything for a business to grow and become successful. Once you are sure that now is the time to start your business, then these tips will help your business survive and prosper even during difficult economic times.
Here are 4 tips to help your business thrive:
A Unique Product/Service
What makes your business different from your competition? How will you distinguish yourself, so consumers will want to pay premium for your product or service? Your business idea is the centerpiece of your company. Whatever that idea may be, you need to approach it at different angles, so you can perceive the selling point of your idea. Once you are able to find the special traits of your business, whether it’s lower prices or higher quality, you will have to convince consumers to perceive your idea the same way you do.
Now that you have a unique selling point, you need to utilize your specific focus or specialization. Figure out an activity that you have a broad knowledge of and look to utilize this asset for your business. If you’re good with numbers, take charge of accounting. If you have a passion for marketing, start creating a social network. Not only that, but discover the specializations that you lack or think needs improvement, and hire or ask for advice from an expert in that focus. That way, you will be able to strengthen your weaknesses, so they won’t hold your business down.
In today’s world, technology plays a vital role for any industry. From self-driving vehicles to virtual reality goggles, new and innovative technologies are being created everyday! With the constant progress in technology, you need to stay updated on the latest softwares and hardwares to get your business to thrive. It is also an excellent way to get ahead of your competition and understand a category that the majority of people are unfamiliar with.
Back up plans are essential for any business, especially with the sporadic nature of our economy. Maybe you weren’t able to hit your monthly revenue projections, or maybe your cost of goods have increased. Either way, these issues can slow your business’s growth and eventually bring it to bankruptcy if nothing changes. Therefore, you should plan ahead and make sure your goals can still be achieved even with a couple of setbacks. Creating an emergency business fund can be helpful in case you need more money for your expenses or for investment purposes. Don’t underestimate the usefulness of a backup plan, especially in today’s economy.
Every business will hit obstacles on the way to greatness, but it is how your recover from those setback that will determine your business’s lifespan. With these 4 tips, you can be confident that your business will thrive while others will be trying to survive. Watch as your small business slowly grows into a large corporation with multiple stores across the country.