It’s a well-known fact that the majority of new startups will fail within their first year on the market.
Reports vary on how many, but most statistics tend to fall somewhere between 80 and 97%. This essentially means that regardless of your passion for the company that you are hoping to build or the factors that you believe will ensure it is successful, the odds are already stacked up against you.
Why so many businesses fail is less well known, but if we were to hazard a guess, it would be that investors and potential clients have no issue simply ignoring the company’s existence.
There are various reasons why a brand-new business on the market can be so easily ignored. But there are also steps that you can take to ensure that it doesn’t happen to your company. Let’s get started by thinking about the issue of professionalism.
Are You A Pro?
If the answer is no, then you’re going to need to change that because neither investors nor clients want to deal with an amateur. So, how do you show that you are in fact a professional running a business that is all but guaranteed to be successful? Well, you can start by thinking about you. It is important to realise that the owner of the company is a crucial and fundamental part of your business brand, not just a figurehead position. This is why so many startups fail straight away.
Many assume you can start a business from scratch without any knowledge or experience.
While you certainly can, deciding whether you should is far more open to debate. You can start a business without any qualifications, but you’ll find it far easier to attract investors if you have a Bachelor’s of business administration. Education and then experience is needed to run a company.
As for your customers, they care more about how things appear rather than how they actually are. For them, it won’t matter whether you have a degree in business because they won’t bother to check. They just need to see a business that looks and feels slick and professional. That’s why you need to make sure that you are using the services of an experienced digital marketer. These days the digital realm is what customers will see the most of, and it’s usually what interests them.
Attend The Greatest Show
Many new business owners think they don’t need to attend in-person events and shows to get noticed as long as they have a solid marketing campaign. This idea is dangerous because it suggests you can survive without ever shaking hands with potential investors.
Attending tradeshows and business exhibitions gets real face-to-face time with customers, potential partners, and investors who could provide the funding your company desperately needs to stay afloat.
Stick With What You Know
Finally, when you decide to start a business, make sure you know what you’re doing and that you have a passion for it. It’s so easy to tell when a business owner doesn’t believe in the service they are offering or the product they supply, particularly to investors. It will also impact how much effort you put into making your new company successful.
One of the key differences between businesses that fail and businesses that succeed is the level of passion. If you don’t feel strongly about your company, neither will customers.
We hope you take this advice on board and ensure you are not ignored when entering the entrepreneur market. If your business doesn’t stand out, it will get washed away in a sea of competitors.