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 companies 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 a variety of 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.
A lot of people assume that you can start a business from scratch without any knowledge or experience. While you certainly can, the decision of 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 online degree to show off. This shows that you have the knowledge needed to run a company. You CAN run a company without any prior experience but wouldn’t it be great to point to a history of achievement in your chosen field with a variety of companies.
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 as well as professional. That’s why you need to make sure that you are using the services of a great digital marketer. These days the digital realm is what customers will see the most of, and it’s usually what they’re interested in.
Attend The Greatest Show
There are plenty of new business owners who think that they don’t need to attend public events and shows to get noticed as long as they have a solid marketing campaign. This idea is rather dangerous because it suggests that you can survive without ever shaking hands with potential investors. You can’t, you should be attending tradeshows and business exhibitions because it is the only way that you can get real face to face time with investors who could provide the funding that your company desperately needs to stay afloat. Will this cost you a lot of money? Almost definitely. Is it guaranteed to have an impact? Certainly not but it does give you the chance to compete on a flat playing field. A lot of your rivals are also going to take the opportunity to head to the trade show, but there are plenty of others who won’t bother. Perhaps they’ll try to get funded with Kickstarter campaigns instead which hardly ever come to fruition.
Stick With What You Know
Finally, when you do decide to start a business make sure you know what you’re doing and that you do have a passion for it. It’s so easy to tell when a business owner just doesn’t believe in the service they are offering or the product that they supply particularly to investors. It will also impact how effort you put into trying to make your new company a great success. One of the key differences between businesses that fail and businesses that succeed is the level of passion. If you don’t have a strong feeling either way about your company, neither will customers.
We hope you take this advice on board and make sure that you are not ignored when you enter the market as an entrepreneur. If your business doesn’t stand out, then it will get washed away in a sea of competitors.