It’s common knowledge lots of startups fail and according to some articles online eight out of ten fail within the first eighteen months. The statistics start to look a little better over time though with around half failing within the first five years and around thirty percent within the first ten years. There are many reasons for failure though none more popular reason than a lack of funds and as we know everything costs money.
For so many of us it’s a catch 22. Your business needs funds to grow but without proven success funds are hard to get. So before focusing on the big picture work on what you can control and do to show investors and the banks your business has what it takes to go the distance and reward them for their interest.
Branding, Website Design, Marketing
Perception is everything and to gain a good reputation you must first prove you’re a professional outfit. Attention to detail on the design of your brand, your website and marketing collateral will reward you time and time again. A professional designer is your advocate. They are part of your team, bringing their experience and ideas to your business so it gets the ‘shopfront’ it needs to attract attention from prospective customers and sales from new and existing clients.
Creating a website is easy to do and many startups owners opt for the ‘DIY’ approach. However it really is a specialist area and ignorance is not bliss, your website must impress or you’ll lose the visitors it needs.
As a novice, key elements of design and function may go unnoticed for too long and cost you dearly and not just in the short term. Therefore opting for website design outsourcing for the entire project or at least the initial design and build is an investment well-made.
In the age of the Internet, visitors to your site won’t hang around long if the functionality is quite right or the brand identity inconsistent. A web design expert can help you build a website that identifies with your brand, attracts potential customers, and generates more sales. Your website must also be designed in such a way that makes it easy for prospective clients to send inquiries. This should be covered by website design outsourcing to guarantee that your site’s content is accompanied by optimal functionality and usability.
Technology and Systems
Talking of functionality, carefully choose the technology and systems your business needs right now. Do your homework and identify what your business can use to reduce time and increase speed of all processes so your customers’ experience is one they’re keen to share, especially online in social media. Your business will always want and need all the referrals it can get so get up to speed with technology innovation and be an early adopter. It’s smart phone everything so set it up to use the smart apps for doing business when you’re away from the office.
Many small businesses do not even think about spending money on a legal adviser, considering it an unnecessary investment. No matter the size of your business, though, understanding the legal parameters of your industry and operations just makes sense. Contracts carefully crafted for clients, suppliers and partners show you mean business. So invest in legal advice on potential issues that may curtail the growth prospects you have for your business. To all do-it-yourself operators out there – writing a legally binding contract needs an expert.
Here’s another area of expertise that requires a qualified professional. Getting your head around all the numbers, and tax implications is enough for any budding entreprenueur to call it quits. An Accountant can get your business on the right path from the get go and set the goals and milestones for future investment. The pros of hiring an accountant far outweigh the cons including the cost of their services.