The working world is changing. More people are breaking away from the standard 9 to 5 corporate company job and either joining the gig economy or launching their own startups. According to the most recent data from the U.S. Census, a little over 452,000 startup companies were launched in 2014.
Although startups are still a popular business venture, they can be risky. Statistics show that 9 in 10 startups fail and there are numerous reasons behind the failure to succeed. Here are some tips that will help you increase your chances of being successful.
Attitude is Everything
You have a great idea for a startup, and you’re really passionate about the product. Almost everyone you talk to tells you that it’s a good idea, but it won’t last. Startups receive a ton of criticism, and the naysayers often seem more prominent than the supporters.
If you want to succeed, you need to think like a winner. Believing in yourself and your idea is essential. It’s also important to stay humble. Overconfidence leads to success, but there’s a fine line between confidence and arrogance.
One report reveals that about 85 percent of startups fail because startup entrepreneurs felt no need to have a business model or even marketing.
Evaluate Your Business Strategy
Being a business owner can be a balancing act, particularly if you’re brand new and you’re working with a limited budget or small staff. It can be even more difficult and overwhelming if you have little to no business experience.
Does this mean that you’re not fit to be a business owner? No, but you need to stay on top of your what’s going on in your business. Evaluating your business strategy is a “must” for businesses of all sizes and types. Evaluate your profit, goals, return on investment, and other financial aspects at least once a month (probably once a week in the beginning).
Utilize Online Tools To Keep You Organized
Many startups want to cut costs and do as much work on their own as possible. If you’re planning on going this route, be sure to use online tools that will keep your business on track and organized.
For instance, if you want to keep track of your return on investment (ROI), an online ROI calculator will give you fast and accurate results; no need to spend time working out an equation. There are hundreds of online tools, many of them are free, to keep you on track.
Want to do your own payroll? PayPal and ZenPayroll are good options. Want a complete analysis of site traffic and how visible your startup is in the online world? Google Analytics is a great starting point. Want to make a better connection with your customer base? Make sure to update and interact with online review pages.
Whatever tool you use, make sure you understand how it works, utilize it regularly, and be aware of any hidden fees for using them.
Take Time For Yourself
Many startups fail because of high burnout rates and the overall loss of interest or excitement for the business. While it’s crucial that you put a lot of work into your startup, don’t forget to take a little time for yourself and practice self-care.
When you evaluate your business strategy, don’t forget to take a little self-inventory and see how you’re feeling.
