It is a sad, unfortunate fact that 80% of all startups will fail within the first 18 months. That’s not even taking into account how many make it past that point, only to end up failing somewhere down the road. That being said, at least 20% of all startups actually succeed. Here are three ways to ensure your small business is one of the 20% that succeed.
- Have an effective marketing plan
There is a reason that some of the biggest brands on the planet still set aside a significant portion of their budget for marketing. The truth is, no business can really succeed without good marketing, but not all marketing is good marketing. The most inexpensive marketing is not always the best option and the most expensive marketing is also not the most effective. There are no short cuts. It takes time and effort to find the right solutions for your business, but it is critical that you do.
- Find the right partners
From vendors to employees to investors to mentors, when you run a small business, everyone is a partner of some kind. This also makes small businesses more vulnerable on a number of fronts. From employee theft to clerical errors to overbearing investors, a larger business might experience a single bad relationship as merely a bump in the road, but they can be catastrophic for small businesses. This is why it is important to choose every person you bring into your business in some way with care. Small mistakes now can lead to disaster later.
- Prioritize quality over quantity
Growing a business means first establishing a solid foundation on which to do so. Too many businesses start trying to expand before they have built solid relationships that can support that expansion. Focusing on providing quality goods and services to a few customers and they will quickly spread the word. Before that happens, however, make sure you also have a solid plan for expansion when it comes.