Image by Gerd Altmann from Pixabay

By Henry Brown

Businesses are highly susceptible to failure. Studies have shown that one out of three start-ups fail within 3 years. If you want to make sure that your business is not another statistic or if you want to make sure that you can succeed in this highly-competitive world then the only thing you have to do is take a look below.

Carry out market research

A lot of people assume that lack of funding or having the wrong team is the reason why their business ends up failing. That being said, research and planning are imperative. Spend a great deal of time making sure that you research your business idea, and that you end up being able to get feedback from your customers. Don’t associate yourself with people who cannot give you their own opinion, and don’t listen to “yes men” who just tell you what you want to hear. You need perspectives that give you valuable insight as to where you are going wrong, because if you don’t have this then things could end up working against you more than you realize.

Have a solid plan

This may sound a little cliche, but if you fail to plan then you will be planning to fail. A lot of start-ups require a thought-out business plan that has an educated projection of the future. Structure in the earlier stages will give you a good foundation going forward. A lot of start-up businesses fail because they set their sights too high or they simply diversify too soon. Have a chat with your bank to see if having a plan could help you to gain a higher level of funding, and take the time to speak with business advisors.

Manage your finances

Financial management is so important if you are a start-up business. If you lack capital or if you do not have a contingency plan then you may end up leaving yourself in a situation where you cannot develop your idea. Businesses who do not seek out professional advice, are way more likely to run into issues later.

Have a good team

Having a good team working with you is paramount if you want your new business to succeed. Recruiting takes a lot of consideration, as you have to make sure that every team member you hire is going to bring something unique to the table. Use an accountant, or work face-to-face with someone as they can help you to borrow and manage your money cost-effectively.

Market your company

If you do not market your business then nobody is going to do it for you. Make use of your marketing channels and also make sure that you have a good website and social media page. This is one of the best ways for you to drive your business forward. It’s also inspiring for you to read stories from other entrepreneurs, who may be in the same boat as you, so you can see what steps they took to ensure their success.

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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.