Do you know that 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business?
Ascending the roof of business success can sometimes be challenging. It’s even tougher for startups and other entrepreneurs aspiring to set up from scratch.
However, “fear” as it sounds has been one of the obstacles affecting entrepreneurs to take serious action and move their business to the next level. It has overpowered a lot of entrepreneurs to the extent of saying, “what if I failed,” “what if it doesn’t work out the way I planned.” This has stopped several businesses from taking the right steps.
There are several business startups who failed at different times before becoming a success.
For every entrepreneur who aspires to create a clear path of success and move his own business to the next level, you must be ready to face and overcome business challenges.
Below, therefore, are 6 surefire steps to consider before building your startup company.
1. Strong Plan Keeps You Going
Why write a business plan? One of the major secrets to business success is planning. Which involves how you want your business to thrive among several businesses out there.
Knowing the necessary steps to take at every point can differentiate a successful business from a failing one. In fact, a business plan is a golden factor that differentiates every business owner from each other.
If you are with a solid strategic plan, it is easier to know where you are going and how to accomplish the goal of your business. “Succession planning helps build the bench strength of an organization to ensure the long term healthy growth and stability.”-Teala Wilson
These are few Important things to note in business planning
- How to Finance your business to a success point
- Who to sell your products to
- How to expand your business through social media
- Marketing strategy
These are all essential factors you should include in your business plan, to have outstanding business success.
2. Your Health Is Your Fuel
There’s a saying, “health is wealth.” A lot of people believe in putting business before their health. As an entrepreneur, your first priority is to stay healthy, this is because you need your body to carry out all the plans to take your business to success land.
You will only be able to think right if you are in a good health state, all successful business people don’t joke or play with their health, if the health collapse, the business also collapse.
Simple ways to maintain a healthy lifestyle that will contribute to your business success.
- Eat good food, and eat more of fruit
- Sleep at the right time
- Don’t overthink
A healthy man is a wealthy man, the state of your physical appearance will determine how far you move your business to the next level.
3.Strategize How To Outstrip Your Competitors
Eventually, you are not the only one in the business, a lot of other business people are busy strategizing on how to get more customers by different means, some by advertising their product on big social platforms, by giving product discounts to their customers and some through affiliate marketing.
Whichever method you choose to promote your product, remember that the goal is not just to pay for people that’ll promote the business for you but to see the impact by having a great advantage over your competitors.
4. Focus On Improving Profit Margin
The basic reason for starting a business is to make a profit, it is important to strategize on ways to increase your profit consistently.
The more your profit increases, the more your business grows. And the less profit you make, the faster your business goes down. So, it is paramount to find ways to increase your profit to have a successful business.
However, one of the ways successful businesses increase their profit is by reducing costs and increasing sales. They check out all areas, on how they can save money to generate more revenue.
You should implement ways to increase your sales while strategizing on how to increase your profit. If you analyze both very well, the more you sell the more profit you make, and that will help your business to grow in due time.
5. Don’t Be Afraid To Take risks
It is hard to have a successful business without taking the risk. You should know you can’t achieve your business goal by playing it safe, success won’t come like chocolate, you have to pursue it.
As TS Eliot said, “only those who will risk going too far can possibly find out how far it is possible to go.”
Taking a risk and business success go alongside together, you will never know what the outcome will be until you try it out. Taking a risk in business requires foresight, not just to take a risk without measures, successful business people take a calculated risk.
6. Produce what people demand for
Many times people move into a business they think will be successful, not looking at the demand rate and how available it is. If a product has a high demand rate and low availability, there is a high possibility of success in it, if you approach it in a good dimension.
To have a successful business you need to look for what people are demanding, not just what you think you want to sell. How is the demand for your product in the market? That is one of the things that will determine how successful you will be.