While to some, the idea that 9 out of 10 startups end in failure may seem as a pessimistic statistic, others are more interested in finding out what that one that survives is doing right. To a keen observer, there indeed is a pattern to follow. In order not to get misinterpreted, there are no methods that can 100 percent guarantee your success but the following four techniques can ensure that you are on the right path towards it.
1. Pick up a good name
Ancient Romans had a saying ‘Omen est nomen’ the name is the sign. Same goes for your business. You see, the first impression that someone gets of your business will be through learning of your name, which is why you need to pick something niche-specific, descriptive and memorable. Avoid generic names and the use of hard-sell adjectives within the name itself (leave that for your marketing campaign). Finally, you need to keep in mind that this name might find itself on the packages of your products, promotional materials and even as a part of your company’s URL. This is why you need to be extra careful in order to pick the right one.
2. Focus on the marketing early on
Another thing you need to do is focus on your marketing as early as possible. An image of your business needs to be as consistent as possible but you also need to start reaching out to people in order to create a much greater customer pool. While Search Engine Marketing (SEM) can be affordable, a poorly executed one can give you the opposite effect of what you were hoping for. GWM SEO marketers often emphasize that it is important to either have experts work on a business’s SEM campaign or at least to use an expert adviser in the process of creating the campaign. Google ads, as a part of the SEM effort, is a great method for getting your name out there.
3. Find the right price
The main reason why so many smaller companies fail is due to their inability to provide a steady cash flow. This commonly happens due to their desire to lower their prices far lower than they are supposed to, in order to stay competitive. Keep in mind that this can go on for much longer than your business can handle, which will inevitably lead to your demise. Those who want to make sure that the price they have set is right need to know their market first and then consider several variables related to the market in question. The availability of the product, the price you are getting it at, the presence of other (similar) products are just some of the things you have to take into consideration.
4. Become more attractive to investors
Finally, keep in mind that sooner or later you may need to attract some investors. However, having a great business idea or even doing well on paper isn’t going to be enough. Here, you need to make your business into an overall attractive acquisition target in order to draw in people willing to become a part of it before it gets too late. For this, you always need to hit or exceed your annual budget and keep all of this on your history report. Next, you need to simplify your business plan so that it sends a clear message to all those who aim to invest.
As you can see, making sure your business is on the right track is in no way a complicated matter. Unfortunately, a lot of people oversee these four simple ideas in a pursuit of their long-term goals. Keep in mind, however, that expansion and growth are something that can be achieved only if your business manages to survive for so long. For this to work, you need to handle the above-listed four as soon as possible.