90% of startups fail due to several reasons out which the major reason is a financial crisis or lack of financial planning. Entrepreneurship is not an easy thing unless you have a proper industrial idea and guidance. A recent study has proved that nearly 80 per cent of the entrepreneurs shut down their business within five years. Here are few hacks for small business or startups.
Focus on ROI
Find ways to get more business by spending less. Don’t invest in ordinary resources or hire more people for namesake. Hire resources only when you cannot do the work, or you do not have time to do the work. In fact, it is better to invest in the value they bring rather than investing for their time. Pay your resources based on their performance so you can invest the rest in other useful. Don’t feel shy to ask for referrals and recommendations.
One Step at a Time
Most of the startups get trapped for false advertising. If you are a startup it is not uncommon to wake up to hundreds of advertising mails and messages, not all are true. Choose the right platform to enhance your business. Once you are sure and stable, then invest in the trial and error methods and experiment with new approaches.
Promote your Business
Understand that you will not get a project without making efforts. As you are a startup, you need to promote your business as much as possible in order to generate more revenue. Social media is the best platform to promote your business during the initial stages. Attend more community events and don’t miss a chance to introduce your company to new people. Be open to partnerships and new customers as the customer base is fundamental when it comes to business growth.
Fear of Failure
The main reason why many startups fail is due to the fear of failure. Be confident and open to feedback. Understand the difference between rejection and negotiation to understand your client’s intentions. Maybe your client is trying to negotiate with you which you might think as rejection. Be positive and do not take negative feedback as a drawback; understand that feedback or suggestions play a crucial role in your business growth.
Keep an Eye on your Competitors
Following your competitors is the best way to understand the market. Compete with similar companies as yours and understand what and how they are marketing themselves in the market. You need not start from scratch and make mistakes and gaining experience. As they have already experience with the business and the market you can learn from your competitors and try to perform better than they do.
These are a few ideas or business hacks you can follow during the initial years for your business. Let me know your feedback in the comments below or drop a message here. I am open to suggestions.