Starting your own business can be dicey.
Aside from the obvious difficulties of financially weaning yourself from the corporate breast, the statistics associated with startup companies hardly paints a promising picture.
According to research carried out by the Harvard Business School, three or four firms from 10 will crash and burn, with only one or two producing “substantial returns”.
Admittedly, it’s possible to scour the internet for data to back up almost anything, but these figures are undeniable food for thought before deciding to take the entrepreneurial leap.
In order to defy these odds and ensure your firm lasts longer than ice-cream in a desert, here are five killer tips to boost your startup business:
1. Brush Up On Your Infrastructural Knowledge.
If your new business venture requires you to have a bricks and mortar premises, it’s vital you know the ins and outs before you sign on the dotted line. Are the windows sound? Does it need a gas meter upgrade? Is there adequate parking? How about room for expansion? Nail down these particulars before you even think about swinging open the doors to your first customer.
2. Love What You Do, Do What You Love.
Confucius – a Chinese thinker and social philosopher – once quipped: “Choose a job you love and you will never have to work a day in your life.” Although this may not be entirely true for a strung-out entrepreneur surviving on caffeine and willpower, he was definitely on to something. Quite simply, all your time and energy will be devoted to the business – so ensure you love what you do.
3. Stamp Your Authority.
Another prominent social philosopher, Cartman from South Park, demanded that others “respect his authoritah” as he attempted to exert control. From your fledgling firm’s perspective, authority and credibility must actually be built by constructing lasting relationships with clients and becoming a trustworthy company to deal with.
4. Every Penny Is a Prisoner.
When you start out, it’s likely your idealism will be the main motivator to make your business a success – and that involves counting the pennies. Consequently, you may not have the nicest office in town or the swankiest car, but by focusing on where you can save money, and areas that really drive revenue, you can consistently make financial decisions that increase profits and reduce costs.
5. Be Professional.
It may sound obvious, but when it comes to your own business, you need to be as professional as possible in all of your dealings. Wave goodbye to answering the phone with a sigh and say hello to greeting your customers and clients with a smile in your voice. Far from being cheesy, a professional, courteous manner goes a long way to ensuring your startup doesn’t become another statistic.