According to the BBC, new research suggests finance and a lack of experience and guidance are the biggest hurdles faced by those dreaming of becoming their own boss.
We see many statistics about the failure rate of start up businesses, but the general consensus is that around 80% of start ups don’t make it past the first few years. These stats may not give some budding entrepreneurs the confidence boost they need to take the plunge, but here are a few pointers to help your business make it past the painful teething stage:
Thorough and practical business plan
An ongoing lack of capital means your business is going to struggle. In order to push for growth and secure funding, a detailed and realistic business plan is required. Investors want to see what’s in it for them, and if you can’t provide them with accurate predictions for growth, they aren’t going to part with their cash.
You’ve got the perfect product and the financial backing to go with it, but things still aren’t working for your business – why aren’t the customers queuing around the block? An effective marketing or advertising plan could be the missing piece of the puzzle. This is particularly important if you’re in a niche market, as marketing needs to be targeted at a specific audience.
Don’t be afraid to fail
It’s been repeated time and time again, and that’s because failure is something you need to face in order to grow. Making mistakes and learning from them is an essential part in yours and any business succeeding. So don’t be disheartened if problems arise in the early stages; this happens to all businesses, it’s how you react that really separates the wheat from the chaff.
Remember: there’s no definitive path to success
Bear in mind that no two businesses will have the same recipe for success. What works for others won’t necessarily work for you. Although it might seem painstaking at the time, trial and error will shine a light on the optimal path for your business’s continues success.