Setting up your own business can be one of the best ways to make a living, to put things into perspective, let’s look at making a living in this way; if you divide income into ten portions, then out of the ten portions of income that one can get, you can only enjoy the benefits of one portion by getting a job, the rest of the nine out of ten are obtained by starting your own business. However reaping the benefits of those nine portions is not that easy, starting your business is easy, making it run and last is where things get tough, studies have shown that a jaw dropping 80% of start-ups fail in their first years of survival.
There are countless reasons behind start-ups failing, all of which act as little cracks that gradually eat away at the business’s foundations until it finally collapses. This incredibly high mortality rate for start-ups is understandably demotivating, however this does not mean that survival is hard, the 20% businesses that do survive do so because of their ability to pay attention to the little things and to take counter measures to stop problems from growing.
If you are planning on starting your own business idea then you can maximise its chances of survival by taking care of a handful of factors, each of which acts as a pillar to strengthen your business idea and provide it with the ability to grow and evolve.
No matter how big a business gets, it is nothing without its customers, this is especially true for start-ups since they depend heavily on their customer base in order to develop. Remember to connect with your customers through proper one-on-one communication, each and every potential customer out there is your next step up the corporate ladder, so you need to analyse their behaviours, their needs and wants and then fulfil them as effectively as possible.
Another reason why many businesses end up dying is because they are not able to stand out from the crowd, the business world is a sea of businesses trying to sell the same products and services to the same people. Developing a differentiating factor and then clearly communicating it to your customer base is what is going to help you build your brands reputation and make it more visible, unfortunately, many start-ups do not focus on this factor and as a result they get overshadowed by their competition.
Proper communication with your customers and differentiating your business go hand-in-hand, some businesses manage to carry out both of these activities quite well but still do not experience success. A business idea should not be treated like a project or a task, instead, one should think of it as a living thing, something that needs attention, guidance and love in order to grow and advance. The number of how many businesses fail every year is pretty huge, but that does not necessarily mean that your business idea has to be a part of that pool as well.