Starting a business from scratch is no easy task. No matter how awesome of an idea you’ve had for starting your own company, the truth is that today, nine out of ten start-ups fail during their first year of trading. And for those nine brands, it’s often due to fatal mistakes that are made during the initial stages of business inception.
However, the right amount of work, commitment and dedication to your cause can pay off well, making you the owner of the one in ten businesses that do well and go on to grow and enjoy success. Here are some key points to keep in mind if you’re trying to start your own business from scratch.
#1. Funding:
Although the internet has made it cheaper than ever to start your own business, chances are you are going to need to find funding from somewhere. Money is essential to start a professional website, buy a slick domain name and put together a logo and other design elements that will eventually define your brand. Thanks to sites such as Fiverr, you can invest as little or as much as you like.
But what if you’re strapped for cash? The good news is that today there is a wide selection of options available when it comes to small business funding. Short-term loans are great for those who don’t need much start-up capital or as well as those who need start up business loans from a small business lender or your bank. You may want to consider pitching your ideas to angel investors or join a crowdfunding site to ask members of the public to invest in your new brand.
#2. Marketing:
Secondly, your business is going to rely on a good marketing strategy in order to succeed. First of all, you will need to be able to clearly define your target market and then learn as much as you can about them. Knowing as much as possible about the people who you’re hoping to make your customers in the future will make it easier for you to put together tailored marketing strategies that achieve the results that you need.
Then, make sure that you are using as many relevant marketing channels as possible. If you’re starting with a small budget, social media is a great place to start as it gives you a platform where you can advertise your product in front of literally thousands of potential customers for a very small cost or even free of charge.
#3. Get Support:
Lastly, never think that going it alone is a good idea when you are trying to start a successful business from scratch. Get support in as many places as you can, whether it’s from family and friends or experts, fellow entrepreneurs and mentors.
Spend time getting to know people who have more experience in business than yourself and learn as much as you can from them. Networking events are among the best ways to meet influential people in the business world, who you can turn to if you need advice and support in the future.
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