Most studies conducted on start-ups reveal that for every start-up that succeeds, there are three that fail. This means only a small proportion of people who have entrepreneurial ambitions succeed. However, to anyone with entrepreneurial ambitions, these two sides of the coin (i.e. successful and failed business) are basically the same when it comes to inspiration as they both provide important lessons on what to do and what not to do when you want your business to succeed.
Focus on your brand
Profits are great but your brand is more important. As such, you need to focus more on building your brand and protecting jealously your reputation. There are a number of ways that one can build his/her business brand which including establishing a strong online presence and providing great up to date content. One can employ the services of an SEO agency Miami or any other digital marketing agency to come up with social media campaigns and also content optimised for the web.
When starting a business, the quest is to serve a certain area or niche. Having a specific area to serve is important in building a brand but if done rigidly, it can have negative consequences for your business. It’s important that once you establish your business, you become open to other ideas that closely resonate with your line of business. That is to say, if you run a fashion online store for women, quickly consider expanding and start a small men and children’s section. The more services you offer, the better your chances of succeeding.
Be conservative in your numbers
As a start-up, you realise that you spend a large chunk of your time planning your next moves, this includes planning your next expenses and revenue. When planning your expenses and revenue figures, it’s crucial that you overestimate your expenses and underestimate your projected revenue figures. This helps you to cut down on unnecessary expenses.
Get your marketing and sales funnel system right
Generating leads is another important part of running a business. Without leads, it means you have no customers and without a customer, a business dies. There are different ways that a business can employ to generate leads, either you can decide to use the services of a marketing agency, do the marketing yourself or use ads in mainstream media. No matter the platform you choose, the most important thing is to choose the right marketing and sales funnel system.
Track and measure everything
All the above steps may come to nought if you fail to track and measure the success of each. After every interval, you need to take a step back and check if you managed to achieve what you had planned to achieve within a specific timeframe. This is to say you need to track if people are still aware of your brand and if more are embracing your brand, you also need to check if you have diversified or are stuck within the same niche, if you are making profits or loss, and if you are generating more leads hence more customers.