It’s no surprise that successful businesses implement strategic steps from the very beginning. But, what about the businesses that fail? According to the Small Business Association:
- 30% of new businesses fail during the first two years
- 50% during the first five years
- 66% during the first 10 years
Wow. So, if you’ve made it to 10 years and your business is still going strong, that means you’re in the top 34% of small business owners. Give yourself a pat on the back!
If you’re starting a small business and wondering how to make it to that successful 10-year mark – or rather, just make it through year one – consider these tips:
Minimize Overhead Cost
Overhead cost is any bill that takes away from your profit. Examples of overhead cost include rent, interest, advertising, and insurance. Minimize your overhead as much as possible until your company is more stable.
Sell a Solution
There are billions of products on the market, each serving its own purpose. However, if you want to stand out from your competition, your product must solve a consumer’s problem. For example, when Georgia’s hands-free law made its debut, there was an influx of hands-free cellphone holders on the market. Why? Because it solved a consumer’s problem.
Develop a Support Network
If you’re reading this article, it’s likely that you’ve never ran a small business before. The good news is – there are millions of people who have and are finding success! It’s important to build a support network of people who can guide you when questions arise.
Delegate Your Work to Others
Don’t be afraid to delegate certain services so you can focus on what you do best. For example, your niche is bathroom remodeling, but it takes you three times longer than the average remodeler to lay tile. Hire a tile guy while you focus on the other aspects of the job! The finished result will look better, and you’ll get finished with the project that much sooner.
If you’re searching for an affordable website for your small business, give a call: 888-444-5162. We would be happy to partner with you on your business venture!