According to the U.S. Bureau of Labor Statistics, about 50 percent of small businesses fail within the first four years. Companies that start with the right mindset and resources improve their chances of not only surviving but also thriving. The key to success for start-ups in the first year of business is to succeed with simplicity.
In any endeavor, building momentum and overcoming challenges in the beginning of your start-up is difficult enough. As an Entrepreneur, there are so many factors to take into consideration that it is hard to know where to start in building your foundation.
If you are able to put the right foundations in place, your chance of not only surviving but of thriving is higher.
The following infographic offers entrepreneurs foundational survival advice in 11 central aspects of a business.
11 Start-ups and First Year Of Business Survival Tips
Define your clear and measurable goals. How will they be measured? Your vision should be your guide and basis for all your strategic decisions.
Ensure that you have the proper resources invested into the production and design of your product.
Hire slow and Fire fast. Ensuring you have the right team on board is not only a good practice but essential to the success of your business. Develop a proper onboarding plan that will ensure your employees have the right tools and support available to succeed.
How will you develop your brand? Focus on lead and/or e-commerce revenue generation.
- Customer Service
Have a strong pre-sales and post-sales service model. It is not enough to make the sale. Have a system in place to develop loyalty.
Secure enough cash and lines of credit to fund operations and support growth. Your ability to produce positive cash flow will support the health of your business.
- Human Resources
Once you have a great team in place, your solid culture will keep them engaged. With people, the output often reflects the input. You get out what you put in.
It is not a matter of if but when you will run into technical problems. Prioritize operational competency and invest in ensuring that all customer touch-points run smoothly.
Keep your eye out for technology that can help streamline processes throughout your business.
Sometimes it is not about getting the lowest possible price on the contract. Select vendors that you can trust to deliver quality products on time.
- Research and Development
Once you launch your great product, what is your plan for your next great idea?