It’s impossible to measure how many businesses open every day. But once in a while, there goes a business which turns into massive success.
In fact, more than half of the newly launched ones fail miserably within 3 years of their inception. This is because most businesses don’t know the strategies that make them successful.
Businesses that do survive from being a failure does not go beyond the status of a small-time player for good.
There is a lack of regular cash flow and a saturated marketplace being one of the top ones.
Below, I will try to list down the top 4 factors that, in my opinion, are the basis why most startup or small businesses fail these days.
Failing to Comply with the Regulations
If you are a novice in the business field and don’t comply with the rules and regulations of conducting business, then you will definitely face rough seas.
Another reason that can be attributed to this aspect is failing to comply with the systems. A back office function, the system separates a small business from those who eventually become a roaring success.
This aspect includes operating procedures and manuals that can bring a new team member getting along well within the company in no time at all.
Small businesses which try to operate without a system can get away with this but eventually, it can be the basis of their eventual failure.
Website and Social Media Presence
Nowadays it’s all about the image and positive perception.
If your image is not good or your venture is not prominent among your competitors, you are doomed right from the start.
A website through which your customers can buy a product is an absolute necessity these days.
A fully enabled e-commerce website is the least you have to ensure in order to make a mark on the business world.
The web page designing should also complement your product well and you need to consult a professional website design agency in this concern to stand a chance against stiff competition in the market.
Through social media channels, you can attract lots of potential customers of your target market as lots of tools and analytics are available to make it happen.
Just make sure your strategy is backed up by relevant and updated market data so that you are not lost on the World Wide Web.
They need to follow modern website design examples dealing with startups and small businesses for perfect results for their venture.
Building a Brand
Through apt marketing, you can turn your ordinary product in a brand and this should be your focus right after establishing a startup. A successful brand is easily recognizable and you don’t need to market it as aggressively as a small business product.
The brand is also a feature that distinguishes a product from its competitors in the eyes of the target market.
Building a brand no less important than developing your sales strategy or operations.
Think of making it big for your small business in the long term by creating a brand out of it.
Small business owners make all the efforts about the sales and marketing aspect to eventually earn the profit.
Not many understand that Intellectual Property (IP) is also important. For example, it’s impossible to build a successful business without IP.
After getting the Intellectual Property Rights, you will be the sole beneficiary of IP like a trademark, or copyright.
With IP, you can easily set your own price as you can command it on the basis of what you have invested in making your product a recognizable brand.
IP protects your product to be copied by your rivals in the market.
I hope this blog helped you to go a long way.
But if you need any explanation about something that is bothering you here or wants to offer your valuable feedback, please use the comments section below.