You might have heard some scary numbers like 90% of businesses fail in the first year. In fact, official government sources find that only 20% of businesses fail in the first year.
The truth is that about 30% of businesses make it to the 10-year mark. But actually, that is even scarier than 90% of businesses failing in the first year. If you are starting a business today, then do you really want to work for 10 years only to fail?
Read on to learn everything you need to know about how to give your business the best chance of succeeding!
Start a Business and Not a Hobby
Let’s say you want to start a business. The question is, which one? A lot of people make the mistake of deciding which business to start based on which topic they are interested in.
This is one of the biggest reasons that so many businesses fail. People start businesses because they enjoy the product they sell, not because there is actually a good market for it.
If you want to own a business that makes money instead of giving you something fun to do, then pick something with a strong market.
Business Skills Are Not the Same As Technical Skills
Some people are experts in some kind of craft. Maybe they make excellent tables or are really great at landscaping. But this does not mean that they will be successful business owners.
When you think about it, there is really no connection between making a great table and doing accounting. Or doing customer service or training.
At the end of the day, you can be excellent at a certain craft, but not have small company business skills. On the other hand, you can have excellent business skills without actually knowing anything about your product. Focus on business skills, and you can make money in almost any start-up business!
Do as Little Work as Possible
The third of our business tips may surprise you, but it is not telling you not to do work. It means to do as little work as possible, and that means doing the work that you really have to do.
But whenever possible, you should outsource your work to somebody else. There are online virtual assistants who can take care of many computer tasks for you. Hiring someone to manage low-skilled labor is another way to free up your own time.
Of course, it is also important to have money work for you. Follow this link to learn more about ways you can arrange business capital!
Learn From Others’ Experience When Starting a Business
We hope that you learned something interesting in this brief article on starting a business. Becoming an entrepreneur is an incredible step up in life.
To keep up-to-date on the latest developments in lifestyle, Business, Health, and more take a look through our other articles!