10 Great Tips to Avoid Business Bankruptcy
Fear of failure is one of the most common reasons people decide against starting their own business. Stepping out of your comfort zone and stepping into the unknown requires a little courage and bravery. Leaving a good and secure job to try to make your business idea a reality is really a risk, but if you follow good advice, you will be able to succeed.
When it comes to great advice for starting your own business, successful entrepreneurs should always listen. So we asked David Rusenko, Founder and CEO of Weebly 카지노사이트, to share his top 10 tips for starting and growing your business;
Starting a business is a daunting task. I started Weebly 9 years ago when I was 21, dropping out of college in the process and convinced two friends to join me. It was a gamble, and scary, but I’m so glad I rolled those dice.
We’ve helped over 40 million entrepreneurs launch websites, blogs and online stores in over 170 countries around the world. However, we know that there are many young entrepreneurs who have great business ideas, but are afraid to take the plunge. A recent survey commissioned by YouGov found that 71% of UK entrepreneurs believe that fear of failure stops people starting new businesses.
31% also said that starting their own business was the scariest thing they’ve ever done and 25% said that starting an online business was one of the scariest parts of doing it. However, anyone who has done it will tell you that starting your own business is one of the most rewarding things you can do. Overcoming that initial fear can be a huge challenge, so to help you out, here are the top 10 tips my startup experience has taught me;
DIY market research
Are you worried that no one will want to buy your product? Sorry to say, but you can tell the truth!
The only way to know for sure is to do market research. This in itself may seem like a big and expensive project, but it won’t be. Talk to friends and family, research competitor ideas online, or create a quick survey using a free tool like Survey Monkey to get feedback on your product and insight into your market.
Read: Best Practices for Small Business Tax Preparation
Share your thoughts
Many people keep their killer business ideas to themselves, fearing that others will run away from their great idea if they share it, but that is unfounded. Having a great idea is great, but having the determination and dedication to see it through and make it a success is even more important. Share your ideas, get feedback and use it to shape your work.
Have good goals
One of the things that scares people when they are just starting out is how big they are going to be. It’s very easy to get caught up in the small details, such as creating the perfect logo or constantly updating a detailed business plan. But what you have to do is aim for growth and customer acquisition. Other things can wait.
Set simple goals that you can work on right now and put all your energy into achieving them.
Be patient and successful
Success can take time, and anyone who thinks they will be successful overnight will be disappointed. Two-thirds of those we surveyed said that developing their customers is the biggest challenge facing their business. We all go through this, the clear lesson for any entrepreneur is that you are likely to encounter many unexpected problems. The trick is to recognize that these are only temporary setbacks and you can learn from them.
Don’t be afraid to go online
The importance of having a clean, clear and attractive website is present for any business, and it is important that the site also works on mobile devices. However, having a great idea and a good business idea doesn’t necessarily mean you have the highest coding or web skills.
Online tools can help make the whole process easier for those who are concerned about creating a good web presence. Some can also automatically optimize your site for SEO to improve your search rankings and grow your customer base.
Read: Marketing Technology Expands as Composable Business Models Are Embraced
Delegate, don’t micro-manage
Knowing when to hand over control is a basic business habit. None of us can do it alone, and it is very important that we can trust the people we work with.
Minor management tasks will eventually take up all of your time and cause resentment within your team. Instead, learn to delegate tasks that don’t require you and allow your team members to succeed on their own terms.
Reflect the values of your customers
Getting and keeping customers is one of the most difficult things to do with a new business, and to do it well, they need to get to know the business firsthand.
People want to buy from a company that reflects their own values, which requires frequent communication about who your company is and what is important to it. Not only customers, employees must follow the company’s goals and values, so in addition to regular external communication, do not forget to communicate internally.
Don’t go alone
Starting a business is hard work, and it’s even worse if you’re doing it yourself. When Weebly launched, I asked my friends to help me set it up, but I couldn’t have done it without them. This is also an important point for startups looking to get funding – investors have learned to focus their investment not on the idea but on the team behind it. It’s not the ideas that win the money, it’s the team that makes sure they can realize the potential of the idea.
Create a financial plan
Getting a good cash flow is important for any business, but it’s hard to do and hinders startups. But there are things you can do to make sure your business is profitable.
One way is to ask customers to pay for goods and services. Another option is to ask for a few minutes for the job ahead of time, then take the remaining balance once the job is released.
RELATED: Huge Famous Companies That Actually Flopped!
Hire a good person
When you’re starting out, it’s important to hire the right people. These are not people with a long list of relevant experience, but people who match your drive and enthusiasm, and will be just as good. For starters, lack of money and reputation can result in costly hiring mistakes. Also, once you find the right people, make sure you keep them by empowering them, trusting them to do their jobs. Final Thoughts
Entrepreneurs should always be confident, and that is still true.
Starting a business is scary, but that shouldn’t stop someone with great ideas and business potential. It is true that startups have a high failure rate, not only to start a business, but also to make it successful.
This guide was written exclusively for ByteStart by David Rusenko, founder and CEO of Weebly, a website builder used by more than 40 million entrepreneurs and small businesses.