A Few Things Your Startup Shouldn’t Neglect
Startups take a lot of hard work and commitment but can be very rewarding. Most people would prefer to be making money for themselves rather than someone else, but in the US, about 50% of new startups fail in the first year.
This can be because of market forces, because the owner has chosen the wrong industry for their skills or because they have neglected important things that help to make the business successful.
Especially at the beginning, you are the most important element of your business, and you need to take care of yourself. You have to make sure you get enough sleep, exercise and eat properly or you will not have the drive to do all that needs to be done.
Many new business owners do not realize how many different jobs are involved, and then they find they cannot cope. You should ask for help with some of the tasks and there are plenty of freelancers who would be willing to give you a hand. The beauty is that you only pay them for whatever work they do, and they are not covered by any of the employment laws.
Outsourcing your bookkeeping, accounts social media management and several other things can mean that you will stay alert enough to deal with the more important aspects of your business.
We all like to think that our business will ever be affected by some disaster, but unfortunately, it happens all the time. Floods, fires, and break-ins could stop you trading for a while which as a new startup is the last thing you need. Insurance is vital to all new startups, no matter what line you are in.
Just look at truck insurance, business interruption insurance, liability insurance, and inventory insurances and you may be pleasantly surprised how little some peace of mind will cost you.
Regardless of what type of business your new startup is, from day one you need to provide excellent customer service. This will ensure that consumers return to you and that is the start of a loyal customer base.
People will remember how you dealt with them more than they will the product they have purchased.
Generally, if they are not happy with the user experience they will moan about your business to more people than they will tell of a good experience. This will spread a bad reputation for you quicker than anything, so make sure this does not happen to your new startup.
Others Things Not To Neglect
There are many things a new startup needs to deal with that should not be neglected, but most people are aware of them before they start. You need a good website that is user-friendly and easy to navigate as well as being responsive to all devices.
You have to know your target audience so that your marketing is aimed in the right direction, and know your rivals so that you do not make the same mistakes as them.
These are all the basics things you should not neglect and then your startup will stand a better chance of not being one of the 50% of failures in its first year.
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What did you neglect in your first year or two as a startup? I definitely neglected myself for a very long time. Did you?