Thu. Oct 6th, 2022

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How to Start a Business That Will Last

3 min read

According to Fundera, 20% of startups fail in the first year, 30% in the second year, 50% in five years, and 70% in ten years. If you’re an aspiring entrepreneur, such statistics can instill fear in you. But have you thought about the 80% that don’t fail in the first year or the 30% who celebrate their tenth-anniversary toasting to success with glasses of champagne? What does it take to start a business that will last? We have compiled five tips to help you start a business that will last. Read on to know them.

Anticipate Challenges

One big mistake aspiring entrepreneurs make is being over-ambitious or overconfident. Yes, it’s important to be positive, but entrepreneurship is not always a smooth ride. You will face challenges, obstacles, competition, difficult customers, money problems, and more. If you anticipate challenges from the start, you will be better prepared to face them.

Create a Business Plan

A wise entrepreneur creates a business plan before launching their startup. This plan entails the vision, purpose, goals, strategies, and everything about the business. Outline how you will execute your business idea, if you’ll hire a team, and how much the business will cost to run.

Research shows that 82% of businesses fail due to cash flow challenges. Calculate how much your business will cost to run. If you need financial help, you can secure a car title loan–a short-term secured loan. Search for ‘how title loans work’ on the web to learn how these loans work.

Hire Talent Wisely and Delegate Work

Don’t be a jack of all trades if you want to start and grow your business fast. Being the CEO, accountant, customer representative, marketer, and technical expert can overwhelm you and derail your business’ growth. The first thing you should do is to hire the right talent. Skilled employees will bring expertise to the business, advance it, and uphold core values. Don’t burden yourself with work you can delegate. Hire experts who bring the skills needed to run the business.

Uphold Your Business’s Core Values

For your business to thrive, you need to identify its core values. What value does it give to customers and the community?  What do clients think of when they hear about your products or services? Identify what makes your business unique and uphold it. It could be excellent customer support, prompt communication, respect, integrity, or charity.

Be Progressive

It’s vital to be progressive as a business owner. Learn from your customers, competitors, team, and the business sector. Having a radical approach helps you change and become better. Take heed of customer feedback and reviews and consult your employees on what to change or improve.

Additionally, observe what your competitors are doing that you are not and strive to exceed customer expectations. This Forbes article explains how business owners can be progressive and scale their businesses.

Starting a business in a world where many businesses fail in the first decade can be intimidating. However, it’s possible to start and run a successful venture that will last. Create a solid plan from the start, anticipate challenges, hire the right talent, delegate work, uphold core values, and be progressive.

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