If you do not want to be one of the 50% of new startups that fail every year in the US, you need to understand why things go wrong and try to avoid the mistakes. The two main reasons for this large amount of failed businesses seem to be a lack of funding and not enough business knowledge.
Not every new business owner realizes just how many different jobs are involved, but here are a few tips to help you.
Know Your Product Well.
You should know all you can about the products you are selling. It does not look good if someone asks a question and you are vague or do not know the answer. You want to build a client base of loyal customers and that will only happen if they trust you. Having knowledge of your product will help to gain that trust.
Learn Other Tasks.
When you run a business, there is far more to it than selling. You need to understand how to keep proper records, how to put your books in order, how to market the business, and several other things. With some of the most successful startups, the owners have taken the time to earn an Accounting Certificate online so that they fully understand how to work out if they are profitable or not. The same applies to learning about marketing and how to give great customer service.
Research Your Rivals.
It is worth spending time to research your competitors to see how their prices compare to yours and what errors you think they are making. Sometimes it is obvious from other people’s websites how you can improve on theirs and their policies, such as refunds and returns.
Provide a Good Customer Experience.
You should make sure that your website is not slow to load. Consumers have become used to everything online happening quickly and if your site is slow, they will soon move elsewhere. It should also be simple to navigate from page to page and for them to find all they need to know about your business and your products. They will remember a good customer experience and are more likely to return in the future.
When you get a query or comment, whether it is on your site or a social media page, always respond as soon as you can and make your reaction positive, even if they are complaining. It is very hard for a customer to stay unpleasant if, when you reply to them, you are helpful and try to solve their problem.
Be Prepared to Work Hard.
Do not fall into the trap of thinking that running your own business is easy. It takes determination and a lot of hard work, especially in the early days. Be prepared to work long hours to start with, and when you are making enough money, then you may be able to bring in other people to help or outsource some of the tasks.
Go about things in the right way, and if your products are good and priced right, there is no reason for you not to succeed.
Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.
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