Start-up business tips for beginners
According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months.
So how do you avoid the fate of 80% of business owners? One possible solution is to learn from the best and implement their positive experience into your approach.
At RIKON we constantly learn, improve and follow the latest business-world trends, so we can provide you with the most up-to-date best practices and insights.
Here are a few tips that will hopefully help you to succeed.
- Focus on yourself
Even before you start setting up your business, ask yourself: What are my strengths? What are my weaknesses? What are my unique advantages? What are those things that I can contribute that other people cannot?
Understand what you can bring to the table. It all starts with you.
- Build your brand early
It is true that it takes time to build reputation and promote your brand. That’s precisely why you should start doing it straight away. Excellent customer service, encouragement of feedback, honest interactions with the customers, active community, PR and marketing campaigns – all of that will greatly pay off in the future. Not all of these things require large amounts of expenditure, so you shouldn’t have any excuses.
Don’t limit it to your business brand, invest in yourself too. Attend conferences, expos, do courses, never stop learning about your industry and connecting with others.
- Don’t try to find customers for your products, but find products for your customers
A common mistake with many business owners is the utmost faith – sometimes borderline stubbornness – in the quality and desirability of their products. They are so sure that their product is fantastic, they are unwilling to acknowledge anything else.
Try to understand your customers, continuously learn about the needs and demands in your industry, conduct surveys and gather feedback to make sure you offer what the customers desire. Knowledge is incredibly valuable.
- Get comfortable spending money
An advice that might leave many of you uneasy, but the one that many business owners need to hear. It is normal to have a desire to save money, but some things cannot be done on the cheap. Try to maintain a healthy paid-free balance in your business by the way of experimenting and measuring the results.
Starting your own business requires much more: finances, the right people on your team, marketing, managerial skills, etc. The truth is that you will make mistakes, we all do. Don’t beat yourself up when they happen and try to remember the advice we gave you. If you happen to have any more questions, contact us straight away! We are always happy to help.