Starting your own business or going out on your own can be a daunting and risky adventure. The potential business success can be a huge motivation, you really need to care and love what you do to last the long haul.
Did you know that 9 out of 10 start-up’s fail? Does your start-up have what it takes to rise above the rest?
Is there demand for what you are offering?
It is critical that you have investigated to ensure that there is adequate demand for your product or service in the market. You need to ask yourself the hard question – is your product or service something that people need or want? To stand out in the ever-growing competitive market, you need to be solving a problem or providing a solution for your clients. A survey completed by Fortune found that of all the failed start-up’s interviewed, 42% identified a lack of market need as the biggest reason for their failure.
Are you working ON your business or IN your business?
It is very easy to get caught up in working in your business instead of on your business. Your blood, sweat and tears have gone in to this business which is your baby, but spending numerous hours on the small stuff, micro managing every aspect of your business will soon run not only your business, but also yourself in to the ground. Shift your focus on working smarter, utilise and trust your team, and look at ways to improve and grow your business instead of getting caught up in the day-to-day tasks.
Money, money, money
Ever business needs to ensure they have enough money to ensure their growth and sustainability. One of the reasons that new businesses run out of cash is because they didn’t grow fast enough. If you can focus on simply growing your business, then this should not be a major obstacle. If you are experiencing rapid growth early on, this is a good indicator that you will be successful in the future. It is important that you create a detailed budget before you start your new business. It’s always best to assume that it will cost more and take longer than you initially think. By over estimating you will be pleasantly surprised if the project comes in under budget.
Separating home and work life is essential when starting a new business, not only will it help keep you sane, I will also maintain your motivation for the new venture. Working from home can decrease productivity and growth, basing yourself out of a serviced office or co-working space could be just what you need to give your business the kick start to success.
Victory Realty have various serviced offices, co-working and other commercial spaces to help take your business or start-up to new levels of success. Contact one of our agents today to find out more.