Does Your Start-Up Have What It Takes?
Starting your own business can be a daunting and risky adventure. The potential business success can be a huge motivation, but passion, planning and resilience are vital in ensuring your new start-up is successful.
Did you know that only 1 in 10 start-up companies are successful long-term? Read on to make sure your new business has what it takes.
Supply and demand. It’s a common saying for a reason.
You need to ask yourself the hard question – are you offering something consumers want or need? A survey completed by Fortune found that 42% of failed start-up companies identified a lack of market need as the biggest reason for their failure. To stand out in the ever-growing competitive market, you need to be solving a problem or providing a solution for your customers. So, do some investigating. Find out if there is a hole in the market and if so, great you are already on the right track! If there is a saturation of your product or service, then capitalise on your point of difference to distinguish yourself from the competition.
Are you working ON your business or IN your business?
It is very easy to fall into a pattern of working in your business instead of on your business. Your blood, sweat, and maybe even some tears have gone into building your exciting new start-up. However, spending hours micromanaging each and every aspect of your business can be exhausting. Shift your focus and work smarter. Make sure you think about the big picture. Setting goals, short and long term, is a sure-fire way to ensure you don’t get bogged down with the small things.
Money, money, money
When starting a new business, funding is essential. Whether you’ve saved your own capital, you’ve brought on investors or you’ve taken a loan – money is a necessity. So, a budget will be your best friend. Take the time to note all of your business costs, allocate your funds and put together a business plan. When detailing your expenses, it’s always best to overestimate costs than to go over budget. That way you have a little more room for trial and error within your new business.
A new start-up means long working hours. It’s inevitable but that doesn’t mean you should throw your personal life out the window. In fact, taking the time to relax and socialise with family and friends can be the refresher you need after a productive week. Separating home and work life is essential and will help keep you from burning out. While working from home saves you an extra expense, it could be impacting your productivity and growth. Flexible office spaces give you access to a network of like-minded professionals and an environment designed to foster business success. Coworking desks and private offices in a serviced office community are a cost-effective solution to your work-life balance.
Victory Realty have access to hundreds of coworking sites, private offices and virtual offices that can help take your start-up to new levels of success. Contact one of our workspace specialists today to find out more.