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Entrepreneurship has received an enormous boost recently as more people take control of their finances, and their careers. This is brilliant, as products and services are more creative since more pride is taken in the final result. Some statistics that should be taken into account. Approximately 60% of new businesses will shut down within three years of opening. So what are the 40% doing right?
Step 1: Outsource
To begin with, businesses that last create a comprehensive business plan before they start their operations. One mistake many budding entrepreneurs make is spreading themselves too thin in an attempt to keep costs down. Lasting businesses put more stock in efficiency than cost, and therefore, focus on their core competency. This allows them to outsource time consuming tasks where they have limited proficiency. This way, the entire business runs smoothly, and it is possible to dramatically increase the revenue received.
Certain tasks are better outsourced to an expert include accounting and banking. This helps the business stay on top of any tax legalities. An experienced financial specialist can help you source financing for your venture.
Design work should be left to an expert, especially web development and logo creation. This way you can get something stunning at a nominal cost.
Some aspects of marketing can also be outsourced, such as management of social media accounts. These require time, and an online marketer will know the best way that you can reach your target customer.
Step 2: Become well informed
Before you launch your new business venture, have an idea of what the market is looking for, especially whether your product or service will be accepted. To be successful, industry experience is necessary. With your experience as your foundation, you can test out your idea and get initial feedback from your potential market.
This will make it easier for you to ascertain your ideal market, and remaining informed on industry trends will help you cultivate the right relationships with instrumental stakeholders.
Step 3: Manage your Money
Money matters are the cause of many small business failures. As you prepare to launch your new business, your financial plan should be detailed. Have a clear idea of your capital sources, map out your expenses, and then estimate your income. This will require extensive research. Avoid being tempted to make long-term commitments that tie up your capital. Focus on meeting short-term goals if you want to attain success.