As an individual that aspires to be a successful entrepreneur, you likely have many questions. One of those is probably “What are some business practices that I need to implement for my startup to succeed?”
Before we get into some practice suggestions, let’s first examine some statistics about just how difficult it is for a small business owner to make a success out of their new company. Registering a company in Ireland may have been the first step, but there are still a lot more moves you need to make.
According to the Small Business Administration (SBA), only 50 per cent of small businesses survive after five years – and less than half make it past year 10. If they do survive, these companies create 7 out of every 100 new jobs during their first year and 48 per cent over five years. This means that most startups will fail before reaching the five-year mark.
Let’s now take a look at some of the best practices that you should implement if your goal is to ensure success for your business. The first thing you want to do is create an effective startup team. You likely already have the drive and determination necessary to excel as an entrepreneur, but not all people are suited for every job. Your team members need to possess skills that complement their teammates, allowing everyone on the team to choose their own roles. If your startup operates in several major fields (e.g., marketing, sales, manufacturing), consider hiring employees with specific skill sets like accounting or engineering. If each member has his/her own specific role, there won’t be any overlap of duties – ensuring cohesion within your startup.
Another crucial business practice to implement is knowing when to outsource.
If your business needs assistance with something like web design or marketing, find a professional company that specializes in the field you need help with (e.g., a website design company) and hire them to complete the work for a fixed price. This will ensure that the project gets completed on time and without any quality being sacrificed. When you have an outside company manage aspects of your startup, they’ll have fewer distractions – allowing them to be more productive than if they worked inside your business day-to-day.
In order for your business idea to stand apart from the competition, you must know how to create effective branding.
By establishing a unique identity for your company and creating a memorable logo, your business will be on track to succeed. Your startup’s branding can even extend outside of your company by licensing your logo for use as a product name (e.g., the “IBM ThinkPad”) or as part of an ad campaign (e.g., Microsoft Xbox).
Another great business practice that you should implement has a long-term business strategy.
This means setting both short term and long term goals, with benchmarks telling you how close you are to reaching them. These benchmarks will help keep your startup moving in the right direction – allowing it to continue growing and thriving over time rather than stagnating or failing due to lack of ambition. You also need to ask yourself what makes your company different from the competition. What is it that makes people want to buy your product or service? If you don’t know what sets your business apart, no one else will – and you’ll be hard-pressed to make sales.
After all of this information has been covered, there’s still one question remaining: “What if I fail?” The best thing an entrepreneur can do in the face of failure is to learn from their mistakes. If a project fails, find out why it did and try another approach. You may need to change tactics or operations entirely before trying again – but as long as you keep a positive attitude about your employees and customers, success will be just around the corner.