Did you know that 9 out of 10 startups fail? Unfortunately, this is the hard truth. And once you hear and read about these kinds of facts, all your desire to create a startup simply dissipates.
However, before you give up without even trying, you should know that building up a startup is possible but it’s not an easy job. It’s ok to have a dream and ambition to start your own business, but you need to have it clear that it’s going to take some time and work to make your startup successful.
The first obstacle on your way to creating a successful business is avoiding all the startup mistakes. Many entrepreneurs have made them and you can now learn from their mistakes.
Let’s see what are those mistakes and how can you avoid them in order to build up a successful startup.
1. Problems with marketing strategy
You have a great idea and a business model but the major problem is the marketing strategy. Many companies have failed because they lack the proper marketing or because they fail to target the right groups of people.
Without the proper marketing strategy, your business is bound to fail at some point. So, what is the right solution?
When it comes to marketing ways – the possibilities nowadays are many. From video advertising, mobile, and other digital and electronic options to printed ones. The next thing should be a good marketing plan. The proper marketing strategy should be able to clearly explain the purpose of products or services. Additionally, a good marketing strategy should be able to reach the target audience.
2. Dealing with finances
You may be wondering how can the finances be a reason startups fail? Dealing with money and planning a budget is not as easy as it may appear at first. You need to make a lot of back up plans in case your original one doesn’t work out.
Dealing with money, organizing finances, and making budget plans seems like a pretty easy thing to do, but once you actually start handling it, only then do you notice that it takes experience and organizational skills to make it work.
Many startups have failed due to a lack of finance handling skills. So, how do you avoid making mistakes with money?
Don’t put large amounts of money into a startup if you don’t have a solid idea and if you’re not sure that it can work out. Think rationally, question every step you make, and make a solid budget plan, and at least two backup plans. If you have doubts about the startup and it’s a success – don’t put money into it!
3. Lack of appropriate law support
Paperwork and bureaucracy when starting a business can be a real nightmare. That’s why when building up a startup you’ll need all the legal counsel and support you can get. In order to get all the support you need, hiring a single-purpose lawyer is not the best solution.
To make and keep your business legal and have all the paperwork clear you’ll need to hire an immigration lawyer. Immigration lawyers are experts in this field of work and they can give you great advice and help you overcome all the potential issues and mistakes with your startup.
So, don’t waste any more time, hire a trustworthy immigration lawyer.
4. Don’t ignore the competition
Competition exists and sometimes they can help you make your business even more successful. This doesn’t in any way imply copying them, just don’t ignore them either.
If your competitors are successful, it means they did something right. So, logically, you can learn from them and make your business even more successful. However, you need to be careful with that too, because just because it worked for them doesn’t mean that it will work for you.
It’s enough to be aware of your competition and to follow their approach to business and to try to see where your business lacks or where there is room for improving it.
Don’t be self-centered but also don’t rely too much on the competition either. Find a perfect balance of being aware of them and following their success and avoid making their mistakes.
5. Growth adaption problems
Adapting during the period of growth is also know to be problematic for many new businesses. You are striving towards this growth in your business, and when it comes you either don’t take it seriously or you don’t know how to deal with it.
To avoid this pitfall you should have a plan and that plan will help you navigate through the next phase of your business. The best solution is to plan ahead and to adapt to every next stage, even the unexpected ones, in the process of your business growth.
It’s a fact that many startups fail right at the very beginning. However, it’s also true that some startups become successful business over time. Making mistakes is bound to happen one way or another. The point is not to make the same mistakes over and over.