As per a study, in 2019, over 90% of the US startups failed. Out of the 31.7 million small to medium enterprises participating in the study, 21.5% failed in their first year, 30% in the second, 50% in their fifth, and 70% in their 10th year. A self-owned business is the dream of many but only achieved by a few. With the pandemic giving a reality check to every business, regardless of their size, we have compiled a list of business tips from the best business experts such as John Giorgi for entrepreneurs starting their business in 2021.
Have realistic expectations and be prepared to put in the time, efforts, and resources to build your business. You will go through a series of many failures and ups and downs. Always think about the long-term and remind yourself of the purpose as to why you started doing this in the first place.
Be Patient
Don’t rush the process ever. Hasty decisions never end up in a good way. Do proper research, and determine what value your business is going to add for your customers. Do not go about solving problems that aren’t there at all.
Research and Observe
Have a thoroughly analyzed and well-carved niche. It should be big enough to build and grow your business and specific enough to claim as your own. Don’t forget about seasonal fluctuations. If your product/ service is one of those whose demand is affected by the time of the year, manage and keep your business prepared to survive through the peak and no sale times.
Study Your Competitors
This is the most beneficial and fruitful thing you can do to build your business. Understand their ways, know how they are managing their business, learn their shortfalls, failures, how they solved them, and take notes. Think about how you can add your uniqueness and build over their solutions differently. As per John Giorgi, you need to be updated with your competitor’s move so you can always be one step ahead of them.
Be Relatable
Being relatable is one thing where most business owners fail. Customization is the demand of the century. The current generation of consumers wants to engage with brands that are more approachable and humanized. They want to identify and reward their uniqueness with the brand they are investing in and are up for a long-term customer journey. Relevance and customization are two things that will be a unique identifier for your brand.
Keep an Eye on Finances
Finance is one segment where most businesses struggle. When it comes to measuring their income, owners always focus on the overall revenue raised per annum. A business is termed successful based on its profits. If you watch any episode of shark tank, the panel of investors always focuses on the number of profits raised by an entrepreneur.
Ultimately, it’s all about consistency. Perseverance beats every talent out there in the market. So, make a move, commit mistakes, and always realign in order to succeed. These tips from some of the best business coaches have been tried and tested for growth and success. In the end, have faith and keep hustling!