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Here are Some of the Biggest Reasons why your Start-up Could Fail

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StrategyDriven Starting Your Business Article |Start-up|Here are Some of the Biggest Reasons why your Start-up Could FailA lot of entrepreneurs often get swept up with their own ideas and they forget about some of the most common mistakes out there. If you are going to be going out on your own, then you may find that you underestimate the main mistakes that most people make. If you do this then you may find that you experience serious cash flow issues later down the line. This is the last thing that you need, but if you educate yourself now, then you may be able to come out on top.

You Don’t Start with the End in Mind

Entrepreneurs often start out with optimism and excitement. They think that they will do whatever is in their power to succeed, but at the end of the day, they don’t think about the future. You need to take the time to plan out your values, your mission and your vision. You also need to think about how your service is going to differ from the rest as this will help you to maintain your focus and your overall effectiveness. If you adopt a bigger picture approach right from the get-go, then this will help you to ask some tough questions now rather than later and this will give you a roadmap when things get tough.

You Don’t Research your Competition

Although this may seem somewhat counterintuitive, at the end of the day, you do want competition. You don’t want so much that the market becomes saturated, but you do want enough that you are able to keep on pushing forward and improving your services overall. Competitors validate the market for you and if there aren’t any, then you need to ask yourself a few key questions. You need to ask yourself if the problem that you are trying to solve is actually there, or if the problem is widespread enough to actually warrant a business being created.

You Fall in Love with a Difficult Idea

Founders of a company often fall in love with their ideas and they don’t do the hard work that is required to find out who else actually loves what they are selling. Sure, you need to be passionate about your company but if you are far too emotionally involved or invested, then you may find that you end up missing the mark. This is the last thing that you need, so make sure that your customers love what you are doing as much as you do.

You Don’t Evolve

You have to stay objective and you also need to make sure that you read the market as well. Never be afraid to change things up if you find that your original idea is not taking off as well as you had hoped. Instead, respond to what the market is asking from you as opposed to what you want to offer. YouTube started out as a dating website, but the founders soon came to the conclusion that the market didn’t want to see dating videos. They simply wanted the option of being able to upload their own videos whenever they wanted and now the rest is history.

You Don’t Seek Legal Protection

Start-up founders have to make sure that they make a special effort to try and prioritise any legal procedures. When you start a business with a college friend, you may well have written your plan on the back of a napkin and then sealed the deal with a “cheers” or a clink of a glass. This is great, and this is often how the best ideas are formed. The problem is that people are often so excited about getting their business up and running that they forget to do important things, which can include founders’ agreements or even early employee arrangements. If you do not address these steps at the beginning, then you may find that they come and bite you later down the line. Sometimes, it won’t be until years later when you feel the impact but at the end of the day, you have to make sure that you do everything you can to try and avoid this.

Not Raising Enough Capital

Entrepreneurs often think that they need to raise enough money, before they start their business. Ultimately it comes down to the fact that you are better off earning money on a much smaller scale if possible. At the end of the day, there is always a way for you to validate your concept on a small scale whether it’s by having a digital campaign or investing in Kickstarter. Until you have 100 users who are passionate about your company, you are truly not ready to grow. When you have been able to prove that there is some degree of market demand for your product, only then will investors see your company as being valuable and it is at this moment when you can begin to raise some serious money. If you want some help with raising capital, then make sure that you check out this capital raise toolbox so you can find out more.

If you are sure that your start-up is doomed to fail but you feel as though your idea is solid, then it may be worth trying to hire a mentor. When you do this, you can count on them to give you all of the advice you need to feel confident in your idea and you can also trust in them to help you to avoid some of the many mistakes that many people make when beginning their business too. Other options include freelancing and gaining as much experience in the industry as you can before you go ahead with your full idea. The great thing about doing this is that you can then push the boundaries to your career, and you can also network with others too. Any contacts you make can then be taken with you when you go to start your own company as well so make sure that you keep this in mind as it may end up serving you well.

5 Tasks Your Startup Business Should Outsource

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StrategyDriven Starting Your Business Article |Outsource|5 Tasks Your Startup Business Should OutsourceFirstly, if you have decided to launch your own business, congratulations. Being an entrepreneur is a rewarding and exciting way to earn a living, but the early days are certainly the hardest.

When starting a business from scratch, it is important to understand the advantages of outsourcing certain tasks and operations, but far too many entrepreneurs try to do it all. Of course, it is natural to want to maintain control of your venture in the early days and keep overheads to a minimum. But while entrepreneurs are busy with the administration, strategy, payroll, and technical aspects of daily operations, they do not focus on growth. This guide outlines not only why startups should outsource but also the five tasks that are most commonly outsourced.

Why startups should outsource

There are several reasons for startup businesses to outsource tasks, but here are some of the most compelling.

  • You can benefit from expert advice and talent from all over the world. Many companies offer their services virtually, which means that you are not restricted to only working with people in your local area.
  • By outsourcing tasks that you are not experienced in or which are time-consuming, you can free up more time to do what you do best and focus on growing your business. This should result in greater efficiency and therefore reduced overheads.
  • Outsourcing simple but laborious tasks will enable you to focus on the tasks which require a more personalized approach giving you greater control over your business.
  • Outsourcing can save you money as you will not have the expense of hiring employees or need to divert internal resources.
  • In conclusion, outsourcing can enable a business to grow at a much faster rate.

If you are almost convinced that outsourcing could help your business to grow but are not sure where to begin, here are five tasks that you might consider outsourcing.

1. IT infrastructure and support

Unless you are starting an IT business, it is unlikely that you will have much expertise when it comes to setting up a secure and intuitive computer network. Once you are set up, you will also need adequate security, which is monitored and updated regularly. It is also wise to have access to a local IT support company so that should you run into an IT issue, you will be able to call on an expert to get back up and running as soon as possible.

2. Social media

Social media is one of the most powerful marketing tools a startup business can use. Setting up accounts and publishing content is free, and advertising on social media platforms is flexible and relatively low cost. However, to make social media marketing a success, you need to invest a lot of time and creativity to create content and build up an audience. Luckily, social media is a task that can be easily outsourced to someone with experience in building a following on social media. The person or company you use can create and schedule posts and spend time interacting with followers.

3. Website design and development

Every business in all sectors should have their own website, whether planning to sell products online or not. With the exception of website design startups, most businesses will need help when setting up their website. Designing and developing a website that is not only functional but also easy to navigate, quick to load, attractive to look at, and optimized for search engines is a complex task best left to the professionals.

4. Customer support

While businesses should always be in touch with their customers, the administration involved in monitoring and responding to every query and reading feedback can be arduous. This is particularly true if most of the queries you receive are on the same topic. To avoid having to hire a full-time customer service representative, you can outsource customer support. The person or company can monitor all your customer feedback and correspondence. Armed with the relevant information to respond to frequently asked questions, they can relieve you of a lot of the administration. They can also collate all relevant feedback into a synopsis so you can get the key information you need in order to grow.

5. Digital marketing and PR

The internet has taken the business world to another level, and businesses that are not investing in digital marketing and PR are missing out on a huge chunk of the market. To increase the likelihood that your website appears in search results for relevant search queries, you need high quality and relevant content on your website such as blogs, e-books, and infographics. Creating and promoting this content takes time and talent, which is why so many businesses turn to freelance content marketers and digital marketing agencies.

Top Reasons to Consider Opening a Franchise

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StrategyDriven Entrepreneurship Article |Open a Franchise|Top Reasons to Consider Opening a FranchiseAll sorts of people love the idea of owning their own business. However, starting from scratch requires a huge amount of time and effort, and there are simply no guarantees of success. This doesn’t mean that you can’t become an entrepreneur. A common approach that people take on is to open a franchise of their own. This way, you can become part of a larger organization that has already stumbled upon a formula for success. Essentially, you can then replicate this by opening up a branch of your own. The rewards are often there to be taken, but the risks are minimized. Take a look at this list of other reasons to consider opening up a franchise.

Allows for a Combination of Independence and Guidance

One of the most attractive parts of running a business is the opportunity to be independent. However, a lot of people don’t like to think that they are entirely on their own. So, having some guidance can be a majorly attractive proposition. This is where educational franchises come in. Some examples of specialized educational franchises include tutoring centers, therapy providers, and schools for children with learning disabilities and etc. These types of franchises can be a good option for those interested in franchising but who want to avoid the risk and uncertainty of starting a business from scratch. Apart from it, specialized niches can be successful with less demand, and a strong reputation can control more market share. Plus, many specialized educational franchises also provide a strong sense of community and camaraderie among franchisees, which can provide additional support and motivation.

Franchises come with a clear set of rules and regulations of what you can and cannot do. There is also all sorts of information offered with regards to promoting your outlet as widely as possible. At the same time, there are also plenty of other executive decisions that you can take, whether you are looking to run a Superior Vapour franchise opportunity or a food and drink outlet.

Big Company Benefits

Many franchise businesses are already well-known, so a big part of the marketing work is taken out of your hands. One of the toughest parts of running a small business is making yourself stand out, and this is a hurdle that a lot of entrepreneurs simply cannot overcome. You may also get other benefits like the opportunity to get discounts from suppliers. Also, you don’t have certain challenges like having to come up with your own recipes, etc. At the same time, you still get a good feel of what being in charge of a business is like, as well as the number of plates that you have to keep spinning at the same time. As a lot of financial projections have already been taken care of, things like applying for a loan suddenly start to seem a lot less daunting.


Less of a Risk

One of the scariest parts of running a business is the level of risk that you are naturally going to have to take on. However, being a franchisee mitigates against this and puts you in a position in which you are more likely to succeed and less likely to fail. Essentially, you are already starting with a blueprint that has been proven to be effective on a wide scale. Of course, this doesn’t mean that there is no element of risk at all. However, when you take a smaller risk when you start up a franchise, this may give you the experience and willingness to launch a company of your own at some point in the not-too-distant future.

Help is Available

Many entrepreneurs get started all on their own. As a result, they feel like there is nobody that they can reach out to along the way. However, when you are part of a franchise, you are involved in a bigger organization. This means that more help is available should you need it along the way. As well as the parent company itself, there are also plenty of other people who have been in the exact same situation as yourself. They have likely encountered many of the problems that you have found yourself up against and can offer you the best advice on how to proceed successfully in the future. In fact, they can help to prevent you from making many of the same errors along the way.

Access to Proper Training

When you start a business on your own, there is nobody there to train you and tell you how to do it well. However, a franchise company knows that there are plenty of new entrepreneurs that are getting involved in their business. As a direct result of this, they will have set up a training scheme that incorporates many of the main elements of running the business successfully. Of course, training is always going to be somewhat limited based on the fact that you learn a lot more on the job than you do simply reading about it.

Have you been convinced to run a franchise business yourself?

The Foundations Of Business Growth

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StrategyDriven Online Marketing and Website Development Article |Business Growth|The Foundations Of Business GrowthTrying to expand your business during a global pandemic may seem like madness. However, you are an entrepreneur and you don’t want to rest on your laurels. Your ambition means that you want your startup to be able to compete with the already established industry rivals and you are eager for your venture to have a global presence. However, when the world is on more of a go-slow, people are less likely to part with their cash, and the economic markets have plummeted, it can be a challenge to see how you can grow your business. Follow this guide to the foundations of business growth.

StrategyDriven Online Marketing and Website Development Article |Business Growth|The Foundations Of Business GrowthWebsite

Your online presence will really come into its own as more people stay at home and spend more time on the Internet. Online shopping was always a factor of the millennial market but now all demographics are partaking. If you are a retailer, you need to morph your business model into an online venture. The website that you produce is crucial to attract your potential market. Rather than opt for a flashy all singing all dancing website, you need to focus more time on your SEO. If you don’t know your keyword from your meta tag, you need to consider outsourcing your web design to a WordPress developer who can create a site that will emulate your brand and your ethos while appearing high up the Google search rankings. Make every section of your site within three clicks and easy to navigate to hold a potential customer’s interest. Overhaul your website and you could find your customer base growing.

Social Media

Facebook, Twitter and Instagram are the perfect vehicles for online marketing when considering your business. However, you also need to hone your social media platforms to grow your business. If you want more followers, you need to post meaningful and relevant content on a daily basis. The Twitter feed that you craft is the ideal way to communicate directly with your clientele. If a potential customer has a query, they will tweet you. This comment will be in the public domain so it is crucial that you respond promptly. Use an informal and chatty tone. The corporate hard sell doesn’t work anymore. The better the content that you post, the more shareable it becomes, thus increasing your follower numbers and global presence.

Trade Shows

If you can attend a trade show, get registered. These amazing events provide you with a readymade footfall of individuals who are eager to source your services. Go to a niche and industry specific event. By utilizing your pitch effectively, you can show off your wares, products and services. Place branded banners across your stall and encourage people to take a look at your products in action. Enthuse with your ideas and business acumen, and have some on-the-day deals that potential buyers can’t refuse. Ensure that you create an email list and follow up any leads on your return to the home office. With any luck, your clientele will grow.

These foundations of business growth will enable your venture to thrive and not merely survive during this pandemic.

Taking Control Of Your Business Finances

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StrategyDriven Managing Your Finances Article |Business Finances|Taking Control Of Your Business FinancesIt is well-documented that the majority of new businesses fail. Cash flow is an obstacle for many aspiring entrepreneurs, and this is why taking control of business finances is so critical. If you’re preparing to launch a startup, or you’re in the early days of growing a small business, here is some advice to help you reduce risks and manage your money effectively.

Plan ahead

Your business plan should outline how you’re going to fund your company and how you’re going to monetize ideas to generate a steady income and make a profit. Whether you’re new to business, or you’ve been established for several years, it’s crucial to plan in advance. Create budgets, evaluate spending and look for ways to make savings without compromising on quality or customer service. Increasing efficiency is an excellent way to lower expenses while also increasing your profit margins. Use forecasts to influence growth plans and resist the temptation to run before you can walk. It’s wise to consider investing in expansion once you start generating profits and demand for your products or services is increasing. Until you reach this point, it’s beneficial to tread cautiously when it comes to your finances.

StrategyDriven Managing Your Finances Article |Business Finances|Taking Control Of Your Business FinancesMake budgeting simple

Budgeting is an incredibly useful tool for businesses, particularly those looking to reduce spending or save money. To make budgeting simple, make use of software and apps and keep track of expenses. Monthly web hosting enables you to pay a set fee every month, for example. You could also look into annual options. Make sure you know which payments are coming out of your accounts every month, which services you’re paying for once a year and what you’ve signed up for on an ad hoc or on-demand basis. If you have a firm grip on your expenses, this will help to prevent overspending and cash flow problems. It’s very easy to forget about payments when you have direct debits or you touch to pay via apps or instant web payments. Analyze your accounts and update or revise your list of regular payments every few months to make sure that your budget is accurate.

Invest in protection

Running a business carries risks, and none of us know what is around the corner. Even if your financial situation is rosy, you can never be too careful. Natural disasters, cybercrime, theft, incidents that affect your brand image and reputation and economic and political uncertainty can all jeopardize even the most successful, profitable businesses. Investing in protection is essential for all entrepreneurs. Make sure you have the relevant insurance and try and draw up plans and policies to minimize disruption in the event of unexpected curveballs. If you have insurance, you have an emergency fund available and you have a plan B to keep the business running smoothly, this will stand you in good stead if the waters get choppy.

Managing accounts and trying to generate profits year in, year out can be hugely challenging for business owners. One of the most important jobs to master as an entrepreneur is taking control of your finances. Plan ahead, keep a close eye on your accounts, budget and make sure you have protective measures in place.