According to figures from GEM Global Report, 100 million businesses are launched annually. While Startup Genome reports that 11 startups out of 12 usually fail.

How does that happen?

There are various reasons such as the lack of capital or market. But there are some basic steps that anyone can take to build a lasting business.

With the rise of startup books, movies, and public speaking, many of us have delved into technical stuff so much that we tend to forget our bases.

In this article, we have outlined some of the most simple tips that can prevent your business from going downhill. Without further ado, let’s begin.

Have Faith in Yourself

The only one that can stop you from having success is you. Let’s accept it, everyone has doubts while starting something new. Jeff Bezos left his high-end job and risked everything for Amazon.

It was risky, it was new, it could lead anywhere but he had a firm belief in himself. And yes, that’s why he is the richest person on the planet.

Look around and you will find people ready to magnify your doubts if you aren’t confident. Don’t let them! Believe in yourself and keep pushing your limits.

Research, Research, Research

There is much much more knowledge in the world that one can absorb. Research is one of the most fundamental steps in starting a business. You have to open up your computer and look for ideas similar to yours.

Find what worked out for them and what didn’t. Research about your target market and find out their pain points. Research about your competitor and find out where you can exceed them.

Remember, if you don’t have the right amount of knowledge in your arsenal, you will never set up a sturdy platform for your business.

Look for Advice

While research can lead you to the avenues of possibilities, networking with the right people can provide you real-life experiences.

Look for the people who have ideas & principles similar to you. Social websites such as Facebook & Reddit are the best places to search for these people.

When you connect with people who have been there and done that before, you hone your ideas, find your weaknesses, and explore possibilities that can craft a healthy business.

Get Together an A-Team

Every person on the planet has different strengths and weaknesses. There are some people who are born to lead and manage. While there are some who work as a lone wolf but always deliver the results. Some people are smart workers while the others are workhorses.

Your job is to find the right combination of these people who can refine your ideas and make your job easier. Remember, a business always runs with team effort so start networking before you even think of building a team.

Minimize Costs

As mentioned earlier, the lack of capital is one of the major reasons for startup failure. However, there is a flip side to this coin. In some cases, the costs of a business exceeds the profits which can lead to only bankruptcy.

We want you to analyze your costs at the very beginning of your business. Ask yourself the following questions.

  • Do you need a big office?
  • Do you need full-time workers? Or affordable virtual workers are fine?
  • Can any cheap software replace any of your workers?
  • Do you really need an office? Won’t virtual offices and cafes for meetings work for you?

James Vincent

Co-Owner of Hot Source award winning marketing agency and associate lecturer at University of Worcester