Statistically, there are thousands of new start up companies launched every day from around the world. Sadly only a portion of these companies get to celebrate their 4th birthday. That’s because a large portion of them close their doors sooner than they had anticipated only because they failed to get sufficient and reliable business advice when they were setting up. Below are three great pieces of business advice that every new start up company should heed to for a successful start;
1. Brace Yourselves For The Bumby Ride Ahead Of You!
Despite the fact that business start-ups are usually exciting ventures, they are never easy to grow and maintain. That’s because there are usually many forces against the entry of new players in the industry. Therefore, you need to be prepared to fight business giants for you to secure a seat at the table. Sadly, it’s usually easier said than done!
2. Study Your Field/Niche of Interest Before Diving Into Business!
Before you start a business, always take the time to study its field/niche to ensure that it’s something you can handle. Do research about failed and successful businesses in the field/niche so that you can get a clear idea on “What To Do” and “What Not To Do” when running a new start up business.
3. Always Stay Ahead of The Game!
This is all about staying modernized with new trends, industry updates or current market situations. It always helps to know when and how your business will benefit from these new trends and updates. Plus, it can also help save your business in case the trends go against it because you’ll be aware of the threat before it happens. That way you’ll be able to get your business to high grounds immediately after you get wind of an incoming market “Tsunami.”
Aside from this, there are many other great pieces of business advice that you and your Start Up company can benefit from, but the ones mentioned above are the most important for the success and survival of a start up company in a harsh business industry.