It's the year of the startups, where various small enterprises have sprouted up across all industries, offering the most creative, unique, and effective products or services to their target market. But, did you know that nine out of ten startups fail, as Mashable noted that they lack preparation and backup plans when challenges arise.
If you are a budding entrepreneur, then you are on the right page, as we are about to unveil effective ways your startup can successfully survive in the current market.
As the famous quote goes, "Customers come first." When building your startup, you must take note of this golden rule at all the times. It's not about profit or sales, but the customers' experiences. How do you create a strong business relationship? Phil Miller mentioned a previous post that there are some key elements that can help a brand maintain great a relationship with their clients and/or customers:
1. Focus on customers need
2. Be honest
3. Connect constantly
4. Commit to deadlines
5. Network and promote
Adopt the best payment system
To offer convenience, businesses must have more payment options to offer their customers. Among the new card machines, mobile machines are considered a necessity at retail stores, as Worldpay said that it offers convenience to customers and businesses alike. The resource page also mentioned that its secure and simple to set up the machine, and they work anywhere where people can attain mobile coverage. Of course, there are also contactless machine that accept NFC (near field communication) shared payments via mobile devices.
Focus on long-term goals rather than immediate profits
The first few years are the most challenging for businesses, as they shell out money without significant gains. But, experts say the best way for entrepreneurs to look at success at this moment is not in how much profit they make but if they are on track in achieving their long-term goals. Small Business Chronicles said that "entrepreneurs must be willing to make financial sacrifices and spend copious amounts of times and effort" to achieve success. And, setting goals should be the first step.
Hopefully, these tips will help in achieving success for startups. The most important variable you need to remember is to stick to building and developing your company. The main reason why 90% of startups fail is due to the founder's change of direction, either they get bored or discouraged and decided not to carry on. So, stay strong and continue on your journey.