Starting your own business is one thing. Surviving is another thing.
It’s no secret that most start-ups will fail. With the U.S. Small Business Administration (SBA) highlighting a failure rate around 90%.
Regardless of what kind of business you start, there are a number of things that applies to entrepreneurs, 365 days a year. During a good, bad, or whatever economy.
Here are 10 quick tips to help you for new busines survival and success:
1. START LEARNING & LOVING MARKETING
It’s a fact. Entrepreneurs need to let potential clients/customers know that their company exists. And is open for business.
But how are you going to find them, especially when you have no marketing dollars? A great, effective method of getting the word out inexpensively? Publicity.
Start pursuing free publicity, right at day one. And don’t stop. Position yourself as an absolute expert in your field.
Do this through speaking events, getting articles published, doing radio or television segments, social media, podcast efforts etc.
Note-I wish someone would have given me this advice, when I first started The Courage Group in 2001.
2. START LEARNING & LOVING SALES
It’s a fact. Entrepreneurs need to be signing up paying clients/customers.
Don’t underestimate the role and importance of sales. This is a daily, must to-do. No exceptions.
The role of sales will never diminish in terms of importantance, no matter the size of your company. How To Become a Rainmaker whether it is your first year in business or 25th year in business, revenue still matters.
You can’t count the beans, unless you have some beans to count. If you don’t have sales skills, get someone that does to help you. But even if sales is not your thing, you need to dive in now.
Start learning, and improving your sales skills through experience, day by day. You won’t regret it. How to Win Friends & Influence People.
3. START LIVING WITHIN OR BELOW YOUR MEANS
Now would be a great time to downscale your lifestyle. And reduce your monthly expenditures. Money will not grow on trees during your early years, and beyond. And will constantly be in short supply.
Don’t try to “Keep up with the Joneses.” Don’t try to live the same way you once did, when you worked full-time for someone else. This is an important one.
Said Jeff Bezos, Founder of Amazon,” “Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.” When Amazon started out in 1994, Jeff Bezos drove his packages to the post office, with his 1987 Chevy Blazer. Made in America.
4. START FOCUSING & AVOIDING DISTRACTIONS
Entrepreneurs can easily lose their focus. Caused by a number of things, including financial matters, health and family concerns, and owner’s isolation syndrome. Just to name a few.
For first year survival and beyond, you need to keep your eye on the ball, at all times. Ask yourself this daily; am I marketing, selling, and working with clients today? If not, you are wasting your time. Remember, the clock is ticking on new business failure.
Keep reminding yourself daily why you became an entrepreneur in the first place. Start-up and Survive.
5. START STAYING POSITIVE & CONFIDENT, ALWAYS!
It can be hard to stay chipper all the time, especially during tough times. But remember, people still prefer buying from someone who is friendly, knowledgeable and confident. Knowing that buying their services or products will help them.
New entrepreneurs need to visualize success at all times, not failure. By visualizing success, your actions will become more confident. Your new business will be a marathon, not a sprint. Said Steve Jobs, Founder, Apple, “If you look closely, most overnight successes took a very long time.”
When tough times, show up, (and they will) try listening some Beethoven. Despite being totally deaf, Beethoven composed some of the world’s most beautiful, optimistic, and inspiring music.
For me, Beethoven has helped me many times with thinking of solutions to many problemss, challenges.
6. START BEING THE BEST AT WHAT YOU DO
Regardless of what you sell or make, always strive to be the best. By providing consistent and outstanding customer quality, exceptional service to your customers/clients matters. Why?
New business survival and growth. Need a great example of one very determined entrepreneur, who committed to quality right at day one, and beyong? Founder, Fred Smith, at FedEx. https://bit.ly/3os3Kew
Another inspiring entrepreneur story? Richard Branson, Founder, Virgin. Said Branson; “There’s no reason for second best. In the end, if you create the best, the best will always succeed.” Said Elon Musk, Founder Tesla and SpaceX, “If a company does not provide a great product or service, it should not exist.”
7. START BUILDING YOUR TESTIMONIALS
A great, necessary way of attracting, signing up new clients/customers, yesterday, today, and tomorrow? Showcasing your testimonials from satisfied clients of customers. These will be a everday, mandatory component of your sales tool kit, sales cycle.
Put them on your website, put them on your Google Business Profile page. https://www.google.com/business/ Trust matters now more than ever, when it comes to people giving up their hard earned money.
8. START EXECUTING DAILY, DON’T STOP!
Remember, the clock is ticking daily towards new business failure. Use your daily hours wisely. Entrepreneurship is still all about doing vs. talking.
Said Michael Dell, Founder of Dell; “Ideas are a commodity. Execution of them is not.” More helpful thoughts: “To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” Steve Jobs, Founder of Apple. Good advice.
Another example of continuous execution? S. Tuett Cathy, Founder, Chick-fil-A. His first day’s sales? $58.20. Now, $21.5 billion in sales in 2023.
9. SEE #’s 1 and 2 AGAIN!
10. SEE #’s 3 and 4 AGAIN!
BONUS TIP: For new business survival and growth, a very helpful book: The Art of the Start 2.0.
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