If you’re about to launch a startup, you probably considered the decision for a long time due to the overwhelming failure rates. Some studies of startup companies have suggested that as many as 80 percent fail within the first two years. Some of the most common reasons for new business failure include cash flow problems, unrealistic expectations when going into business, and the inability to compete with larger organizations. The good news is that you don’t need to be part of this dismal statistic.
How Your Startup Company Can Beat the Odds
You had specific ideas for how you would operate your new business only to find they didn’t work at all. The most successful new small business owners understand that they must occasionally adjust course and do things much differently than they had anticipated.
For example, assume you opened your business to sell a product that market research told you would be popular amongst your target customer. When sales turn out to be disappointing instead, you need to be willing to tweak the product, adjust who you advertise it to, or any number of other potential solutions.
Another important thing you need to do to maximize your chances of success as a startup owner is to raise plenty of funds before you open your doors or launch your website. Many new small business owners find themselves shocked by the cost of just keeping operations moving and blow through their budget in the first few months. We recommend that you raise more than you think you will need to give you funds to fall back on when the inevitable expenses appear.
Above all, you need to be humble enough to admit when you’re wrong, always willing to learn and seek help when you need it. Pride has cost many people their startup business in the past. Having a teachable spirit can help you avoid this huge yet common mistake.
Adventure Capital Group is Here to Help
Do you need to learn more about financing options before launching your startup? Adventure Capital Group is here to help. Please contact us today to request an appointment.