Last Updated on Apr 8, 2020 by James W
Launching a business is no easy feat. Did you know that 40% of startups fail within the first year of launching? Due to this statistic, a lot of business owners find themselves feeling anxious and unsure about what the future holds for their venture. Another mind blowing statistic is that of the 60% of businesses that do make it past the first year; another 20% will fail within 18 months of the one year mark.
With such low rates of business success, it’s easy to see why the vast majority of business owners find taking a leap of faith and launching a business a struggle. Although the majority of business owners find the process of launching a business somewhat stressful, and it is easy to see why that is, it doesn’t have to be this way – launching a business can be free from anxiety and stress.
Although nothing is ever guaranteed in business, there are a selection of steps that can be used to increase the chances of a company’s success. For doing so, there are a range of methods to consider; these include the following:
Outsourcing vital tasks
There has, in the past, been the misconception that outsourcing is a resource made for larger businesses, not startups. However, it has been made clear that, that isn’t the case, and that outsourcing can be life-saving for startups, here’s why:
- Outsourcing prevents smaller companies from spreading themselves too thinly, impacting the quality of the work that is offered.
- Utilizing external services prevents high levels of stress and anxiety developing within the workplace due to a lack of pressure.
- Launching a business in a certain sector doesn’t mean that the owner necessarily has the adequate skills and experience to required for success, which is where outsourcing comes in.
Implementing an impeccable advertising campaign
To increase its chances of success, a business needs to effectively promote brand awareness, increase customer engagement, and improve brand authority, which is why it’s vital that an impeccable advertising campaign is implemented. The question is, how can an effective advertising campaign be put in place?
- The world is a vastly digital one, which is why using mobile advertising companies is crucial for advertising campaigns. Mobile advertising via pop-ups, apps, and banners, among other methods, should be a key part of any modern advertising campaign.
- Creativity is key when it comes to effective advertising. For an advert to stand out, it has to be unique; it has to have that wow factor – something different about it.
Training an adaptive workforce
There is no getting away from the fact that a strong workforce is vital for businesses of all shapes and sizes, but is that all a workforce should be? Another term that all the most prosperous business owners use to describe their teams is ‘adaptive’. It’s clear that an adaptive workforce is key to a company’s success, but why?
- Change is welcomed. For adaptive workforces, change is welcomed with open arms. There are a lot of companies whose workforces find changes to working process difficult to adapt to. However, this is not the case for an adaptive workforce, which means that when a change is implemented, no time is wasted.
- Faster and more effective workers. Studies have highlighted the fact that adaptive workers tend to be able to work more quickly, which reduces costs and improves efficiency within a company.
Failure rates might be high, but there is no reason why you can’t make a success of your startup. It is just a case of implementing the right steps.