4 Tips for Starting a Business with Staying Power

Small business owners are an intrepid bunch to be sure. Considering the odds stacked against aspiring entrepreneurs, you have to possess a tremendous amount of confidence, skill, and drive in order to get a new company off the ground. Indeed, about a third of new small businesses close their doors after just two years; and half throw in the towel before five. Today, we’ll focus on how small business owners can beat those odds and ensure that their company remains viable for years to come. Here are four helpful tips to that end that will surely help you:

Secure Your Finances

Money makes the corporate world go round, we all know that. Without the requisite capital, your company will always face an uphill battle –– even if you succeed in other aspects. The first thing any prospective business owner should do is seek to secure funding for their venture. Enlisting the backing of a partner or two, or even applying for a few savvy loan deals could give your company the financial boost it needs to weather a difficult period early on. Good research would result in a better understanding of what you and your Business really need to move forward.

Conduct Market Research

Perhaps you think you understand your customer base. And perhaps you have a good feel for how you stack up against your competitors. However, without thorough market research, you won’t know anything definitively about your business’s place in its industry. Make it a point to conduct customer surveys and to launch in-depth studies on your competition. This way, you’ll be able to identify profitable opportunities where your business can pounce, who will be your customers and what they are interested in these days.

Invest in Tech

Virtually every business in every industry relies on new technology to improve their internal processes and customer service. Remember, standing still with tech investments is akin to falling behind the rest of your competition. As such, it’s imperative for small business owners to set aside extra funding to purchase essential tech items like a pharmacy point of sale service or a call tracking system, for instance. Regardless of your area of expertise, and what kind of business you are running or planning to run you really can’t afford to ignore the positive effect and the ways that the new technology can have on your business.

Connect with Your Customers

Much easier said than done, but companies that can establish a strong rapport with their customer base are almost guaranteed to thrive. One of the biggest mistakes you can make when starting a corporation is to assume that your customers will automatically love your product. In reality, small business owners typically have to go above and beyond to cultivate and retain their customers. Making a positive emotional connection with just one customer each day may not result in profitable outcomes immediately, but it will offer your business a foundation upon which to build, connecting with them will be much faster and easier.