Categories: Business

Why Startups Fail: 3 Mistakes Founders Keep Making

One reason people hesitate to start a business is the fear of failure. While more than 50% of businesses will fail in the first 5 years, there are ways to make your business more likely to succeed.

Start Up Saavy

While you may be working on a shoe-string budget as a start-up, if you spend money, you should have some allocated to marketing. To start right every business needs:

Product launch & marketing plan
Website
Social Media accounts
Google My Business listing
Understanding of your competition
Branding and clear value proposition
Sales tools

Social Media Community For the Win

One of the fastest ways to build word-of-mouth is on social media. Have a plan to have customers follow you online and post engaging content to keep them coming back.

Stick to posting schedules that work
Join groups relevant to your business
Giveaways are a great way to get people into your community
Look into your insights to see when your audience is active on social media

Know Your Weaknesses

So you are the inventor of the next great widget, but maybe finances aren’t your strong suit. Gather the right power team to be your advisors and supporters! Business owners should look for:

Accountant
Bookkeeper / financial consultant
Insurance agent
Business lawyer
Financial advisor
Payroll system
HR or benefits advisor
Marketing specialist
Networking and community organizations
Sales consultant

“Every problem is a gift—without problems we would not grow.”
Anthony Robbins

Key Takeaways

Have a Plan
Engage Your Community
Invest in Marketing, Sales and Expert Advice

As an entrepreneur, you will encounter challenges in areas of your business that you don’t clearly understand. As long as you are willing to get advice, you can thrive.