Being one’s own boss and charting an exciting future describe the small business owner’s dream. And there are a lot of dreamers out there. Sources indicate that there are about 30 million small businesses in the U.S., and according to the Small Business Administration, 600,000 new startup owners launch their dreams every year.
Even with a brightness of hope, startup owners should know that launching a business is challenging. Unfortunately, 20 percent of small businesses fail after the first year and 50 percent fail by the fifth year. Yet, that should not stop solid dreaming and careful planning.
What Are the Secrets to Success for Startup Owners?
The secrets to success for startup owners start with realizing that business ownership is not a simple 9-to-5 job. Understand that success will require lots of effort, grit, and it may require some lifestyle changes. Success requires having a good business plan. Frugality is also key. Most small businesses fail due to a lack of cash. Strong employees are critical, so surround yourself with good ones and engage them well. Next, communicate well and don’t scrimp on communication tools.
Mistakes to Avoid for Startup Owners
Small business experts know that avoiding these mistakes can bring success to startup owners:
Not having a good business plan.
No research to know your market, competition, and target audience.
Not ensuring that the business has the proper legal structure, is registered and licensed.
Trying to do everything yourself. Hire smart, but don’t hire too soon nor too many.
Getting the wrong investors or the wrong financing.
Launching too soon without adequate preparation and funding.
Avoiding contracts or ignoring terms.
Underestimating capital requirements and wasting money.
Expanding too quickly.
Not having a solid marketing plan.
Overpromising and underdelivering.
Keeping poor financial records.
Seek Expert Financial Assistance
Contact Northgate Capital Finance for financial solutions to address your capital needs. Our experienced financial professionals can help you secure funding to meet your business’s financial plans and goals.
