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Are you struggling to get your business off the ground in the first year? Here are some of the key steps that you might have missed which could help protect your company from jeopardy and a premature end on the market.
First, you will need to ensure that you have the right safety nets in place when you are running your company. Do be aware that 90% of businesses will fail in their first years. The best way to avoid this is by making sure that you have the right protective measures in place from day one. There are lots of examples that you could consider here. For instance, you should ensure that you invest in insurance options. There are also specialist protection options for specific business industries like a performance bond construction service. If the worst happens, you need to guarantee that your business is not left high and dry.
You may also want to consider exploring your business USP. Your USP or unique selling point is the way you can guarantee that your company stands out on the market. It gives people a reason to buy from your business compared to others that might be offering similar products or services. To find your USP, you need to explore the different gaps that could exist on the market. This means that it will be important to research your key competitors and find out who is falling short. A USP could be anything from a fast delivery time to unique options in terms of customization.
Next, you should think about exploring different outsourcing services that are available for your company. Outsourcing solutions are a great option if you want to ensure that you are able to keep your costs low and still access all the services that your business could require. You can outsource various different elements of your company. For instance, you might want to outsource marketing, accounting and HR to name just a few elements of your business. Remember, if you do this, then you’ll need to check whether a solution can provide the right standard of solution.
Finally, you need to make sure that you are putting the right marketing strategy in place. While your USP plays a part here, it isn’t the only major piece of the puzzle. For instance, you might need to think about where to focus your marketing strategy. Marketing will make up 20% of your business budget. But you might not have enough to spend on a complete or comprehensive campaign. Instead, you’ll need to focus on one or two areas where you can have the greatest level of impact possible. This could include social media, PPC, SEO, or content. The right choices will ensure that your business does make waves here.
We hope this helps you understand some of the secrets to getting your business off the ground and guaranteeing that you don’t end up in a situation where your business fails within the first year.
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