In a corporate world where 90 percent of startups fail in their first year of business, it becomes scary to start something that won’t flop. Back when the Internet was just starting to get popular, anything that was thrown at the wall made money.
People rushed in and made a killing from it.
That hardly happens again. These days, 100 million businesses are started each year and that means for you to enlist and make waves, you must have a proven formula that when followed, will bring in cash.
You can’t simply start a startup now on guess work — not with the kind of stiff competition that currently exists online. For you to make head ways, every move you make must be strategic. Every plans, decisions and indoor brainstorming meeting must lead to sales.
That said, starting a business in such a strict and rigid manner means only one thing: You must start smart. And starting smart connotes having proven steps that if followed will make your brand unforgettable and result in a success.
Let’s quickly look at 3 ways to start a startup that’ll grow to become unforgettable in any industry. The first way to start such a startup is to:
During the early days of the Internet, starting a small low investment startup wasn’t that hard at all. Few people who did became big names in a matter of months.
Now fast forward to these days, where research shows that 543,000 new businesses get started each month somewhere in the world. This depicts a very tough competition for the first pages of search engines.
It’s no longer a child’s play where you come and make quick millions. We are talking about a market with the potential to see $989.6 billion as yearly revenues. We are talking about a market where companies are willing to spend millions of dollars to outrank or beat their numerous competitors.
The statistics themselves are scary. In a world where 90 percent of startups fail — largely due to adequate funding — this doesn’t leave any hope for rookie startups.
So the questions lies: How will the small players market themselves and make some money to sustain themselves?
This was the question I found hard answering. I had a startup that was soon going to close for the day.
How did I finally save it?
The most important goals you set for yourself as a startup entrepreneur will take time to achieve business stardom.
That’s the ugly truth.
At some point, you are going to feel frustrated. Things won’t always work at out well. I know this because I’ve started many startups in the past four years.
And the truth is this: It doesn’t take a geeky person to succeed in a business, what it takes is a highly motivated person. If you aren’t motivated, you won’t be moved to carry the startup where it should go.
Enthusiasm is the fuel of any business. With motivation you aren’t depressed when your stats are discouraging, you aren’t paranoid when clients don’t come, and you aren’t moved by the fact that you don’t have any business connections.
Am I saying that I was never discouraged or depressed when I started some of my businesses? No. But the difference between those who close business and those who stay is that the latter picked himself up no matter how many times he fell.
I did that a lot of times. You can too, and I can show you how I did mine.
“The person who follows the crowd will usually go no further than the crowd. The person who walks alone is likely to find himself in places no one has ever seen before.“ – Albert Einstein
It’s said that New York is one of the hardest places to open a bar business. Because literally all street have at least a bar around the corner. And that was a major concern to every bar startup, except Jim Meehan.
Now who’s Jim Meehan?
Jim is an entrepreneur who like everybody else had hope of starting a bar chain in New York that’ll become a huge success and a major avenue for consistent cash flow.
That was his dream.
And like everybody, he wanted to start that bar business and not “fail”. But when he looked at everything he saw – the professional statistics of bar that have gone under, and seeing the crowd of competition he had to content with – he knew that following the crowd wasn’t going to bring the success.
So Jim decided to break all rules of traditional marketing that top marketers, top business people and successful bar owners would tell you to do today if you want to start a bar business.
The advancement of the internet over the past two decades has spelt positive things for trade and store businesses – especially for those in e-commerce business. Businesses continue to leverage on the global reach of the internet to expand their customer base and increase revenue.
This, naturally, is a trend that continues to establish itself, as more and more brick and mortar businesses are seeking to create an online presence to maximize profits.
In 2013, e-commerce transactions in the US alone were reported to amount to over $1.2 trillion and this number has only grown since then.
The flourishing of e-commerce, however, comes with a downside that is common to all businesses – competition. The competition for customers by the plethora of already existing online e-commerce stores has grown fierce with the growing number of trade and store businesses online.
Breaking into this business now requires more serious forethought and analysis than ever before.
Do you have products or services to sell?
The stakes are high.
The media and the world have always celebrated the next Wunderkind, the next “revolutionary” business, the next Google.
It seems sometimes that everybody has eaten the entrepreneurial bug or at least no longer find the employee ‘steaks’ palatable.
I am going to be the voice crying in the wilderness saying that not everybody can or should start a business. At least, don’t go quitting your job anytime soon. Starting a business isn’t for everybody and not everybody is meant to get a job.
Here are 5 reasons for my stance: