If there’s one thing you can be sure of, success is very hard to come by when you first set up a business. According to The Telegraph, 20% of startups fail in the first year, and 60% don’t make it to their third birthday.
The main culprits? A lack of funding, poor management, an ineffective business model and fruitless marketing.
Even if your business does overcome these hurdles and make it past its third year of trading, it will still be fraught with ups and downs on the way there. Success, unfortunately, does not mean plain sailing.
Regardless of these ominous statistics, there are some ways you can increase your chances of building a profitable business. This blog will cover the five tried-and-tested tips for entrepreneurs to be successful.
To ensure your business is a success from launch to growth, sign up to Launch You. Its world-class programme provides you with the training, resources and support you need to launch and run a profitable business.
Find a mentor
Seasoned entrepreneurs will have experience with the entire process of creating an idea, launching it and scaling it up. They can show you exactly how they set up and ran a successful business and help you translate that into success for your business.
They will be versed in overcoming the challenges and hurdles you might face, too, like securing funding and recruitment, so they can support you through each problem.
When you’re ready to bag a mentor, try to find one specifically in the field you are interested in to ensure the advice and support is relevant to you.
Launch You connects you directly with a community of entrepreneurs and can help you find the right mentor in record time.
Network with people in your industry
Even if you’re breaking into an industry you have experience with, you will need additional insight from other entrepreneurs and executives.
They will be able to highlight new changes and challenges you weren’t aware of, and share new ideas and insights that could be relevant to you. You can also find mentorship in your professional network, as well as potential talent that you may hire in the future.
Start by connecting with people in your field over social media, like LinkedIn and Twitter, and attend conferences and other events to help build out your network.
Or, tap into Launch You’s vast community of successful entrepreneurs. Instantly build out your professional network and use their expert knowledge to your advantage from the get-go.
Keep educating yourself
Entrepreneurs need to be experts in running a business, not just in the industry they’re breaking into.
That means you need to know about how to manage a business, handle the finances, run a marketing campaign and juggle regulations relevant to your business, to name some of the responsibilities.
If these aren’t your strong suits, you should pursue further education in how to run a business.
Launch You’s programme covers the skills and knowledge you need for every stage of running a business including creating the idea, launching it and growing it.
“I think the hardest part of being an entrepreneur is that you (usually) have to do everything on your own to begin with, and yet you need experts in all these different areas to make the business work. That’s what I think the real value of Launch You is – it provides you with all the knowledge you need to get started.” – Zac Hemming
Prepare yourself for plenty of challenges
There’s no easy way to say this: you’re going to face problems and you’re going to get things wrong. Fact is, many of the most successful entrepreneurs have gone through several failed businesses before they launched one that worked out.
A willingness to learn from the errors you will make as an entrepreneur is essential, as is the ability to be flexible to feedback, new ideas, and external market conditions.
That being said, there is a way to shortcut these inevitable problems and challenges: sign up to Launch You. Its programme can guide you through each step of running a business so you don’t have to worry about putting a foot wrong.
Start with a strong business idea
No matter how good your idea is, it won’t get too far if you don’t launch it right.
When you’re ready to take the first step as an entrepreneur, sign up to Launch You. The programmes will show you how to lay a solid foundation for your business and choose the right business model, and walk you through the entire launch process.
Launch You can help you begin your entrepreneurship journey with confidence
Its programme will provide you with a blueprint for success, guide you through your business journey, and help you achieve the life of your dreams. Click here to learn more.
“In all my years of being an entrepreneur, I’ve never come across a programme that can essentially secure success for your online business before its even launched. I cannot recommend Launch You enough.” – Zac Hemming