Business Type :

Many aspiring entrepreneurs often talk about how they want to start businesses to employ themselves, take long vacations, and spend more time with family and friends.

But all these rewards come at the very end- after hard work, sacrifices, dedication and thousands of hours.

The reality is that building a successful business today is no easy feat. According to the Small Business Administration (SBA), although about 80% of SMEs live to celebrate their first anniversary:

  • Approximately 33% fail within 2 years
  • 50% fail within 5 years, and
  • 66% fail within a decade

Sobering, right?

But it doesn’t have to be you. There are several ways to start and grow a business, and here are seven proven tips to help you succeed.

1. Plan

Planning is crucial for the success of any business. When a business has a clear plan, managers and employees are well equipped to face the future.

A solid business plan creates the focus for your business and unites all stakeholders toward common goals. And when that happens, you can easily manage the time and resources needed to grow your company.

2. Get Organized

Even if you have a well-drafted business plan, you will not get far if you’re not organized. Entrepreneurs who are organized tend to complete tasks and stay on top of things.

A great way to make sure you remain organized is to set a to-do list every day. As you accomplish every task, check it off. This ensures you don’t leave anything that is essential to the success of your business.

3. Keep Records

Seasoned entrepreneurs know the value of keeping detailed records. By doing so, you will always know the position of your business and the challenges you’re likely to face.

Knowing this crucial information in advance gives you enough time to develop solid strategies to overcome those hurdles.

4. Study Your Competition

Business today is highly competitive. The secret to becoming a leader in your space is to innovate faster than anyone else. And the best way to do that is by studying your competition and innovative winners in other industries.

Knowing your competition also helps you:

  • Understand your strengths and weaknesses
  • Learn your specific markets and put more efforts to keep them
  • Learn something new from them to implement in your business

5. Be Ready To Make Sacrifices

Starting a business takes courage and hard work, but once you open doors, real work begins. As the owner, you have to up in more time than anyone else, which means spending less time with your family and friends. But that’s not all.

As an entrepreneur, you may also find yourself sacrificing:

  • Stability
  • Income
  • Work/life balance
  • Comfort
  • Sleep

6. Understand The Risks Involved

Running a business comes with risks. Some risks can destroy your business entirely while others can result in costly and time-consuming repairs.

The ability to identify risks is an important component of strategic planning. Businesses that are well-prepared tend to minimize impacts on revenue, lost time and productivity through insurance.

So if you want to focus on building your business without worrying about certain risks, borrow a leaf from successful companies by also insuring your business.

7. Be Consistent

Consistency is the secret to keeping your customers happy and making money in any business venture. So keep doing what you must do to grow your business every day. This will create a great relationship with customers and long term habits that will help you build your business and your brand in the long run.

Whatever type of venture you’ve invested in or you want to start, using these seven strategies can help you succeed. At Insure Your Company, we’re happy to see you grow. We help businesses secure the right coverage and documentation. Contact us on 888-242-4675 to speak with one of our industry experts.