Don’t be another Statistic with a Failing Business
In today’s world there are more and more entrepreneurs emerging than ever before. I personally believe this is because of the lack of job opportunity today so we are now forced to start up our own opportunities. The more people become business owners the more crowded your industry could get.
Here are some alarming statistics found online.
- About 145,000 new businesses start up each year in this country, and about 137,000 businesses declare bankruptcy each year.
- The Small Business Administration (SBA) keeps the stats on business failures and claims that more than half of new businesses will disappear in the first five years.
- Statistics show that 8 out of 10 new businesses fail within the first three years.
- A study done by Inc. magazine and the National Business Incubator Association (NBIA) revealed that 80 percent of new businesses fail within the first five years.
- 80% of new businesses fail within their first year.
When I see this my first thought is WOW… so what can we do to keep us from losing our business???
Here are 7 things I recommend that you do so that you can set yourself apart from the rest and NOT LOSE YOUR BUSINESS!
1. Find a Mentor ~ When I first stepped into the world of business ownership, I failed miserably! I had no clue what I was doing. I just knew what I was passionate about but I had no real idea of how to actually make my business successful. One of the things that I lacked back then vs. now is the fact that I did not have a mentor. As soon as I got a mentor which was someone who had experience in that industry that I was looking to obtain success in, my business success increased. The best way to find a mentor is seek out someone who is having success in the industry. Not all that mentor mentor for free so keep that in mind. My belief is that if someone invests time in you, they are giving you the most valuable asset they have.
2. Brand Yourself ~ Today branding is absolutely everything. You must find ways that will set you apart from everyone else. Creating a strong presence online is critical but also creating one offline. Your brand includes your website, business cards, social media and more! You have to put time into creating a strong professional look depending on what industry you are in. I see people who are not willing to invest enough in their brand and unfortunately when they don’t it affects their business.
3. Network your Butt OFF!!! ~ Networking requires humility. I never thought of that until I had a chance to speak with a young lady who after working 20 years as a top executive for her company decided to start a business. She was so used to being the woman in charge that when she started her business, she thought it would be a walk in the park starting her business. She would post a few items online and just expect the business to walk to her. One thing I know about being an entrepreneur is that it takes work. Its takes seriously getting out there and meeting new people. You must must must make connections! Networking is everything. In fact I could write an individual article on how to be a networking pro. If you are in the Atlanta area and looking for great networking, I can definitely refer you to a few great groups. Let me know!
4. Fortune is in the Follow Up ~ No matter where you are meeting people always set a goal to do your follow ups with people. Dont just follow up with people you feel you can sell to. Most people dont even understand that the real sell doesnt come from the initial meeting. The real sell comes from the relationship built. Anyone who likes you will not only buy from you but they will also refer you business. So with that said, in the follow up, take time to get know more about people versus having them know about your business. Yes I know it sounds draining… lol but trust me you will find yourself having so much more success in your follow ups.
5. Launch your business right ~ One of the most important things you can do when getting your business off the ground is a proper launch. There is art to a launch. When you think of a rocket ship launching from the earth to head out into the universe, there is more gas and energy created during the launch. This is because the launch is the most important process of getting the rocket ship to fly. Your business is the same. You may have to call hundreds of people to let them now about your launch. Create a great marketing campaign and press release. Connect with other people who can benefit from your industry and invite them out to a launch party. There are so many things you can do in your launch however the main key is to launch your business right. This is where your mentor will come into play as well because they will be able to show you better based upon the industry that you are in.
6. Build a Mastermind Group ~ When you can get a group of influential people together with great minds you can do some amazing things. I am coming up with a mastermind group myself with other individuals designed to help with growing our business. The key is to get like-minded individuals together who can bring value to the table. One book that I read about getting a mastermind group together was the top selling of all time book “Think and Grow Rich” by Napoleon Hill.
7. Stay Positive & only be around Positive People ~ This is so so so important. The reason is because thoughts create things. Your thoughts are so important in this stage of business because your thoughts are what create your actions. You must only be willing to surround yourself with people who believe in what you are doing and are supportive with your efforts. When I first started my business in 2010, I completely separated myself from anyone who wasn’t supporting my goals. This was so important for me because I know that my thoughts can be affected by any little thing and especially those who I care about had more influence on my feelings than anything.