“My business is in trouble with debt spiraling out of control and I simply don’t have enough cash to make payments on time. I’ve read that most small business startups have problems similar to mine, but why?”
This concern is common amongst the directors, managers, and owners of small business startups in the UK, and for good reason – about 2/3 of startups fail within their first 3 years of operation. Usually the failure is brought about by a number of factors that work together synergistically to make business progression difficult. Here are the 4 most common reasons why small business startups don’t do well:
1. Inadequate PreparationStarting a successful startup is all about planning – analysing your market conditions and competition. Some of the things you’ll need to know and have planned for:
- Who is going to buy your product/service
- How many companies are providing similar offerings
- Why your company’s offerings will be more appealing
- How much your competition is charging
- What it will cost to get the business of the ground and start an advertising campaign
- How much the business will need to spend to operate on an ongoing basis
We get it. You’re starting a new businesses and you’re strapped for cash. There are a million questions going through your head. We empathize with bootstrapping entrepreneurs and small-business owners everywhere, and today we explore meaningful ways that add up where your business can save money in the early phases. That said, every small-business owner and entrepreneur has a unique set of circumstances that pertains to their business, industry, strategy, and execution. Here we will outline some of the key choices, some obvious, some less obvious, on ways you and your small business can save money.
In the eyes of an investor, a bootstrapped startup that has proven stable and successful within the first year is powerful. It not only raises confidence in the product and the leadership behind it, but also indicates that any invested money will likely not be thrown away.
Ultimately, when it comes to working with investors, it’s important to prove that a startup and the people behind it not only know how to spend money, but know how to bring in additional money.To successfully bootstrap a company in its first year, it’s important to consider a few things:
When I left the Navy in 2000, I noticed veterans weren’t marketed in the best way and were often thought of as being was worse off because of their service.
In 2002, we launched Victory Media to change that perception. The company started by connecting the military and civilians through G.I. Jobs, which helps businesses promote themselves to veterans looking for work. Until then, there weren’t many resources to help veterans transition to the civilian workforce.
Good content marketing starts with good lead generation. You’ve probably heard something like this before. But what is lead generation in the first place?
Lead generation is the act of collecting a list of names and contact information of people who will play a critical role in your content marketing strategy. These are the people that your search engine optimization SEO team will forge relationships with to promote your products.
Lead generation is usually the first step in any comprehensive SEO strategy. Establishing contacts will get the ball rolling in your campaign, allowing you to reach a targeted audience that will be more receptive to your business.
This is why it is incredibly important that you are able to conduct lead generation early on, and do it the right way. What are some of the pitfalls to avoid? Let’s take a look at some of them.
Upstart automaker Tesla Motors TSLA +3.05% won’t sell as many cars this year as Chevrolet sells in 3 days, but its early success with the all-electric Model S sedan is already keeping the competition up at night. An examination of sales data from across the U.S. and in California for the first half of 2013 paints a picture of just why that is. While Tesla delivered right around 10,000 cars through two quarters, those sales appear to be coming at the expense of BMW, Mercedes, Lexus and Porsche. And Tesla’s sales are remarkably — though perhaps not surprisingly — concentrated in California thus far, with nearly half winding up in the Golden State. As the automaker continues to open new sales and service locations across the country while simultaneously growing its network of high-speed Supercharger stations, things are likely to get a bit worse for the imports.
By all counts and measures, Bradley Smith is an unequivocal business success. He’s CEO of Rescue One Financial, an Irvine, California-based financial services company that had sales of nearly $32 million last year. Smith’s company has grown some 1,400 percent in the last three years, landing it at No. 310 on this year’s Inc. 500. So you might never guess that just five years ago, Smith was on the brink of financial ruin–and mental collapse.