Most people dream of opening the doors to a company of their own at some point during their lives, but only a relatively small portion of individuals take a leap of faith and attempt to be a successful entrepreneur. However, an even smaller portion of entrepreneurs make it past their first year, and if you don’t want to join the 90 percent of start-ups that go under, you need to know what to expect from the offset.
Businesses fail for all sorts of reasons, but according to a study of entrepreneurs, a lack of market need is the most common culprit. Running out of cash as well as having an underqualified team are also high on the list, and 14 percent of failed entrepreneurs said that poor marketing ruined their chances of becoming a profitable and competitive company.
Failing to adapt to the modern world of advertising can prevent a start-up from flourishing into a profitable entity.
Smart Traffic are a leading provider of SEO services in Sydney and across Australia, and we utilise proven marketing techniques to put your website in front of ready-to-buy customers. Through pay per click advertising, content marketing, search engine optimisation, and social media strategies, we foster your online presence to ensure you’re at the top of the results page when people search for your services.
However, while online marketing and SEO in Sydney are undeniably crucial elements of building a successful business, there are other things you need to know before you start spending cash if you want to avoid failure. As experts with a wealth of experience in helping companies grow from the ground up, we’d like to share some of our insights to help you become one of the few start-ups that make it.
Forget about Working from Nine to Five
If you really want to be a successful entrepreneur, you’ll probably have to accept that your free time and work life are going to become intermingled. Very few business owners enjoy the luxury of real time off, but that’s not to say the rewards of being an entrepreneur aren’t worth the sacrifice. You will be responsible for overseeing all your business processes, and as the brains behind the operation, you’ll be the primary point of contact for most stakeholders.
There will be days when you think you have nothing left to do before receiving an email from a client who wants a problem solved quickly. You may also find yourself giving up much of your free time to host dinners, join conference calls with overseas customers and respond to countless emails. If you have refined management skills and plenty of self-discipline, you’ll find a way to make what time you have available work for everybody, but don’t for a second expect to clock off after business hours for the first few months at least.
Hire an Experienced Operations Team and/or Manager
There’s an old, well-known saying that goes “a good craftsman never blames his tools,” and yet many failed entrepreneurs blame their lack of success on their team. While it’s easy to blame others for failed endeavours, it’s really up to you to ensure your team remains on task and has the necessary tools and equipment to work efficiently. As all accomplished entrepreneurs know too well, an unproductive company is destined for misery, especially in a world of increasing automation.
If you’re relatively inexperienced in managing a team or ensuring all business process run smoothly and efficiently, you ought to hire an operations team with a solid manager. If you don’t have an operations team, the inefficiencies between your various departments will ultimately cost you, whether it’s a portion of your profits or your entire company.
Spend Money Wisely
As mentioned above, running out of money is one of the leading causes of start-up failure, and that’s largely because new, eager entrepreneurs believe they can raise capital as and when required without too much fuss. In reality, raising capital is challenging at the best of times, making it vital to spend the money you have wisely.
Aim to become profitable as quickly as possible instead of concentrating on rapid growth, and you’ll look more attractive to investors when trying to raise capital. Avoid making financial decisions without doing your research. For example, you might think you have what it takes to make a thousand-dollar marketing campaign bring a return on investment, but investing in expert SEO services in Sydney may be a much wiser option.
Hire a Reliable Lawyer
Not all entrepreneurs start businesses with the understanding that they’ll inevitably come under scrutiny, whether it’s from competitors, the authorities or a regulatory body. If you’d rather be compliant with the law from the offset to avoid putting your company at risk, hiring a corporate lawyer who has years of experience working with businesses in your industry is a good idea.
If you don’t have much capital, you can just hire a corporate lawyer as and when required, such as when you’re drafting business plans, signing contracts or expanding your company. However, if you find success and grow to be a major player in your sector, you’ll need a lawyer that’s ready to promote your best interests and keep your business protected at all times.
Understand that Times Are Changing
There was once a time when offices were filled with typewriters, and the primary advertising mediums were TV, radio, billboards, and magazines. However, nowadays, you won’t find an office in Australia without a computer at each desk, and online marketing has taken the world by storm. As the internet’s popularity continues to surge while technology evolves in leaps and bounds, you can take it for granted that, as an entrepreneur, you’ll need to adapt to the ever-changing world of business continuously, and you should never underestimate the value of utilising expert third parties.