Recent studies have shown that not so many small businesses end up succeeding. In fact, only 50 percent of companies with employees survive the first five years. If you don’t want your startup to fail, the most important thing you should do is set it off to a good start. However, if you’ve never run a business before, this could be much more difficult than it seems and you could use all the help you can get. With that said, here are five important things to know if you want to launch a startup.
You shouldn’t keep personal and business money together
This is something many new business owners aren’t aware of. Technically, your company’s money is your money but that doesn’t mean you should keep it together. If you fail to create separate accounts for your money and your startup’s money, you’ll soon find yourself in a mess. Why? Well, you won’t be able to tell how well your business is doing and how much money there is to work with. Plus, doing both yours and your startup’s taxes will become a real headache.
Being on social media is a must
If you log into your Facebook or Twitter profile, you’ll see that there are so many businesses that use these platforms to connect with their customers. This is exactly what your startup should do from day one if you want it to succeed. It’s one of the best marketing tools to use in terms of ROI, given the fact that your costs to promote your startup on social media are minimal. Just have in mind that setting up pages for your business isn’t enough. Instead, you have to be active and communicate with your followers as much as possible.
You can’t forget about security
With so many startups failing, it’s critical to give your business a fair chance to succeed. This means you should do everything that’s in your power to protect both your equipment and valuable data. Not only that having your equipment damaged or stolen can result in huge financial losses but losing your data can even ruin your company’s reputation. To ensure this doesn’t happen investing in an alarm system is something you can’t go wrong with. There are options such as JD Security alarm monitoring that might be exactly what you need to keep everything in your office secure.
You are not alone
It’s quite common for startup owners not to know exactly everything about running a business. After all, how could you even understand it all if you’ve never run a business before? The good news is, you’re not alone in it. There are so many rookie entrepreneurs out there and giving each other a helping hand could give both startups a real boost. Obviously, there’s no point in connecting with your competitors but finding entrepreneurs in other fields who will be willing to help you out can do wonders for your startup.
Relying on technology can help
Back in the days, business owners had to do so much work themselves. There are things such as payroll and marketing that simply have to be dealt with, but require so much of your time. Fast forward to 2019 and there are technologies that you can rely on to do all the work for you. For example, software such as Wave and Zoho Payroll allow you to leave all the hard work like calculation and submission to the machines. Similarly, when it comes to marketing you can use email automation systems like Constant Contact and Paradot.
Launching a startup is by no means easy and there are many things you need to have in mind in order to start your entrepreneurial career well. The five things covered in this post should help you put your business in the right position to succeed from day one.