Nine out ten small businesses will fail within a span of 5 years. This means that in that period, only 10 percent of small businesses survive.
It's the same with the startup fad. Everyone has their own million-dollar idea and they want to be the next Mark Zuckerberg of the Unicorn Era. However, overnight success rarely happens.
So, if you want to be that 1 percent that survives, what should you do differently?
Know What Your Offering's Value
One of the worst reasons to get started with your own small business is to solely make money. Those who do either don't last the 5-year stretch period or become stagnant over the years.
Yes, profit is the underlying output in business, but if you're only doing it for money, it won't last long.
Whenever you're starting your own venture, you have to understand the gap in the market that you are trying to fill. Know that there's no 100% original idea. There's a high chance someone else is already offering what you have.
By understanding your strengths as well as the current options in the market, you will know the "special touch" that you can add.
Focus on that added value and develop even further.
Having your key strengths distinguishable from your competitors
Never-ever try to please everybody. This is bad for personal growth as well as in business. By filling in the gap in the market and developing what makes your services unique and oustanding, you are no longer trying to be the same guy who does pizza in Alabama.
You are now developing a brand.
Be consistent in what you're doing. As a new small business, it could be tempting to simply get back to your lazy old ways just because nobody is buying or no one has checked in on your diner yet.
You have to continue what you're doing, representing your added value at all times because you will never know when that one key customer will come in to change the game.
Don't Quit Too Soon. Experiment. Endure. Repeat
Building a new business is like learning how to drive. There are key foundations that you have to establish, but each leaner approaches driving in a different way.
Some may find it easier to navigate while someone is by their side. Others opt for a more peaceful, concentrated practice.
In business, there is really no one absolute path to success. However, you need to try and try and try so you know what doesn't work. You will never know what 'clicks' until you're probably at the 100th try and when that happens, you'd be glad you didn't stop at TEST #98.
Building a lasting business will always be a challenge, but you need to be strong to weather all the storms that come with it. Be diligent in showing up to work. Clean the stove, arrange the table napkins and do the dishes if you have to for the first few months. For customers, it's the little things that count. The way you great them, the way you check in if it's your client's birthday, it all matters. It shows them the type of company you are and that you won't be that same regular joe who used to do pizza in Alabama.
Want to read more Small Business Tips, check out our SME BLOG HERE!