08 November

The Difference Between Success and Failure in Business

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Setting up a new business for the first time can be an exciting challenge, but it is worth remembering when doing so that the stakes are high, and the chances of failure are not inconsiderable.  In fact significantly more businesses fail than succeed, and more often than not it happens within the space of the first year or two.  So what can you do to ensure that yours is one of those that makes it where others barely get beyond the starting blocks?

Of course everybody knows that the very first requirement of a successful business is discipline.  Paid employment has its drawbacks, but when your start time and finish time is written into your contract it takes precious little commitment or imagination to manage to turn up to work on time.  Then, having performed the task with which you have been entrusted for the requisite number of hours, it is simply a case of waiting for the weekly wage to drop into your bank account first thing Friday morning.  You don’t need to do anything to make it happen – it just happens.

You get out what you put in

In business you get out what you put in.  You are providing a product or a service which people must want and your task is to persuade them to buy it from you rather than from somebody else.  In may sound simple enough, but everything you do will be with that obvious truism in mind.  

So from the very start a number of questions arise which need to be addressed before you are even going to make it to the first hurdle.  What should I offer?  What is the demand for it?  How stiff is the competition?  What price should I charge?  What will my profit margins be and will my business be viable when my outgoings, both financially and in terms of time and effort incurred, are all taken into consideration?

If you can’t overcome those challenges, then you are out of the race already.

Using social media to raise awareness of your product

Once the initial homework has been completed it is time to consider how you are going to get your product out there; how you are going to bring it to the attention of your potential market.  And this is where the game has changed, because whilst embracing social media is an absolute must for almost any modern business, you will be aware that your competition is doing the exact same thing and that therefore without establishing some kind of edge you could easily find yourself back at the proverbial Square One.

So business strategy which has at its very core an analysis of the market and a proposal for creating public awareness of your product or service is absolutely essential.  It is often said that success in business is less about how good what you offer is and more about how many people out there know you are offering it.  Staying ahead of the competition, drawing in the good and loyal clientele that you need and becoming established as a dependable provider are the foundation stones of success upon which all else is built.