What Do New Business Owners Need to Do to Succeed?

If you’re thinking about starting a small business, the bad news is that 85-90% of new small businesses fail. The good news is that means up to 15% of new businesses succeed. While the odds are stacked against you, if you want to be in the minority that succeeds, here’s exactly what you need to do:

Focus, Focus, Focus

One of the reasons that so many people want to start their own business is because they want to have more freedom than they currently do at their job. While running your own business does put you in a position to call the shots, that doesn’t mean you can throw discipline to the wind. In fact, staying disciplined and focused may be the determining factor between success and failure. Specifically, you need to keep your business as focused as possible. While it’s tempting to chase a wide range of different opportunities, you’ll be much better off if you figure out where the biggest opportunity is for your business and what one thing you can do to completely separate your business from all of your competitors.

business owners

Photo source: http://www.flickr.com/photos/mdgovpics/6459720705/

Make the Internet Your Priority

Many new business owners are still under the impression that all they need to do is get some kind of website up. While websites that are nothing more than digital brochures may have been enough a few years ago, the online landscape has changed. Since the Internet provides more opportunity for businesses than ever before, it’s crucial to capitalize on what’s available. In order to do so, you not only need a website, but it needs to have key features like the ability to process payments. You also need to market your website through social media and other online channels on a regular basis.

Get Out There ASAP

Regardless of the industry you’re planning to enter, one of the biggest mistakes people make is waiting too long to get their ideas out in the open. This mistake is so common because people are afraid that if they tell others about their idea, it’s going to get ripped off. The reality is if someone has an idea that’s so simple it can be ripped off simply by hearing about it, chances are it’s actually not that great of an idea. Instead of thinking that you have to hide your idea or keep it private until you’ve perfected every aspect of your business plan, start talking to others about your business as soon as possible. Doing so is almost guaranteed to help you see important elements of your vision that you would have missed just thinking about it on your own. Additionally, you may even come across someone who’s so excited about the idea that they ending up being an employee or even your business partner.

Jeff Adcock is the president of www.veritransllc.com Which is an online credit card processing company located in Houston Texas.

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