You have an idea and start a business, next thing you know your product is a hit and your business is an overnight sensation.
If you think that’s how the business world works, wake up! It is not a movie.
Even in the movie, we see a failure turn into success within a few minutes. However, what most of us don’t realize is that the fast-forward, hard-work montage is the toughest phase.
As a business owner, I wish someone had told me this before facing setbacks is common when a business is going through a growth period.
If you are a business owner, struggling with growth, or you are thinking of starting your business, here are some things that most business owners will never tell you.
Bitter Truth About Running a Business
Overnight Success Is a Myth
Every year, more than 4.7 million businesses roll out their operation. However, 23.2% of these businesses shut down within the first year, while 48% shut down within five years and 65.3% within 10 years.
So, why such highly alarming numbers?
Well, the major reason is simple – businesses aim for speedy success. Eventually, when they fail to achieve their goal, they give up.
This misconception is deeply rooted in the notion that a good idea guarantees success. This is the reason most businesses focus only on getting a patent for their ideas. However, only when they step into the industry they realize the importance of execution.
In the world of business, becoming an overnight sensation is only possible with luck. If you are not lucky enough, hard work is your only option.
Technology Will Save You
Save your money, don’t drain your capital, use second-hand products, or don’t overspend on operations and infrastructure.
I am sure most startup owners have heard this advice before.
Well, I am not here to tell you this advice is false. However, from my experience, I can tell you that never try to be thrifty with technology.
Outdated technology, slow internet, and orthodox mythologies will only ruin your brand and drive you out of business. It is better to invest in the best laptops for your team and get good enough cloud storage and fast-speed internet like Xfinity.
Xfinity is an exceptional and reliable internet brand that offers the best speed even with residential plans. Moreover, the brand also offers 24/7 Xfinity Customer Service for technical guidance or basic assistance.
High Budget Is Not Synonymous With Success
Another common misconception about starting a business is that you will need a lot of money. Well, technically this is true because SCORE claims that 82% of small businesses fail due to finances.
However, there is a loophole in the process.
82% of the said businesses failed due to cash flow problems. This means you can start with a billion-dollar capital and might end up losing it all if you fail to manage your cash flow to feed your supply chain.
Similarly, you can have a very high marketing budget, but with blind targeting, you might lose it all. Similarly, some businesses end up investing in a FAD product and lose it all.
In short, having money is good, but the way you manage your finances will set you on the route to success.
There Is Always A Way to Get Things Free
Remember expert advice about cutting operational costs without compromising on quality?
Well, here is your answer – use freemium.
Freemium is an excellent way to help small businesses cut operational costs and only invest in tools and technologies that are worth the money.
For instance, if you are a startup with a team of less than 10 people, it is recommended to use all the tools that offer freemium.
By using freemium, you will be able to train your team, evaluate your options, and still get to enjoy free tools. Moreover, once your business becomes profitable and starts scaling, you can always switch to a better tool or get paid features.
Similarly, for marketing, free brand collaboration or joining business campaigns are very common. To implement this marketing strategy, you just need to find a business that shares your target market but falls under a different niche.
Then, you can collaborate with their marketing team and broaden your horizons.
Use Trends for Organic Growth
Most brands think sounding professional will help them sell more.
Spoiler alert! No one wants to read robotic, emotionless content in corporate language. A Study by Oracle reveals that 91% of consumers want a brand to be funny, while 95% of business owners fear using humor.
I know using humor can sound cringe at times. However, it can open doors and make your brand popular organically.
This is the reason why even boring tech and finance companies post funny content, trending dance videos, and memes.
It helps them get eyeballs, attention, and a lot of engagement that they can convert to potential customers.
Brand That Outperformed Competitors with the Right Strategy
- Apple
- Open
- Meta
