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Recession Survival Advice for Startups
The job losses and insecurity in today's economically troubled times has accidentally become an opportunity for many. There's been a marked increase lately in startups and people going self employed. If it's done right it can be extremely fulfilling. It can be wonderful to work hard and reap the rewards of that work yourself. Most new startups, however, don't make it through the early years. Planning things properly from the outset can meant the difference between success and failure in those early days.
Now I can't claim to have an exhaustive list to follow. In my view, though, the following tips will take you a long way towards success:
- Ask yourself: Is this your passion. The path before you is going to throw you a lot of tough challenges. You need to be involved in something where your heart is, or you wont last the distance.
- Hire an accountant. Unless you're experienced with taxes and accounting, I'd strongly advise hiring a small business accountant. Even if it's only for the first year or so.
- Use the power of the web. The internet is the small businesses' best friend. And it doesn't matter if you're not planning on selling through the web. Never before has there been such a cost effective way of gaining business. Make sure you invest in a well made website. I would especially recommend delving into Google Adwords and SEO to gain traffic from search engines.
- Make sure your brand has the right image. I include this here because it's often done badly and then left alone for years. A good quality logo design can take you a long way. First impressions last, especially in these days of high competition and short attention spans. Have a look online for some examples of custom logo designs and go from there. Getting a professional graphic designer is not so expensive any more. Also get things like business cards and stationery design sorted out from the outset.
- Learn from your competitiors. Then Improve on it. Dont try and reinvent the wheel - learn from the wisdom your competition has gained of how to be successful. Have respect for the fact that they know what they're doing to a certain extent at least. But go one further and see what they could be doing better. Identify a Unique Selling Proposition, however small. Without this no business can succeed.
- Track Return on Investment with your advertising. You have plenty of options to look at for sources of advertising and marketing. However you'd be surprised at how many small businesses aren't aware of whether their advertising is paying off, and consequently they keep wasting money on ineffectual methods. Track where your customers are coming from as far as possible. This is easier with online marketing, but can be as simple as asking your customers where they heard about you. Review every few months and act accordingly.
Hopefully this advice has been useful. Let me know how you get on!
Are people who use fake names on the internet self-concious?
jw..
Not necessarily. I think many people use fake names to keep their identity private in case an online relationship deteriorates. You use Juan Pablo but I don't see your last name listed...are you self-conscious? No, you're just trying to protect yourself.
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