The idea of starting a new business is exciting:
- You get to be your own boss and call the shots.
- There’s room for unlimited growth and profit potential.
- You get to help people solve their pain points.
But, there are potential downsides to entrepreneurship as well.
For example, there are no guarantees you’ll succeed. In fact, the success rate for new businesses is alarmingly small, with roughly 90 percent of startups ultimately failing. What’s more, as the competition continues to heat up in 2017, that failure rate will only increase.
That’s not very encouraging.
However, if you’re starting a small business this year, there are steps you can take to dramatically improve your chances of success:
1. Find a Ready Market
Many new companies fail because they offer solutions nobody wants or needs. It’s really easy to fall into this trap if you’re already in love with your great business idea.
Though before committing too many resources, you should talk with potential customers to see if they’re really facing the “problems” your solutions are designed to fix.
2. Start Simple
Another reason why startups fail is they don’t prioritize their resources. They invest money in business cards, office space and logo designs — before they even have their first customer.
You can avoid this by starting small. Develop a minimum viable product to see if anyone bites. Then, scale up once your cash flow becomes positive.
3. Follow the Buffalo
Don’t make the mistake of buying expensive TV spots or newspaper ads if your target market doesn’t use these tools. Instead, direct your advertising resources toward wherever your potential customers hang out the most — be it social media, organic search or even mobile apps.
If you don’t know where your users are, consider starting with an omni-channel marketing approach; and then concentrate on whichever channel generates the greatest returns.
4. Plan for Growth
In the beginning, you can probably get away with accepting cash, checks and PayPal. Over time, though, you’ll want to expand the number of payment options to include credit cards, ACH, e-checks and even Bitcoin.
If your payment processor doesn’t support these, you’ll miss out on potential sales and growth, so choose a provider that can expand with your business. Ideally, that payment processor should be PCI-compliant, complete with advanced fraud management tools to keep your customers’ data safe.
Let BluePay Help Launch Your Small Business in 2017
If you’re looking for a new product idea, we probably can’t help, although we offer extensive marketing support for new businesses, this can only take you so far.
Where we really excel is in small business payment processing. In fact, we have an entire department dedicated to helping startups begin accepting payments securely, quickly and affordably. We also provide seamless payment integration to help you minimize time spent managing transactions and maximize time spent growing your business.
To learn how BluePay can help you start a successful business in 2017, contact our team today!