How to Ensure Your Startup Company’s Survival
by Startacus Admin
Building a business from the ground up can be both stressful and demanding. With many tasks to juggle and requirements to adhere to, some entrepreneurs can often struggle under the pressure of developing a rock-solid brand that satisfies customers, generates a large profit and adhere to its legal obligations.
Realistically Estimate Startup Costs
A lack of money in the bank could lead to the closure of your business. To prevent financial obstacles from shutting down your operations, you will need to realistically estimate your business’s startup costs.
For example, you must gain an in-depth knowledge of:
- A building or office lease
- Employee salaries
- Marketing fees
- Equipment and maintenance costs
- Research and development prices
Underestimating the cost of a service or campaign could seriously dent your finances, which could eat away at your business’s profit margin.
Protect Your Business
Companies of all shapes and sizes face various threats to their finances, operations, data, and reputation each day.
For example, an accidental injury on your premises could lead to a customer making a claim against your business, which could force your company to pay compensation and expensive legal fees.
So, unless you have public liability insurance in place, your business might struggle to financially recovery. You should aim to get your insurance provider right first time. Finding a trusted, reliable provider that works with your company suiting your needs can be tricky. Some companies such as Hiscox offer cover for compensation claims for injury or property damage, for example.
Don’t Waste Money on Expensive Marketing Campaigns
As your startup business will more than likely have a limited budget, you shouldn’t waste what little money you do have on expensive marketing campaigns. While you might want to quickly grow your brand awareness, it shouldn’t come at the cost of your company’s finances.
Instead, you must utilise the many free and affordable ways to improve your brand recognition and conversion rate, such as:
- Email marketing
- Social media marketing
- Customer referral programs
- Content marketing
- Free press exposure
- Business networking
Commit to Hard Work
While an employee can clock off at the end of the working day, there is no time limit for a business owner. If you want to tick every task off your list and grow your brand, you must be fully-committed to hard work. If you are not willing to sacrifice your social life or an hour or two of TV each night, your business might struggle to enjoy great success.
Understand When to Take a Break
It is, however, important to take a break when necessary, which can prevent you from burning out. All those long working hours will soon catch up with you, which can lead to feelings of stress, exhaustion or sheer unhappiness.
If you are struggling emotionally, it is a sign you need to take a break to enjoy a little distance from your company, which can help you to maintain passion for your venture and the industry. By recharging your batteries, you will likely return feeling relaxed, refreshed and ready to take on the world.
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Published on: 20th June 2019
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