As an aspiring business owner, it’s normal to think about all the different things that could go wrong during the long journey to entrepreneurship. After all, statistics show that about 20.4 percent of new businesses close within the first year of operation — and the fail rate increases to 49.7 percent within five years.
While there are lots of reasons startups fail (like poor planning and inadequate marketing), this doesn’t mean you should put your business plans on hold for fear of failure. These tips from MB Marketing will help you to overcome three common fears and set your new business up for success!
Fear #1: You Didn’t Do Enough Research
If you haven’t defined your target audience, researched the wants and needs of your potential customers, or looked at your competitors, your chances of launching a successful business are slim. This is one of the reasons why business plans are essential: They help you to ensure there’s truly a market need for the product or service you’re selling — and that you have the resources needed to start a successful business.
Business plans include specific details about the company you’re starting, such as its:
- Industry and target market.
- Product, services, and purpose.
- Mission statement and location.
- Legal structure and employees.
- Marketing strategy.
- Financial needs and projections.
You can find lots of free business plan templates online, along with other tools and resources for aspiring entrepreneurs. The SCORE Association, for instance, offers free business mentoring — while the U.S. Chamber of Commerce shares expert tips and advice to help you to navigate the entrepreneurial journey.
Fear #2: You Don’t Know Enough About Cybersecurity
You don’t have to be a cybersecurity expert in order to pursue entrepreneurship, but you should most definitely know how to protect your business, customers, and employees from security threats. Start by learning about the different types of cyber threats (like data theft, malware, and phishing attacks), taking steps to minimize your risk, and making sure you have enough cybersecurity data protection in place well before a cyberattack actually occurs.
As you learn more about IT security, you may have questions like “what is cybersecurity data protection?” and “how can I recover from an attack if one should occur?” You might also wonder how cyberattacks could impact your business, and what you can do to identify potential security threats and vulnerabilities. Free online training and cybersecurity resources are available, so be sure to check these out if you haven’t already.
With that being said, it’s best that you thoroughly understand the importance of data protection and recovery readiness before launching your business. This will mitigate your cybersecurity risk and also help you to recover more quickly if your business does become a victim of cybercrime. A cybersecurity recovery plan will outline the steps that need to be taken in the event of an attack, protecting your data and reducing downtimes.
Fear #3: You Don’t Know How to Market Your Product or Service
Love it or hate it, marketing is crucial when starting, running, and growing a business. Behind every successful business is an exceptional marketing strategy, helping companies to develop campaigns, reach their target audience, and build customer loyalty.
If you’re new to marketing and advertising, you may not know how to best market your products and services — and this alone may strike the fear of failure. With help from a local marketing company, however, there’s no need to worry. MB Marketing can help with everything from website design and search engine optimization (SEO) to lead generation, social media, and email marketing. Start by requesting a quote and leaving your marketing efforts to the pros.
Don’t Let Fear of Failure Hold You Back
Though many businesses do fail within their first few years, this doesn’t mean yours will. With a great business plan, an effective cybersecurity strategy, and a local marketing company by your side, the only thing you should fear is the possibility of missing out on entrepreneurship!
MB Marketing works with businesses local to Fort Worth, Texas. Visit mbmarketingllc.com to learn about the marketing services we provide or get a quote to start growing your business today! 817-601-5395; [email protected]