But, you have probably heard the horror stories of business failure after business failure within the first few years. And if you listen to those naysayers , you’ll start believing that 90% of new businesses are destined to fail. But, the reality is much brighter, so hang in there.
365 days ago, we hit publish on our first experience & signed our first client.
But, you have probably heard the horror stories of business failure after business failure within the first few years. And if you listen to those naysayers , you’ll start believing that 90% of new businesses are destined to fail.
But, the reality is much brighter, so hang in there.
According to the U.S. Bureau of Labor, 75% of new businesses DO survive the first year, AND 69% survive the first two years, ANDDDD 50% make it to five years.
Granted, it takes a lot of work, but anything worth having always does.
So, after a year of working with lots of new + established businesses and experiences, here are some of the things we've learned to help set a new business + experience up for success:
Keep your expenses low
Low not free – because investing back into your brand is another topic. But, new businesses typically fail because they run out of money, so it makes sense to keep your costs as low as possible until you build out your product/service and sales start coming in. We also understand how exciting it is to hire a staff as a new CEO but only hire people you desperately need; then use contractors and freelancers for the rest.
And If you don’t actually need the space, forgo an office for as long as possible – coffee shops and co-working spaces have come a long way, use them.
Don’t mistake hyperactivity for productivity
We are busy all the time. But how much of that busyness is actually moving the brand forward is the question? So, be very selective in how you spend your time and resources. Too many of us burn the candles at both ends, yet only move sideways and not forward.
Don’t say yes to every request that comes your way. When considering each customer request, event, marketing, or partnership opportunity, think about how it fits into your overall game plan and priorities.
Focus on the stakeholder
The goal isn’t to create an amazing product or service – it’s to impact your stakeholders, both internally + externally. So, be very attuned to their needs and adapt everything based on their feedback. When you build something that people actually need and want, the sales will follow – along with the advocacy and loyalty.
Nevertheless, launching a business with a memorable experience is a stress-inducing endeavor, but worth it.