Updated: Feb 13
You’ve heard the stats. Only 10% of new businesses survive beyond the first five years.
Typically the first three years of business don’t even show a profit.
But this doesn't mean it has to be the case for you and your business.
In our experience here at MoneyHaus, we have seen that all successful businesses have these 5 traits in common.
Get these right and you'll improve your chances of success, get these wrong and you'll run the risk of getting frustrated quickly and giving up on your business overall.
If you want to be a part of the 10% of new businesses that explode with growth instead of the 90% that fail, you must have these five ingredients.
#1 — Get Comfortable With Risk (It’s the key to breakthrough success)
“Shoot for the moon. Even if you miss, you will land among the stars.” — Norman Vincent Peale
New businesses are risky. Everyone involved in the business from investor to CEO to significant others must be comfortable with some type of risk.
#2 — Create Contagious Buy-In
“Customers will never love a company until the employees love it first.” — Simon Sinek, author of Start with Why
In order for your business to succeed, whether it be a product based business or a service based business is to create whats referred to as Contagious Buy-In. Which means that people buy your product or buy into your service because someone they know has done so. Or because it seems as though everyone else is buying in. In a service business, the way to create this would be to obtain a referral or testimony from a happy client and sharing it with a large network. With a product based business the trendiest way to do this is by using a cluster of online influencers to influence customer buys.
#3 — Build Around a Great Idea
“Capital isn’t that important in business. Experience isn’t that important. You can get both of these things. What is important is ideas.” — Harvey S. Firestone
Great ideas turn into great products. Great products turn into great money.
Be sure to schedule time to think big in your business. Whether this means a new product line, or better efficiency. Your business should always be evolving and connecting with others.
Don't stay still. Stay ready.
#4 – Understand Your Potential Pit-Falls
Understanding where you may go wrong is key. You can figure this out by reading about and studying how larger businesses or competitors have navigated their way to success. So long as you know where things are most likely going to stumble you can proceed cautiously.
“Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them.” — Paul Hawken
#5 — Master the Art of Communication (Listen as well as you talk)
“Effective communication begins with mutual respect, communication that inspires and encourages others to do their best.” — Zig Ziglar
Too many people forget the basics when they’re trying to achieve something big. Communication skills are crucial in any business, especially a startup where things are bound to change often.
If everyone isn’t on the same page, time will be wasted. People will become disconnected with your company values. And the product — and your profit — will take a hit as a result.
Break The Statistic Machine
So much has to go right for startups to succeed.
I could go on and on about ingredients for success, but if you get these five down, your new business is going to make it — and make it big.
Want The Fastest Path To New Business Success?
The best way to maintain control of your business and to push through potential early hurdles is to self-fund. Connect with a specialist at MoneyHaus, 1-877-927-4287 for details on how you can self-fund your new business idea.