It’s a challenge many startup entrepreneurs face: seeing and steering their business past the first five years. According to several studies, most startups don’t last five years. Some even close their operations after their second and third year.
After overcoming initial hurdles like pitching their business idea to potential investors and getting enough financial backing, many startups think the road the success will be much smoother. They couldn’t have been any more wrong. In fact, it’s when they need to step up to avoid failing and becoming just another statistic.
Fortunately, there are ways you can guide your business venture to better paths. Take a look at these three strategies to survive the dreaded initial five years:
Move to a bigger office
Your makeshift office in your garage doesn’t cut it any longer. Your productivity will suffer and results go down in quality. As the base of your operations, your office should be able to accommodate more personnel and equipment. One solution is to find a short-term office space for rent. You’re not tied to a long leasing term, so you can be as mobile as you want.
Find good talents
Your workforce is the lifeblood of your company. You can’t afford to have an employee or even an executive who isn’t the best match for their role. Someone who has experience and knowledge can be valuable, but don’t discount those with genuine passion. The bottom line is finding the talents that can best move your startup forward.
Engage with your customer
It should be a given for business to engage with their customers, but don’t stop at that. You don’t want to offer a product or service that customers don’t want. Listen to them and see how you can improve your brand, taking their perspective in consideration.
Running a startup is difficult, but not impossible. Besides, you’ll better enjoy and reap the benefits when you’ve successfully overcome the business challenges.