Right now is one of the best times to start a business, which is reflected by statistics.
There are 4.4 million businesses started each year, which is amplified by expanding e-commerce platforms.
Online businesses are relatively easy to start and can return extraordinary profits, yet they are very susceptible to failure.
Out of millions of new businesses, 20% fail during the first two years, 45% within five years, and 65% in 10 years.
In other words, there’s a higher chance of failure than success when you open a new business.
Yet you can turn the odds in your favor if you come prepared, and this article overviews what you shouldn’t forget if you want to become a successful entrepreneur.
Tips For Growing Your Business
Focus On Improvement
Coming up with a new product or service is almost guaranteed success. However, it’s harder than it sounds, especially today when numerous ideas have already been tested.
Simultaneously, sometimes a thing that sounds good in theory fails in practice, as these seven startup ideas can verify.
Instead, you can focus on improving services. In reality, most businesses focus on service improvement.
Netflix has revolutionized the TV shows and movies industry, pushing VHS and DVDs out of business. The same happened with Spotify and music, and Uber and taxis.
If you can develop a way to improve an already popular service, you will secure organic business growth.
You will not have to spend as much on marketing and advertising because people will choose your services out of basic needs.
Don’t Forget Business Security
According to statistics, 60% of small businesses go out of service after experiencing a successful cyber attack.
Moreover, the cost of a data breach rises each year, and ransomware gangs are spreading like wildfire, targeting governmental and private institutions.
A cyber attack can be devastating for your company. For example, US Colonial Pipeline had to shut down operations for several days after being hit by ransomware in 2021.
Moreso, they had to pay a $4.4 million ransom because halting their operations for longer would devastate their business and society.
If there is something to learn from this incident, it is that you should take all cybersecurity parts seriously.
Hackers gained entrance to the Colonial Pipeline intranet due to a faulty password.
Too many companies believe that if they install an antivirus and a Firewall, they can forget about additional security.
In reality, cybercriminals devise original ways to achieve their goals that often bypass the most common security standards.
Here’s what you can do to protect your business from cyber attacks:
Use A Password Manager
Business-oriented password managers allow the creation of dozens of different and secure passwords.
Your system administrator can set up password access levels because there’s no need to grant all employees access to all confidential data.
Secure Remote Workers
During the Covid-19 lockdowns, hackers shifted their attention to unsecured home networks to intrude the corporate intranet via them.
Instruct your employees to use a Virtual Private Network whenever they connect to your company’s databases.
Furthermore, they should change their default router passwords and use multi-factor authentication on all business-related accounts.
Develop A Layered Cybersecurity Model
Layered security philosophy comes from military doctrines. It assumes that each segment can be hacked and must have unique cybersecurity protocols.
For example, you should set up a Firewall on a network entrance server but use an antivirus on an internal network. This way, if a Firewall fails, the antivirus neutralizes inserted malware.
Utilize E-commerce Options
The Internet opened up numerous investment options. Firstly, you can lower your investment budget because you don’t have to open a physical shop.
You can use online shopping platforms to market your services and reach millions of consumers.
Having an online presence is paramount to securing a hefty revenue.
You can order professional front-end services to craft a unique website or use dozens of available templates to do it yourself. Both options are viable depending on your services.
Lastly, use social networks to your advantage. Billions of people worldwide use them to discuss services before buying them.
Currently, social media marketing is one of the biggest revenue channels that does not require much money. However, it does require effort and know-how.
You can minimize the risks of business failure by forming a well-developed business plan.
If you keep it up to date and utilize the most recent business tools, you can kickstart your company and, to use Elon Musk’s words, go to the moon!
This entrepreneur is a perfect example of using modern technology to improve business strategies. Follow these success stories, and you will outperform your competition.