Did you know that roughly 45% of startups close down within five years of their initial launch?

Despite what many people think, there’s rarely a simple reason behind business failure. Of course, it usually boils down to a lack of finances. But with the right business model, you can overcome most obstacles.

If you’re looking for some business tips for startups to help keep you out of that 45%, you’ve come to the right place. We’re here with a simple guide to help you be more profitable than ever in 2022 and beyond.

Does that sound good? If so, read on to find out more.

1. Research the Market

It’s easy to get ahead of yourself when setting up a business; it’s a common mistake that leads to business failure.

You need to conduct thorough market research before you take any next steps. A few things to research include:

• Is there a gap in the market? (Why/why not)
• What’s your unique selling point? (USP)
• Who is your target demographic?
• What price point is appropriate for your demographic?
• Are there complex licensing requirements for your product/service?

2. Plan, Set Goals and Make Key Hires

Your market research will form the basis of your business plan. You need to consider everything from finances to staffing and office logistics (read this article for more on office options).

Financing should be a key component of your business plan; calculate your overhead costs, fixed costs, price points, and profit margins.

Don’t be short-sighted with planning and goal setting. Consider your weekly, monthly, and yearly goals. Most importantly, for every goal, you need to set an actionable task that will help you achieve the goal.

The more thorough your business plan, the higher your chances of success. For the best results, hire a consultant to advise you on this.

You’ll need to hire someone to handle your finances. Get a good local accountant like Porte Brown in the Chicago area to help you whether you’re a traditional business or a not for profit; it’s equally important.

3. Promote Your Product

Finally, don’t forget to promote your business. What’s the point of creating a faultless product if no one knows it exists?

Never underestimate the power of online multi-channel marketing – social media is just as (if not more) powerful than your website. Focus on building a loyal and engaged following on social media and signpost them to shop with you.

Influencer marketing is an increasingly popular trend. Spend some time researching influencers that your target audience is following. Your influencer doesn’t need a large following; engagement is more valuable than follower count.

Then, take a look at offline marketing techniques. Word of mouth recommendations are particularly useful for startups; why not offer a discount for any successful referrals?

Best Business Tips for Startups Explained

With these business tips for startups, you’re ready to take on the world. Follow this simple plan, and nothing will stop you from achieving your dreams this year.

If you’re ready to make more sales than you can manage, you’ve got work to do, but at least now you know how you’ll ensure success!

Did you find this article helpful? If so, check out our other posts for all things business, finance, marketing, and more.