Daily Bulletin

Business News

  • Written by Diana Smith

Nine out of ten startups will fail. And as if this wasn’t enough, many of them will fail within their first year. No matter how scary these stats may seem, they shouldn’t stop you from taking your chances and launching a startup. After all, how can you expect to succeed in the business world without being ready to take some risks? If you decide to do so, it’s still a good idea to do everything you can to ensure your startup survives first twelve months. With that said, here are five tips for surviving your first year as a startup.

Hire carefully

Your employees are your most valuable asset and ensuring you bring in the right people is extremely important. According to some reports, the costs of a bad hire can even reach 200% of the first-year salary. Therefore, the last thing you want to do is hire someone who’s going to hurt your brand even before you completely build it. Luckily, picking the right candidate doesn’t require any special skill or experience. As long as you put enough effort into identifying the best candidates, you’ll do fine. It’s a good idea to come up with questions you’ll ask every candidate and compare their answers later on.

Do your homework

Studies say 19% of failed startups ended up shutting down because they weren’t able to keep pace with the competition. The process of launching a startup is rather simple, which is why competition in almost every industry is only becoming stiffer. If you want to ensure you don’t get left behind, it’s recommended that you keep a close eye on what other businesses in your niche are doing. Take a good look at their websites and social media pages. This should help you figure out what customers think they should do better and implement it in your startup.

Be prepared

Even if you give your best, there will be times when something will slow your business down. And if you’re still new in the corporate arena, it’s critical that you overcome all the issues and keep operating. The most important part of it is being prepared. For instance, if you suddenly get overloaded with work, having a list of freelancers you can include in a project can provide you with some relief. Also, having the number of a good emergency electrician can be helpful in case something happens to your equipment. Come up with a plan B for every project you start and you’ll have nothing to worry about.

Get online

There’s no need to say the web plays a big role in our everyday lives. Every startup needs a strong online presence or they won’t be able to keep pace with other companies in their industry. If you want to create a website for your business, you also need a web server where you’ll store your website files. Shared hosting used to be popular, but opting for private server hosting with Microsoft Windows is a much better option. Besides your website, you should also create pages on social media platforms such as Facebook and Twitter.

Get office design right

Obviously, the place you operate from impacts your operations quite a lot. Whether you work from your garage or you have a real office, getting the design right can help you land clients and increase employee productivity. Comfy furniture is an important piece in every office, as it eliminates back pain and gives your clients a place where they can wait. Staying motivated is also extremely important, and you can think about hanging motivational posters on the walls in your office. Last but not least, letting some natural light into your office is always going to help.

The first twelve months are the key for every business out there. Put enough time and effort into it, and you should be able to get through your first year and start working on growing your startup.



Ways to Take Control Over Your Startup's Public Image

The way in which others see your business only seems like something that you have no control over. After all, it’s their own subjective matter, right? Well, the concept of branding represents a sc...

Diana Smith - avatar Diana Smith

How Digital Futures Platforms are Changing it All

Some people still remember the days when you had to be in one of the world’s centers of finance in order to be able to trade with futures. Technology has developed a lot since then and trading wit...

Diana Smith - avatar Diana Smith

Your Ultimate Guide on Making an Office Cleaning Checklist

A cleaning list is simply a list that guides cleaners on what should be done. Several factors determine the type of cleaning list for your business premises.  The cleaning checklist usually provided ...

Clean Group - avatar Clean Group

How To Make Your Office A Productive Space All Year Around

An office needs to function at all times. Day in, day out, your office is the centre of all you do, where your employees come to do their job as best they can. It makes sense, then, to create a pr...

News Company - avatar News Company

Do You Need a Handyman or Professional Service Contractors?

No matter how well-built and well-maintained your home or office is, things will eventually start to break down and deteriorate. Toilets leak, roofs get holes in them, and appliances may start mal...

News Company - avatar News Company

Why You Should Outsource Your Debt Collection in 2019

Debt collection is an essential part of the overall operations of any business. More often than not, businesses consistently encounter overdue accounts that they are not able to handle which is wh...

News Company - avatar News Company


The Conversation

Politics

Backing Australian business, jobs for the US Moon to Mars Mission

The Morrison Government is positioning Australia for lift-off with a $150 million investment into our local businesses and new technologies that will support NASA on its inspirational campaign to re...

Scott Morrison - avatar Scott Morrison

Prime Minister - Ceremonial Welcome, White House - Washington DC

As I just said to the President, thanks mate.   Mr President, Mrs Trump, honoured guests, distinguished guests,, friends one and all, here in this land of liberty. Thank you Mr President and Mrs T...

Scott Morrison - avatar Scott Morrison

Prime Minister interview with Deb Knight

WEDNESDAY 18 SEPTEMBER 2019   DEB KNIGHT: Prime Minister Scott Morrison has launched a 12 month inquiry. He joins us now from Canberra. Scott Morrison, Good morning to you.   PRIME MINISTER: ...

Scott Morrison - avatar Scott Morrison

Travel

Essential Tips When Planning a Trip in the USA

Everyone has their dream destination. It could be a memorable place because of their parents, a destination to be ticked off in the bucket list or a place to find yourself. If your dream destination...

News Company - avatar News Company

Travelling Tips and your Roots: Who’s Looking out for Home?

If you lead a life of travel, chances are you know that not everyone gets the same kick out of living as a nomad. Today we focus on those ‘left behind’ – how do you nurture the valuable people in yo...

News Company - avatar News Company

TOURISM NT LAUNCHES NEW BRAND

New tagline revealed, new campaign set to launch ‘Different in every sense’ will replace Tourism NT’s ‘Do the NT’ tagline from today as part of a new brand positioning aimed at attracting more vi...

Matthew Ongarello - avatar Matthew Ongarello

ShowPo