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How to take your startup from failure to success

Thousands of people start new adventures in the hopes of living out their dreams of being a business owner. Many of these new business owners have learned it is not as easy as it sounds and their startups often fail.

Though a business may fail at first, it is not a complete failure quite yet. With a little effort, time and learning from your mistakes, you can turn that failure into success.

Solve your business woes by focusing on the problems and finding solutions to get your startup on the path to success. Do not try to be a master of all. Focus on one task at a time. Once you have mastered one aspect of your business, you can move onto mastering another. In time, everything will fall into place.

Business plan

Review your original business plan and determine what you did along the way did not work. Revise your startup business plan as necessary to try new techniques and develop new strategies to make your business the success you know it can be. Things to reconsider include hiring the right people, raising enough capital, moving your business location and marketing strategies.

Monitor your budget a little closer. Keep track of all startup costs and how much you are brining in. Find out where you are spending too much and cut it back. Determine which areas of your business are not making money and find a way to turn that loss into profit or cut it out completely. Include the new budget in your new business plan.

Make note of what has worked for your startup. There may be a long list of things that have gone wrong, but there are sure to be things that have gone right. Document those things and put it in your revised business plan. If they worked once for you, they may continue to work for you in the future.

Growth hacking

As a start up company, you do not yet have a complete understanding of what your customers want, why they buy from you or their buying habits. Understanding growth hacking will give you and your business a competitive edge when marketing your new business. Growth hacking is a form of marketing, but uses more creativity when developing a strategy.

This method is used more by start up companies that rely more on search engine optimization, content marketing, social media websites and web site analytics. Start up companies use this technique to help them learn as they grow while still getting word out about their business.

There is a complete guide to this available on Quicksprout.com.

Technology assistance

Use the latest in technology to help grow and turn your business into the success you know it can be. Create an IT department or outsource your IT support. IT support will help with computer programs, your company’s online presence, get you in the cloud and everything technology related.

Go mobile. Start using mobile technology, including iPad POS systems and apps to help run your business on the go or get your employees out from behind the counter.

Self-doubt

Remove the words “no” and “cannot” from your vocabulary. When dealing with a startup, never take no for an answer. Do not listen to others who tell you that you cannot do this. If you set you mind to it, you can do this. Believe in yourself and others will also believe in you.

Learning process

Every startup involves an ongoing learning process. Even failure can be part of that process. Take the time to listen to your employees, customers and other business owners. Learn from others what has worked for them, find out what your employees have learned and listen to what your customers want from your business.

By listening, you will learn the areas of your startup that need tweaking and will be able to correct what needs to be fixed. Never ignore credible feedback and criticism, as they are not telling you to give up.

Be prepared for the unexpected at all times. Your startup may fail more than once, but keep learning to prevent the same types of failure from happening more than once. You will be required to continually keep up with your business and review the process of the startup. Always review what is working and what is not.

Then take action now to fix those things that are not working and correct things before experiencing failure again. Look at failure as part of the learning process. Take information you have learned and put it to work turning your startup failure into a success.

Over to you

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