Biggest mistakes startups make—and how to avoid them | Digital Marketing Agency In Phoenix

Nearly 70% of entrepreneurs in the U.S. ignite their startups in the comfort of their own homes. With so much economic change and extra time at home, right now might just be the best time for you to start and grow your own business. 

But about 20% of small businesses fail within their first year. By the end of their fifth year, roughly 50% of small businesses fail. After ten years, the survival rate drops to approximately 35% (Small Biz Trends, 2019). 

So how do we change this?

First off, let's figure out why so many startups fail.

An analysis by CB Insights found 20 primary reasons new businesses fail. 

Here are the top 3: 

1. No market need – 42%

2. Ran out of cash – 29%

3. Wrong team – 23%

Find the rest in our white paper report

Those that succeed do THIS:

The top two roadblocks were lack of a market need and cash to support the dream. So how do you create the need for your business? How can you generate cash flow so you can keep growing and scaling your company?

Stand out amongst the competitors, generate enough money to validate the risk, and increase business exposure? 
 
Research shows that those who succeed do THIS:

Create an effective, mobile-friendly website

71% of small businesses have a website, according to a recent survey. Of those with websites, 79% claim that theirs is mobile-friendly. Tellingly, 92% of the 29% of small businesses without a website plan to have one up and running by the end of 2018. Hiring a Digital Marketing Agency In Phoenix can help your business get that mobile-friendly, stunning website to make you stand out and earn your customers’ trust. 

Establish a strong (& consistent) social media presence

71% of small business owners hope to attract new business through the use of social media in 2018. Of the social media networks, Facebook is the most commonly used by small businesses as 75% utilize the website to attract customers. After Facebook, there is a significant drop-off, as just 37.5% of small businesses include Instagram in their small business plan. 

Overall, a consistent and engaging social media presence can attract a bigger audience, loyal customers, and organically increase business exposure. 

Invest in paid social media advertising to increase business exposure

32.7% of small businesses spend over $100 per week on social media advertising, while 13.2% of businesses spend $50-100 per week. 30.5% spend $11-50 a week in the lower brackets, and 23.64% spend less than $10 a week.

Social media advertising can be overwhelming to navigate on your own. You don’t want to spend your hard-earned money to pay for another ad that just gets scrolled past.
Digital Marketing Agency In Phoenix can help you curate exciting, valuable advertising content and allocate your budget.

“Clarifying the purpose and direction of your business allows you to understand what needs to be done for forward movement.”

- Chondra Wilson, Founder of Hawthorne, Calif.-based organic skincare company Blu Skincare Tweet

Reminder: Entrepreneurs don’t have to do it all by themselves.

Running a business is difficult. Running a business alone? Even more challenging. 

You can’t afford to lose your dream business because you’re surrounded by the wrong people. 

Find the resources and team members you need to make it easier. The knowledge and strategies you need to become that much more successful. To make your dreams reality. 

How do we get past the barriers? How do we find the missing piece?

How do we establish a plan now so we don’t fail when times get tough?

Team up with a Digital Marketing Agency In Phoenix

Find that support team and the extra set of eyes & hands to help you get there.
The experts to create that stunning website, strong social media presence, and increase business exposure with you.

If you would like to learn more about how Qapital Consulting can help you succeed (and get to your destination with the least amount of roadblocks), schedule your free consultation today.

– Qapital Consulting, Digital Marketing Agency in Phoenix

1 thought on “Biggest mistakes startups make—and how to avoid them”

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