It’s the start of a new year, which means for some, a new venture. Starting a business is exciting – if not a little daunting too. Don’t worry, you’re not alone. Everyone has to start from the bottom and the inspirational business owners you look up to now were where you were.
In order to help make 2023 a fruitful year, it’s useful to know what sticks and what misses when it comes to launching a successful venture.
According to Embroker, the main challenge for any new startup is generating new business. However, there are many ingredients that have to mix together in order to create a business that’s successful beyond just acquiring clients.
In this guide, you’ll learn all of the top strategies that have helped other companies find success within their early years of business through tech trends. Avoiding a collapse is a challenge but there are some additional tips that you’ll find useful to know, at the end of this article.
Table of contents
- Why is it important to strategize a new venture
- Top strategies for launching a successful venture
- 1. Use software to find the right property for your business
- 2. Be careful with finances and use a credit card with cashback
- 3. Build content and utilize the digital market
- 4. Look at new marketing trends and opportunities
- 5. Focus on building a top-tier workforce
- 6. Make use of the right software to streamline and save time
- How to avoid a venture collapsing within its first year of operation
Why is it important to strategize a new venture
Navigating a new business venture isn’t something you just pull magically out of thin air. For many, the relevant business qualifications and experience are needed to make use of the opportunities that come their way.
Strategizing helps provide some direction but there are many benefits to honing in on key areas to ensure your venture thrives.
- Helps utilize the very best opportunities available
- Identifies any risks to then take action against
- Understand the target market and improve client relationships
- Allocate resources more efficiently
One survey found that between 85% and 90% of companies will fail to execute strategies when it comes to a business venture. Those are high odds stacked against you, so it’s crucial to uncover the right moves needed for success.
Top strategies for launching a successful venture
When launching a new business or venture, it feels like you’re traipsing into the unknown. While these strategies might not be effective for everyone, they are a great starting point for those who are only just stepping into the role of a business owner or entrepreneur.
For 2023, here are some of the top strategies worth focusing on when it comes to launching a successful venture.
- Use software to find the right property for your business
With physical business ventures, the right property is important to find. From the location and how easy it is for customers to travel, to the overall ambiance of the space. It all contributes to the average footfall the business venture receives in its infancy.
Does the property fit the restaurant blueprints you currently have for consideration? What competition is local to the premises? Will this impact your potential for revenue? There are plenty of considerations to make when trying to find the best property for the venture.
Scouting out these properties ahead of time is going to ensure the right decision is made and not one that ends up ruining the company.
A great way to utilize technology for this task is to invest in software to help visualize the space. A platform like Planner 5D is a great example of the property design software options out there. Using this software can help assess whether or not the space being scouted is the best choice.
- Be careful with finances and use a credit card with cashback
One of the biggest errors made by any new business is how the finances are handled. Not everyone is going to be financially savvy when it comes to running a business so mistakes are often made.
Managing cash flow carefully will help steer a business off the cliff edge of bankruptcy. A good method of managing cash flow is through the use of a business credit card. If you’re looking for options, then use Juni for cash back on purchases made as a business. There’s nothing better than financially benefiting from making business expenditures.
Other than that, getting a great accountant contributes towards healthier cash flows and bookkeeping.
- Build content and utilize the digital market
Content is superior nowadays and the internet has become the encyclopedia of knowledge that most people browse on a daily basis.
Building content as a business and utilizing the digital market is a great way of getting your venture noticed. There are lots of opportunities for creating and building up content online. Here are just a few suggestions:
- Create a content schedule to manage content creation
- Utilize a multitude of platforms instead of just one
- Use different mediums of content creation, e.g – video, podcasts, blog posts
- Make the content more accessible through captioning and translation
Remember – quality is always better than quantity. The purpose of content is to educate or entertain but it also needs to be relevant to your audience.
- Look at new digital marketing trends and opportunities.
Trends come and go but for some businesses, they prove advantageous. While it’s not recommended to chase trends solely as a marketing strategy, they are useful to add to the mix.
For any new venture, adaptability is important and it’s how many established businesses continue to exist on the market. A willingness to adapt to change is what keeps a company relevant. Digital marketing is where businesses are thriving and leveraging the latest digital marketing trends is worth focusing on this year.
Sneak a peak at what your competitors are doing and if it’s something your business or venture is able to do – do it but do it better. Don’t be afraid to push the boundaries and think outside the box. You could find yourself starting a new trend as a result.
- Focus on building a top-tier workforce.
Your business venture is only as good as its talent. When you don’t focus on quality employee acquisition, it puts the company at a real disadvantage. The recruitment of staff is something that you’ll want to do carefully. Consider what is required from every job position you advertise for the business and choose wisely.
The cost of recruitment is expensive so making the wrong decision sets your business back from making more success. It may be worthwhile using software that helps monitor the progress of recruitment from start to finish. An application like Trakstar is considered to be one of the most popular for recruitment management.
- Make use of the right software to streamline and save time.
Finally – and it’s a useful strategy to implement – use the right software. Any business venture that’s just starting out is going to need to utilize every second of its time. Software and tools available nowadays streamline the tasks that any employee has in their day-to-day work life.
By condensing down the workload and working smarter, success is likely to come about a lot quicker as a result. A few recommendations for streamlining work processes are Quickbooks for finance employees to Hootsuite for social media teams.
There’s a reason why SaaS products are thriving nowadays, with many businesses believing it to be the most important tech for business success.
How to avoid a venture collapsing within its first year of operation
Despite the best efforts of those starting up new ventures, not all of them are successful. It takes the right idea and approach to the business in order to strike it lucky.
Be frugal with money
While business spending is necessary to grow a business, try to be frugal where possible. Not every expenditure needs to be extravagant or is required early on in the business. Be sure to approach each expenditure with financially-savvy advice.
It’s worth having an emergency fund as a business to help avoid any shortfalls that might occur during the less profitable months of the year.
Create and follow a business plan to the letter
A well-developed business plan is key to any business and if there’s not one in place, you’re aimlessly navigating with a goal in sight. Setting goals and a purpose for the business venture is going to help motivate and drive the business to its success.
Create a valuable business plan and be sure to follow it to the letter. If your business plan isn’t working, go back to the drawing board to draft up a new one.
Don’t make costly mistakes
Costly mistakes are going to cause the business to fall flat on its face. A study done by UpCity found that 57% of businesses cut costs in 2022 to cater to rising inflation and labor expenditures.
As a business, it’s important to recognize where savings need to be made and how to do this to forgo debt.
Monitor and assess business performance
When improving business performance, it’s critical that you’re monitoring the progress being made. From marketing campaigns to employee satisfaction, everything in business contributes to the bigger picture.
Assess what’s working and what might need to be tweaked or changed to improve. Perfection doesn’t exist, so there’s always room for improvement in business.
Make 2023 a successful year for your business venture
As a new year is in motion, it’s another 365 days of potential for your business venture to find success. Make sure to follow these strategies and take precautionary measures to protect it from failure.