According to Fortune Magazine 90% of start-ups fail. Launching a business is not a smooth journey, but requires extreme endurance, time and patience, as any business owner can tell you. While your business might be one of the lucky 10% that succeeds, studies show that there is more to it than simply being persistent. While there are many reasons why startups struggle, we have narrowed it down to the three most common reasons.
Time is a constant restraint. While every startup attempts to remain organised and efficient, there is never enough time. In order to grow your business, gaining knowledge of your market, competitors and consumers are essential, however locating those resources is a task of its own. There are plenty of apps, websites and blogs that exist solely to help startups manage time, clients and projects. Finding the right resources for your business will ultimately save you time.
There is no denying it, branding costs money. However, as the saying goes, “You have to spend money to make money”. The harsh truth is that by not investing in branding, your business will be unable to compete in the market. Nevertheless, knowing what to invest in will save you money in the long term. Looking for startup bundles specifically aimed at new businesses that provide all of the necessary tools is one way of cutting down your costs.
At Rooland, we frequently meet clients that do not understand what they are doing wrong. Whether it is the design of their logo and stationary, or their social media and marketing approach, they cannot seem to break into the market, increase sales or raise awareness of their brand. Other clients do not understand the importance of branding and the influence it makes to their brand.
The lack of knowledge surrounding brand building and brand identity means that startups often do not speak to the right customers and target the wrong market, ultimately failing. In order to increase the chance of success, your business model must be viable to the problem you are attempting to solve.
Rooland Client Consultations
Here at Rooland, we regularly come across startups that lack awareness and need guidance. One of our exclusive services includes ongoing client consultations where we assess the current situation of a business with the help of expert designers and skilled marketers. We believe that branding is essential to any business as it defines a brand’s identity, vision and voice.