None of us like to think about failing when we start something new. In truth, though, over 50% of startups fail within their first year. So, the statistics are stacked against you. It makes sense to ignore these for the most part. Who would embark on something which is unlikely to work? With thinking like that, you can pretty much guarantee you won’t get far.
But, if your startup isn’t starting up, it would be naive to ignore the possibility of failure. Turning a blind eye to finances in the red and dwindling sales could be the death of what you’re doing. Instead, admit when business isn’t booming, and consider what you can do.
Obviously, the options open to you depend upon what stage of failure you’re at. But, if you catch things early, there are some surprising ways you can give your business the kiss of life.
It’s true that, in some cases, borrowing money for a failed business is the worst thing to do. It means adding to debts and putting yourself at more risk. But, if you catch dwindling sales early, there’s nothing wrong with opting to get a business loan online. You may need a guarantor if your profits are below a certain amount, but that won’t matter if you keep on top of payments. To ensure this isn’t the nail in your coffin, develop a foolproof plan for repayments. Make sure to use that money on something which you can be sure will double it. This could mean product improvement, improved marketing campaigns, or anything which attracts customers. If things have gone a little too far for this to be an option, you could look into borrowing from friends and family. By drawing up official contracts, you can ensure everything stays above board. But, you won’t need to prove yourself as much to get that money.
Rebranding is another thing that many business owners steer well clear of. When you’re working hard to build a decent reputation, a rebrand can do real damage. After all, customers could lose track of who you are, especially if you change your name. But, if your business is in its death throes, this could be the thing which saves you. In a way, this allows you to start fresh. Make the most of that by steering clear of mistakes you made in the past!
Seal the deal with special offers
Wait a minute. If you’re losing money, why would you embark on special offers? Because they attract customers, of course. On top of which, you can likely reduce prices and still make a profit, or at least break even. Either way, promotional deals are fantastic for finding customers and ensuring they spread the word. And, right now, that could make a real difference to operations. So, don’t be afraid to cut prices, or even offer buy one get one half price deals. Then, take to social media to advertise the event and see how interest skyrockets.