Being able to see your ideas turn from a dream to reality has to be one of the most rewarding things you can ever experience. The prospect of spearheading the project to become a business on its own is downright exciting.
But the reality isn’t all sunshine and rainbows. According to the US Bureau of Labour Statistics, 20% of new businesses fail within the first 2 years and the number jumps significantly over the next few years. Many of these businesses struggle to grow beyond infancy levels and are not self-sustaining. In fact, only 25% of new business make it to 15 years.
Dealing with a struggling startup is not easy. There is no clear cut method or guaranteed approach to help rectify the problem but consider the tips below to help your business bounce back.
1. Down Turns Are Expected for Startups, Embrace Challenges
The statistics are clear; most startups in Singapore struggle to stay afloat after take-off. This may be due to several factors outside of one’s capabilities, including an unstable economy or a volatile political climate. These things are out of your control, but they can significantly affect your business, especially if you count in the fact that startups are vulnerable to market shocks. You’ll find yourself digging into your capital to manage the aftereffects and this makes it even harder for you to stay afloat.
That said, market shocks are inevitable and capital challenges are not new to startups. Instead of heavily relying on tried-and-tested approaches, you may need to tweak and manoeuvre according to the situation at hand. Like any resilient entrepreneur, embrace the challenges, make any necessary financial adjustments and push onwards.
2. Find out What is Wrong
Whilst it may be stressful and damning, you need to give yourself a breather to sober up and think straight. Chances are, you won’t be able to find a viable solution for the problem if you let it consume you. Furthermore, it might just distract you from other pressing matters.
Instead, spend a day or two to decompress and busy yourself with other matters. You’ll come back to the issue with a new pair of eyes and a fresh perspective. You may even catch details that you may have missed the previous time around. Remember, don’t make excuses nor wallow in self-blame. Be objective and focus on coming up with solutions.
3. Get an Experienced Mentor
Struggling with a startup may elude to an uninformed decision on your part. It might be settling in an expensive office space for startups or not being able to keep up with the trends. Whatever the case, it isn’t working.
Fortunately, the path to successful businesses is not new and you don’t have to reinvent the wheel. An experienced mentor can help you deal with the challenges, discover what’s ailing the business and broaden your network.
4. Widen Your Network
One good indicator of your business growth and your potential net worth is the size of your network. When you have a broad network of industry players, it translates to a greater connection and thus, more help. It also means you’d have access to contracts, the latest techniques and industry trends. To settle with a narrow network is to deprive yourself of all these intangible assets.
Network as much as possible and explore the richness of your networks. For instance, if you are struggling to raise the rent for office space on rent, consider a shared workspace. You could also offer your services to one of your clients, in exchange for fee workspace at their office.
With Greenhub Singapore, enjoy the benefits of working in a green modern office space. Both comfortable and tranquil, our offices are curated to enhance both your mental wellness and efficiency. Look forward to working when you work in a GreenHub office.