Starting a new business can be just as scary as it is exciting. According to the universal business failure statistics, 30% of startups fail within their first three years of business development, 50% will fail by year five and 70% by year ten. With the support of targeted business assistance, entrepreneurs are better prepared to turn their passion into a successful long-term business venture.
Here at The Village Project, we care about the future of startups. So, we deemed it best to focus on aligning startups with coaches that they will not only need during the infancy stages of their startup cycle but throughout the life cycle of their business.
So, who are these coaches? Glad you asked!
For a startup to succeed, one must align themselves with a business coach, entrepreneurial therapist and marketing coach.
Below are our reasons why:
In the pursuit to fulfill entrepreneurial passions, start-ups must understand a few things prior to taking the entrepreneurial jump:
- Discipline vs. motivation
- Building systems and infrastructure for growth
- Product/Service market fit
- Developing a scalable model
- Professional and personal financial capacity
Raise your hand if you’ve never heard of an entrepreneur therapist!
A new word to most but emotions that are all to familiar to all startups. In a startup’s pursuit to fulfill their entrepreneurial passions, most are aware of the emotional price of entrepreneurship but not the psychological price of it.
Most owners during the start-up stages underestimate the financial expenses needed for marketing and operations. At this stage, it is easy to burn through the revenue accumulated. Following the 80/20 rule, it’s best to learn who’s responsible for 80% accumulated revenue from the top 20% target market. This is done to continue to study consumer’s buying behaviors and to see how company’s product or service is solving their problems.
The launch of a new company can cost between hundreds if not thousands or more dollars. However, the essential focus is not the amount of money invested but how a startup plans for marketing and how to accommodate its expenses. Without developing a marketing strategy, startups are more likely to lose to competitors, gain and retain just a few customers as well as miss out on better ad targeting and optimization.
A very critical component of a business plan is the Market Analysis. Market research helps startups to understand their competitors, offer deep insights on ideal target market and chosen business industry. Market research, also, helps startups to create a pricing guide for products or service and exposes if the season of product or service is ready to make its debut or if at all.
A marketing coach can serve as a resource helping start-ups to develop effective marketing strategies and campaigns, determine unique value proposition, design referral program for brand advocates, develop authentic brand image and personality as well as may assist with logo creation, marketing videos and commercials.
Most entrepreneurs use coaching during the early stages of business development. However, coaching is not only used during the startup stages but throughout an entrepreneurs time as a business owner. There are other types of assistance that a startup can use such as legal support, bookkeeping, tax assistance, etc. However, keeping you and your business armed with these three coaches will keep you in positioned for profit, growth and sustainability. So you see, if you are looking to achieve startup success and beyond, aligning yourself with a business coach, entrepreneurial therapist and marketing coach will be the best investment made.