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Statisticians have calculated that America is home to more than 30 million small businesses.
Unfortunately, 90% of startups eventually fail. There are approaches that can be taken to help you
circumvent this fate. Thrive Consulting offers a few that must be prioritized when pursuing your e-
commerce dream.
Sell Online
Economists believe that 95% of all purchases will be digital by 2040. Prepare for the future by
incorporating a digital commerce platform into your website. If you are not comfortable handling this
task yourself, hire a team of digital design experts to help complete the task for you. Many times, digital
design teams are one-stop shops for designing a slick domain presence, programming apps, optimizing
shopper conversion rates, and crafting effective email campaigns.
Form a Corporation
Choosing the right business structure is essential. Make the wrong choice and you could be paying more
taxes than necessary or be more vulnerable to litigation. The most common business structures are
partnerships, limited liability corporations, and sole proprietorships. An LLC could be the best choice, as
these arrangements require less paperwork, avoid double taxation, and are extremely flexible regarding
profit sharing. Registering your venture with the state can be simplified with an online service like
ZenBusiness. Using one makes the process quicker than ever, and as an added bonus, you’ll have access
to support if problems arise.
Limit Yourself
It is better to do one or two things extremely well than to perform a variety at a sub-par level. Spreading
your company too thin is likely to result in dissatisfied customers who will then declare to the world that
you should be avoided, turning off as much as 40% of potential customers. The flipside is that a positive
experience will spur them to sing your praises.
Only expand your offerings once the public has a positive opinion of you. Know how to check your
online reputation and be certain that you are being viewed favorably before you branch out. If your
standing is less than optimal, you may need to take measures to improve how people perceive you.
Network Wisely
There are multiple reasons why small businesses should connect with their entrepreneurial peers. Besides
being a resource for trading advice, these relationships can potentially generate additional business or
blossom into partnerships. Join social media groups devoted to your trade, and attend conferences where
the interpersonal dimension is mixed with learning opportunities. Sign up with your local chamber of
commerce. Beyond networking, the benefits include marketing assistance and having your voice heard
regarding legislation that could affect startups like yours.
Dream Big
As your operation grows, so should your ambitions. Practice visualization techniques that prime your
mind for reaching goals. Looking inward is only one method. Brainstorm with others to find new ways of
viewing your establishment. Turn thought sessions into games where staffers feel safe offering up random
concepts and exploring out-of-the-box notions. Work together to get everyone’s imagination soaring. One
simple idea could propel you to major growth.
Creating a startup is always a challenge, but along with the struggle comes personal satisfaction. In order
to excel, you need to establish the optimal business structure, design an appealing online presence, focus
on excellence, develop connections, and have the vision of a business titan. With these elements in place,
the odds of thriving should tilt in your favor.
Taking the leap into entrepreneurship can feel overwhelming and impossible. However, if you’ve hit a
wall in your career, or if you’re looking to create a role that fits you, career coaching with Thrive
Consulting can help you find the strength to pursue your goals. Check out our website today to find out
how we can help you love your job.
