Four in 10 UK start-up businesses will fail in the first five years.
Why is this?
There are numerous reasons identified as the causes of why fledging businesses with so much promise, shrivel and wilt away before they had chance to grow and blossom.
One reason is cash flow. A stuttering, intermittent flow of cash into the coffers means daily/weekly/monthly operating cash is low.
And this means that belts are tightened to strangulation. Activities like marketing and promotion are put on the back burner. When this happens, the bell of doom chimes.
Marketing and Promotion is a Necessity, not a Luxury
When the bank account is near to empty, it can seem like sheer folly to invest in an expensive promotional and marketing campaign. Caught in a ‘what comes first - the chicken or the egg?’ scenario, many start-ups focus on delivery and not on letting people know they are there.
But just as bad as not advertising, is advertising your business in the wrong place. And this is where the infographic comes in.
Rather than waste money, throw more money after bad, take a look at the range of promotional and marketing options open to you.
Consider their cost, but also look at their reach – who are they reaching? When? Are these the people who are your customer demographic?
Short, Mid and Long Term Marketing Strategy
Being creative with your marketing means that you can reach people with a short, time-bound campaign, you can reach out to new markets with a mid-term plan and cement your fledgling business with firm foundations with long term marketing strategies.
Will your business survive to year six?