According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months,
A pretty depressing statistic isn’t it? So, what can we do to change this and give every small business a fighting chance?
My Uncle recently said to me as we were walking through his local town with one closed business after another that we need to make a decision; do we want a high street or not? I think the question could be a little broader; do we want independent, different establishments and retailers or do we want the same, giant owned corporations dominating the real, and virtual, high street?
If you prefer the former choice, what is it we can do to support online and traditional small businesses to make it through those crucial first couples of years and beyond?
SPREAD THE WORD:
- Check-in on social media – this raises brand awareness and acts as an all-important free advert for the business.
- Leave Google & Facebook reviews – they make a real difference to consumer behaviour & decision making (& search engine rankings).
- ‘Love’ and share their social media posts – the more interaction a post receives the more likely it is to appear in other people’s newsfeeds.
- Take photos and share tagging the new business – if you’re happy with it imagine how many other people could be.
INVEST IN THEM:
- Buy from them, even if it is something small. (A movement called ‘Just a Card’ has been inspired by the powerful quote “If everyone who’d complimented our beautiful gallery had bought ‘just a card’ we’d still be open”)
- Pay them on time – small businesses don’t have the financial backing of the corporations so if you have a supplier contract with an independent business the ‘90 days’ invoicing periods aren’t really going to work for them.
CHANGE YOUR MINDSET:
- Get into the habit of sharing and reviewing – it is difficult to always find the time but aiming to support a local business once a week would be a good place to start, even if it’s just ‘loving’ a post on facebook!
- Be more intentional about what you buy. the services you use and where you frequent. Money and time will always be major factors in our consumer decisions but if we can make small changes we could support those small businesses and help reduce the depressing startup statistics. Keeping thinking, ‘Just a Card’.