90% of the start-ups failed and get out of the market competition
Let’s have a look into the main reasons:
Choosing the wrong product for your market: You may provide a great, valuable and high-quality product, but it still can't be the right product for the market you're competing in. You should make detailed market research before launching your product and ask yourself "Is this will work"?
Unqualified team members: Once you decide to start your own business you should know that "Business is Business" you aren't forced to hire a friend, family member or any other person if he isn't qualified or suitable for the role.
At this stage, you can outsource the Recruitment services from a third party to do this for you professionally. Staff Arabia offers specialized Recruitment Services providing companies with the right talents from all over the world. We at Staff Arabia get into the challenge of sourcing the most suited manpower for your industries and culture.
Not allocating a marketing budget for your company: Let's admit that it's impossible for your audience to know that you exist without marketing. You should allocate a suitable budget for marketing in all digital channels and offline channels if needed, also never neglect to hire a professional marketing team because marketing is the only way to sell your product.
Neglecting Customer Service: Even if you're providing the best product in the market, if there is no great customer service all this will go away! Customers always looking for being safe and make sure that they won't waste their money while buying anything, if there is an issue they can talk to someone to solve the problem, exchange or even refund the product within a short period. So make sure to hire a friendly customer service team that is quick to respond and able to solve problems. This way you will build loyal customers and this is all business owners need.
Conflicts and arguments between business partners: The ignition of disputes between the founders and partners of the project and the instability of opinions constitutes a great danger to the future of the project as a whole, which will eventually lead to failure. Therefore, it is necessary from the beginning to agree on all the foundations and put all the conditions that must be agreed upon, and this is clarified in all contracts to avoid clashes or disagreements.
Lack of capital: Your decision to set up your own company/business means many crises. This is a normal thing at the beginning of any project.
Good planning and putting crises or problems that can occur into consideration is a very important part of the success of the project, but it is completed by the presence of sufficient capital to solve these crises that you may face in the beginning. Always be careful and do not take this step before having sufficient capital but more than sufficient.
Ignoring Laws: Not being aware of the laws related to entrepreneurship and all the laws in l in the country in which you will establish your own business is the beginning of the downfall. You must be familiar with tax laws, labor laws, so that you know what rights and duties you must provide to your team, so that the company is based on correct foundations and a flexible/healthy work environment, and at this stage, you must seek the assistance of specialists in this field such Staff Arabia as we provide payroll and personnel compliance services to avoid falling into penalties.