Small businesses are booming. Over the past year, the number of new business start-ups has grown by 28% across the UK. However, an alarming amount of small businesses go belly up. And fast. According to Bloomberg, as many as 80% of small businesses fail in the first 18 months. Some research suggests a survival rate at a slightly more optimistic 50%. Still – about as fun as carrying a bag of cats in the rain.
It’s about time we fix that. In April, we launched the Business Hacks blog with the aim to help small business owners start, run, and get ready to grow their business. Our first posts have been targeted at café and restaurant owners, but today we’re opening up the blog for businesses within the Health & Beauty segment. So if you’re about to start a tattoo parlor, dreaming about owning your very own spa or already running a small hair salon today – and if you’ve got your mind set on beating the odds – then this Business Hacks blog is for you.
Your idea is probably great
As you know, lots of people start barber shops, nail salons and hundreds of other businesses and end up being very successful.
The problems facing small businesses are generally NOT issues related to the core idea, but rather about managing the business and executing the fundamentals.
You’re probably wondering:
“So, what usually goes wrong?” Well, common pitfalls include reasons like setting emotional pricing, lack of planning or lacking the experience dealing with suppliers. An astonishing 87% of companies that fail do it because they’re making ill advised decisions and simply lack the experience or guidance they need.
Your friends and family are awesome, most of the time
An all too common management mistake is relying too much on advice from family and friends. We’re not suggesting that you shouldn’t listen to your friends, but if they’re not accountants – take their advice on accounting with a grain of salt. And remember that neon green hoodie you wore in the third grade and thought you could actually pull off? Well… The risk of your loved ones telling you what you want to hear, not what you need to hear applies your business too.
So what should you do?
Rely on your friends and family for support, but make sure to base your business decisions on facts.
Here’s the thing …
We talk with thousands of hairdressers, massage therapists, barbers, tattooists and other hard-working small business owners just like yourself every month – giving us a keen insight into the everyday problems and solutions you’re facing. We’ll be discussing everything from how to leverage the current health food trend and what you should be charging for a cheeseburger, to how you find the best location for your pop-up and go from 10 customers to 100. We’ll also bring you tips from successful business gurus, top academics and industry thought leaders and make sure you’ll be the first to know about the latest technology and services that can give you an edge.
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Why do we care?
We know how hard it is to start your own business. iZettle started as two founders trying to help another small business get paid. That was five years ago and we’ve learnt a lot along the way. We’ve received great (and terrible) advice, met amazing entrepreneurs, tried and tested new ideas, learned, grown and moved forward.
Now we want to help you achieve your goals and build the company you’ve always dreamt about, because when you thrive – we thrive.
Well, what do you want to read about?
We want the Business Hacks blog to be a two-way dialogue. So if you have any questions you’d like to see answered or any tips you’d love to share with the community – then drop us a line at firstname.lastname@example.org. We’d love to hear from you.
One last thing! Make sure to subscribe to our newsletter so that you don’t miss any great content coming up. It won’t save lives, but it might save your business.