According to the U.S. Small Business Administration, 70 percent of new
businesses survive just two years. What’s worse, only 50 percent
make it to five years in business and a mere 33 percent are
able to hit the 10-year mark.
If you have a new business there are, however, things you can do to ensure a higher survival rate, says PR professional/media strategist/branding expert Karen Taylor Bass of TaylorMade Media LLC and author of “30 Day Reset: Brand, Business & Bottom Line: True Stories from Entrepreneurs.” She suggests, “Committing to consistency in brand, business, and the bottom-line; defining your mission/understand your niche; creating a winning public relations plan; mastering proven PR strategies and getting noticed; and tapping into your network and increase your net worth.”
There are various mistakes new business owners make that shorten their survival rate. Among them, says Bass, who also wrote the Top 20 Amazon best-seller, “You Want Caviar But Have Money for Chitlins: A Smart Do-It Yourself Guide for those on A Budget,” are “Launching a business on passion and not research; having done no planning for a long-term vision beyond the launch and opening of business; writing a business plan but not a marketing plan to bring excitement to the business; and not utilizing social media effectively and/or traditional media to get the word out.”
Bass knows first-hand how easy it is to not make the most of your business. She says at one point she “was not fully living up to my potential in my life, brand, business, and self. You see–I always had the winning brand formula, however, wasn’t ready to star in my own feature role. I am now.” In order for your company to be a success, you have to be ready for that success.
She went on to write “30 Day Reset” because many asked her for business advice. “The book ‘30 Day Reset: Brand, Business & Bottom Line’ is one of my proudest accomplishments to date. I am building off my Top 20 Amazon best-seller, ‘You Want Caviar But Have Money for Chitlins: A Smart Do-It Yourself Guide’ for those on a budget. Many people came up to me and thanked me for writing ‘You Want Caviar.’ They told me how their business started to thrive, they applied for business loans, received grants, scored a book deal, got a job and was able to secure press for their business/brand. Wow. I was truly impressed and happy for them,” Bass shares.
“Then the next question they asked was how I can keep it up/stay consistent? Well. I know personally that it’s not easy to stay consistent with goals; I struggle mightily at times,” she explains. “My book will empower one to look at their business with purpose and strategy. A purpose that will keep you up at night, yet, reinvigorate you to have an extra step in your business in the morning. Also, the book is a call to action to change what you are doing to thrive and not merely survive.”
The book “30 Day Reset” not only offers business insight from Bass, but also from, says Bass, “outstanding entrepreneurs like Sandy Baker (designs jewelry for Michelle Obama and actress Julia Roberts), Syreeta Scott (trendsetter in natural hair products and styles and has performed mastery for Jill Scott, Ava DuVernay and Janet Jackson). Not to mention, Agnes Davis, who started a swimming company in Harlem with three clients and now has more than 100.”
(CLICK HERE for a related article about PR.)