According to data from the Startup Muster report and Business Insider Australia, Australian startup numbers dropped by 12.5% in 2018. Only half of startups last more than 5 years and only a third reach 10 years of age. Competition is fierce because almost everyone now wants to build their own business, especially since it is getting easier in this digital era. To ensure your business can survive, you need to have the right strategy.
Here are strategies to help your startup’s survival:
Establish your own value
For a startup to sustain long-term growth, you must know what sets your startup apart from the competition. What makes you relevant, different, and credible? Use your answers to explain to consumers why they buy your products / services.
For example, KFC is famous for its chicken and A&W is famous for its root beer drink. Both of them are doing fast-food business …