Starting a new venture is a daunting task. There are so many things to think about, from coming up with a great idea to developing a business plan to marketing your product or service. It can be easy to feel overwhelmed, especially if you're new to the world of business.

Depending on what you believe anywhere between 40% and 60% of new businesses fail within the first five years and even those that do survive often struggle to grow at pace.

So, why would anyone want to follow such a risky proposition?

In one word. Passion.

Entrepreneurs will love what they do because they are doing what they love. Whether developing new products, services, or technology there is a steadfast belief that this is the right path to be following. And, perhaps, in most cases the assumption is correct. However, those wonderfully passionate founders can develop a strong personal attachment to their exciting new project that interferes with the ability to make decisions rationally.

Whenever too much sentiment is involved, the decision-making process risks getting compromised, leading to some of these common reasons why startups fail or grow slower than anticipated.

Lack of market demand

One of the biggest reasons why startups fail is because they don't create a product or service that people want or need. It's important to do your research and make sure there is a real market for your product or service before you launch your business.

Running out of cash

Cash is king and another common reason why startups fail is a lack of control of cash reserves. This can happen for many reasons, such as underestimating the cost of starting and running a business, not being able to secure enough funding or poor balance sheet awareness.

Poor leadership

Even if you have a great product or service and enough cash, you can still fail if you don't have good leadership and management skills. This includes simple taskes like being able to set goals, delegate tasks, and motivate your team.

Competition

The business world is increasingly competitive, and it's becoming more difficult for startups to stand out from the crowd. If you don't have a strong marketing strategy or a unique selling proposition, it will be tough to compete with established businesses.

Making mistakes

Everyone makes mistakes, but startups can't afford to make too many. If you make a mistake that costs you or your customers, money, or time, it could be the difference between success and failure.

However, it is not all doom and gloom, and there are many actions you can take to increase your chances of success. One of the most important things is to ask for help from the right people. This could include mentors, consultants, and advisors who have experience, not only, in your industry, but in business in general.

Having a support network can be invaluable for startups, with a mentor providing the guidance and advice, that helps you avoid making the same mistakes they did. They can also help you connect with other business experts, and open doors that would otherwise be closed to you.

That's where consultants and advisors come in. Consultants and advisors are experienced professionals who can help you with all aspects of starting and growing your business. They can provide you with guidance, support, and advice, and help you make the most of every opportunity that presents itself.

There are many reasons why you should consider investing in consultants and advisors when starting or growing your business. Here are just a few:

Experience and expertise

Consultants and advisors have been there and done that. They have seen it all, and they know what it takes to succeed in business. They can share their knowledge and experience with you, and help you avoid the common pitfalls that new businesses face.

Save time and money

Consultants and advisors can help you save time and money by doing the research and legwork for you. They can also help you identify and implement cost-effective solutions to your business problems.

Provide objectivity

Consultants and advisors are not emotionally invested in your business. They can provide you with objective advice and feedback, which can be invaluable when you're making important decisions.

Help grow your network

Consultants and advisors have a wide network of contacts in the business world. They can introduce you to potential customers, partners, and investors.

However, there are many different types of consultants and advisors out there. It's important that you find the right one, at the right time for your business. Here are a few tips that you might find useful.

Do your research

Before you hire any consultants or advisors, do your research. Ask around for recommendations and read online reviews. Who does your network know?

Interview

Once you've found a few potential consultants or advisors, meet them for coffee and ask them about their experience, expertise, and fees. What value can they add to your business?

Make sure it’s a good fit

It's important to make sure that you're a good fit with your consultants and advisors. You should feel comfortable working with them, and you should be confident that they can help you achieve your business goals. When the going gets tough are they going to have your back?

Have clarity about your goals

When you first start working with a consultant or advisor, it's important to be clear about your goals. What do you hope to achieve by working with them?

Be open to feedback

Consultants and advisors are there to help you improve your business. They are your critical friend and may offer feedback that you don't want to hear, but it's important to be open to it. What area of your business do you most want to improve?

Invest time and money

Working with a consultant or advisor is an investment and you must speculate to accumulate. It takes time and money to get the most out of your relationship and save both in the long run. How much do you budget for business support?

Build a strong partnership

The best relationships between clients and consultants are built on trust, respect, and honesty. Be sure to build a strong partnership with your consultant or advisor as it may become a long-term business relationship. How can you help them as much as they help you?

Starting a business is a challenging but rewarding experience. By asking for help from the right people, you can increase your chances of success. So don't be afraid to reach out for support. Mentors, consultants, and advisors can provide you with the guidance, support, and advice you need to succeed. It could be the best business decision you ever make.

What challenges need addressing this week?

And who are you going to ask for help?

Have a brilliant week!

Dave Rogers, Chief Business Explorer, Fuelled Fit and Fired Up