Do I need a business accelerator?

The path to starting and growing a new business can be unsteady and a little disheartening. With the Australian Bureau of Statistics reporting that over 60 percent of businesses close within their first three years of operation, it’s enough to put anyone’s nerves into overdrive. It’s no wonder that many business owners are turning to others for support to see their business succeed!

If you’re sick of spending too much time in your business and not on it, or if you’re still plugging away at your day to day tasks and never moving forward, you might find that a business accelerator is just the thing you and your business need to push through the barriers and reach new heights.

A business accelerator is a dedicated program usually aimed to support early-stage, growth-driven businesses, helping guide them into maturity through support, advice, mentorship and through building relationships with investors and other important stakeholders.

Accelerators are designed to encourage rapid growth so you see results quickly. The immersive nature of the program intends to accelerate the learning experience using a ‘learning by doing’ process - combining years’ worth of education and knowledge into a few months.

The best part of a business accelerator is that you have the support to hit the ground running in your business. It’s all about accessing the right tools for your business, within a time frame that is designed to push you to succeed in less time that it would take if you were just on your own out in the world.

Some of the benefits of working with a business accelerator include:

Education

Learning about how to manage and run your business from people that have been there before you can be a huge support and make the path to success that much easier and faster. A business accelerator program will help you learn as much as possible in a short amount of time.

Marketing and growth strategies

Being part of a business accelerator means that you have support when it comes to developing your marketing strategy and the positioning of your business or products. This is a critical step when scaling your business successfully.

Mentorship

During a business accelerator program, you are guided and mentored to help you make the best decisions for you and your business. You might have a new product idea and need help fleshing it out, or you might need to be shown how to delegate more in your business so you can get to work being the leader. You may need legal, financial or other advice. Whatever the case, having access to a mentor can be the difference between moving forward or remaining stagnant.

Investor opportunities

Within a business accelerator you have the chance to network and become fully acquainted with investors, which may lead to access to capital either during or after the accelerator program process. Startups, first time CEOs or founders can find it hard to get in front of investors, so an accelerator program can be the most streamlined way to be introduced to the right people and to be taken more seriously.

Networking

During a business accelerator program you will make solid connections and widen your network. This will help you while you grow your business, but it’s also important to have a good network for the long-term success of your business. After all, no one ever really gets successful all by themselves, and you never know when you might be able to access some help, or offer your help to another in return.

Motivation

A business accelerator is a proven structure for business success. An accelerator will keep you motivated and engaged, challenge you to take on stretch goals, and keep you accountable to achieving those goals. All business owners, no matter how dedicated, can benefit from having someone who cares about their success help them stay on track.

A good business accelerator program should encourage your participation and apply some pressure so that you take action within your business. Businesses grow through action, so if you’re keen to help your business take off, contact me today.