How to Increase the Chances of a New Business Becoming Successful
Entrepreneurship is very demanding. Consequently, not every new business ends up successful. According to data from the U.S. Bureau of Labor Statistics, only about a third of businesses survive after ten years.
About 20% of small businesses pack up within the first year. Around 50% go out of business at the end of five years. This report further supports the assertion that entrepreneurship is not as easy as it looks from a distance. However, there are steps you can take while starting a new business to make sure you give it a chance of standing the test time.
Here is how to build a successful business:
Start With a Good Business Plan
Don’t make the mistake of starting a business without writing a professional business plan. Building a business without a business plan is like building a house without an architectural drawing. The construction engineer will not have something to guide them through the different phases of construction.
Bringing it back to business, a business plan helps you to do detailed analysis, discover opportunities and create an actional template to harness them. Not having a good plan is like lacking direction. A business plan is a foundation. If you get the foundation wrong, the rest will be difficult to fall in place.
Hire Competent Hands
You need other smart people to help you succeed. Therefore you have to hire competent hands to drive the growth of your business. Don’t do everything by yourself. Doing it all alone will most likely lead to bad decisions. It is understandable if you lack the funds to pay the best manager in town. However, make sure you have competent people helping you to succeed.
Seek Assistance When Necessary
You may need to consult experienced business leaders from time to time. Before things get out of hand, talk to experts to help you put things in order. It may cost you a lot of money, but the reward will be well worth it. Learn more about how to build a successful business on Brainz Magazine, a platform where business leaders share their experiences.
Invest in Marketing
A great business idea will die if no one hears about it. If you want to build a successful business, you must give marketing a great deal of attention. A good product without a good marketing campaign will be a failure. Hire marketing experts – both traditional and digital – to help you attract customers.
