It’s a common misconception that the majority of new businesses fail within just a year of opening. It is true, however, that about 20 percent of businesses fold within a year of their opening date, while another 45 percent fail within five years. To avoid becoming one of these statistics, consider these three tips to start your new business off right.
1. Be Prepared to Adapt
When you’re first launching a new business, it’s a good idea to set a few long-term goals. But while it can help you stay focused to envision how you’ll reach those goals, it’s also important to remember to be flexible.
Before your new store or company officially opens, you might have an idea of sales strategies you think will work best or products that will turn into bestsellers. However, when your business is unique or you’re brand new to running your own company, it can be difficult to accurately predict exactly how things will go.
Staying adaptable and making changes based on what happens will help your business succeed in the long run.
2. Double-Check Your Supply
Just as staying adaptable can help you avoid focusing too closely on your big goals, paying close attention to the smaller details of your business rather than only thinking about the larger items and equipment is a must.
Having the right parts for every job, no matter how small, is essential to keeping machinery running properly and following all safety measures. Without these, you could be putting the lives and health of both your employees and your customers at risk. For example, having the right o-ring for each piece of equipment will help keep everything running safely and smoothly. With the wrong o-ring, you may damage your equipment and cause delays, or cause a safety concern for your employees.
3. Never Let Value Drop
One of the biggest reasons that businesses are forced to close down their operations is because they fail to provide real value to their customers.
For instance, consider some trends that have exploded in popularity in recent years, only to disappear a short time later. From Beanie Babies to fidget spinners, products or services that are trendy but do little to improve the lives of customers are destined to fail right from the start.
No matter what you choose to sell or offer, it’s important to always make sure that your product or service is giving your customers real value for their money. This will help ensure that they not only recommend your product to others, but also that they continue to return time after time when they need to make another purchase.
Preparing Your New Business for Success
Starting a new business can be a challenging, yet rewarding task. But when you’re new to running your own company, you’ll likely have a lot of questions and concerns.
To help your business start crossing off milestones, it’s important to be adaptable, even as you focus on the big picture. Paying close attention to the smaller details, like having the right o-rings in stock, can help you build a loyal customer base. And never sacrificing quality to save money or time will all help your business succeed in its first year and every year to come.