Starting a small business is a risky venture. Only 33% of small businesses make it ten years or more, and only half make it past the five year mark. With that in mind, it’s doubly important to know the recipe for success!
First, you need to test your ideas in the real market as soon as possible. With the dawn of the digital age, you can test everything from a line of products to a tagline on your website more easily than ever, and this allows you to minimize risk and make more educated decisions. You also need to make customer satisfaction your top priority. Social media and review sites are giving customers more outlets than ever to express opinions and voice needs, and if you engage with customers and listen to them you’ll be a step ahead of the competition. And it may seem obvious, but you must be smart with your finances. Many small businesses end up going into debt thinking that they’ll be able to repay quickly and find themselves in a hole. The key is to never spend more than you have and to save as much as you can. By taking these steps, you can help ensure the long-term success of your small business!
Read the full article here: Beating the Odds: 6 Secrets to Success