Setting Up A New Business: How To Increase Your Chances Of Success

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If you’re looking to set up a new business, you may have come across some rather sobering statistics. It’s no secret that most new companies fail, but there are plenty that beat the odds and survive. If you’re preparing to launch a new venture, here are some steps you can take to increase your chances of success. 


Picture credit: https://www.pexels.com/photo/woman-draw-a-light-bulb-in-white-board-3758105/


Research the market

A lack of demand for products and services is one of the most common reasons for new business failures. Before you invest time, money and effort into a new business, carry out extensive research. Analyse the market, find out who your competitors will be and define your ideal buyer. Look at sales figures and keep an eye out for emerging consumer trends and signs of growth. If the market is saturated or demand is falling, it’s best to think twice about trying to buck trends. Ideally, you want to tap into trends that are set to spiral and look for gaps you can fill. 


Focus on customer service

When customers choose brands, they’re not just looking at the quality and price of services and products. They are also searching for the best value for money and they want to enjoy a positive experience. Prioritise customer service from day one. Treat every client like a VIP, add personal touches to make customers feel special and provide support. If you have consumers or business clients wanting to place an order with you, but they have questions, and they can’t get hold of an adviser or find answers on your website, you could lose out. Look into adding features to your site like live chat, and make sure you reply to emails, web enquiries and social media messages and comments promptly. Live chat is brilliant because it enables you to interact with customers and clients and provide instant responses. To learn more about business chat software, click here. If you run a business that depends on face to face contact, for example, you have a retail store, a restaurant or a hotel, it’s wise to consider offering staff training to maintain high standards of customer service and create the right first impression. 


Spread the word

If you’ve got a fabulous new product or you’ve recently set up a brand new local business, you want to start accepting orders and booking jobs as soon as possible. Draw up a marketing strategy to spread the word and let customers know that you are open for business. Design and implement campaigns that target your ideal buyer and choose marketing techniques that will reach them and appeal to them. If you’re selling trendy clothes aimed at 16-35-year-olds, for example, social media marketing and SEO can help you drive web traffic and create a buzz around your products. If you’re offering dog walking, roofing or mobile hairdressing services, it’s a good idea to combine traditional and digital marketing methods. Flyering and local press adverts are a great way to generate leads, and you can also attract attention online using social media and local SEO. Over 85% of smartphone users will either visit or contact a business within 24 hours of completing an online search. 


Image from https://www.pexels.com/photo/cheerful-young-woman-screaming-into-megaphone-3761509/




Launching a successful business is a challenge, but it can be done. Follow these steps to shorten the odds and put your brand name on the map. 


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