Research has shown only a small percentage of start-ups make it past the fifth year since the commencement of business operations. Considering that most entrepreneurs get into business for the long haul, why are there so many businesses flopping in just a few years of operations?
Starting a business is more than opening up the shop, customers streaming in, and making sales. There are guidelines to follow to be successful. If you are an aspiring businessman or one with a start-up, below are the basic do’s and don’ts to jumpstart your business and ensure its success.
- Do follow regulations
Every business runs under set guidelines. All businesses must comply with stipulated federal and state regulations. For instance, as a businessman dealing with taxable products in California, applying for a Californiaseller’s permit is imperative. That way, your business operates within the state’s rules and regulations, eliminating huge penalties from various government bodies or possible closedown of business operations.
- Don’t undervalue the importance of proper bookkeeping
Proper bookkeeping is vital for business survival. Forgetting to log business transactions, as well as business expenditure, is detrimental to any business. Invest in bookkeeping software and save yourself unnecessary headaches when the time comes to perform a business audit and when paying taxes. Proper bookkeeping also gives the entrepreneur insight into the finances of the company and business operations.
- Do seek advice
No one knows everything. As such, the importance of seeking advice from other people cannot be over-emphasized. Talk to other budding and seasoned entrepreneurs. Go to business-related workshops and meet like-minded individuals with a passion for business. Join various online entrepreneur platforms that offer invaluable advice to business owners. A simple thing such as looking up business advice on the internet can help you acquire vast knowledge on how to run your businesssuccessfully.
- Don’t only be after the money, your passion is as important
The business industry is a lucrative one, offering endless investment opportunities. So, it is not uncommon for entrepreneurs to always be on the lookout for where the money streams in most. It is not to say that doing so is a bad thing. No! However, business owners needto follow their passion.Look for gaps in society and come up with various strategies on how to cater to the needs of people.By doing so, you gain a customer base, and money automatically streams in.
- Do network and build relationships
Networking is one of the best ways to get your brand known. Build your network by leveraging the help ofkey influencers. For instance, consider the use of affiliate marketing to boost company sales.
Additionally, build lasting relationships with your suppliers as they are an integral part of your business. The same applies to your customers.
- Don’t ignore market trends
Consumer preferences are always changing and it only by keeping up with these trends that business longevity is assured. Quickly adapt to changing production techniques, and service delivery. That way, you are one step away from business success.