According to Bloomberg, 8 out of 10 companies fail within the first 18 months of operation. You can be a successful up and running business owner long after that stressful 18-month mark, but you'll have to work hard to get there.
As well as great reviews from local businesses on Google and a number of loyal customers, you'll need a few other things to do this. Like you can use editable business plan templates in document & excel provided on various sites. Here are a few tips to get you started.
Start with abundant working capital
This is a big problem for companies that borrow money from credit unions, friends, and even the SBA. With a full savings account, you can make these payments without getting too deep into profits.
Think small to grow up
Thinking small isn't intuitive when it comes to small businesses, is it? This is an important lesson to remember. Never rent a property you can't afford and don't hire workers unless you're willing to pay for them. Don't promise too much in the beginning. Consider starting a business in your extra room, garage, or even your closet. It's always good to make "minor" mistakes with a rookie. Start small!
Protect your business image
If you're rumoured to have a solid business, not everyone will like you. In fact, some people will even leave negative reviews about Google's local business just to close the competition. Take this opportunity to respond to your criticism in a public forum. Be polite and professional – the world is watching!
Promote and advertise your company
You should also make sure that the word comes out as often as possible. One of the most underrated ways to market yourself is through online reviews. Online reviews are the cheapest and most effective way to attract future customers' attention.