Best Practices for Small Business and Social Enterprise Start-up

Starting a small business or social enterprise can be a daunting task, but with the right strategies in place, you can set yourself up for success. Here are some best practices to consider:

Best Practices	Statistics
1. Conduct Market Research	According to a survey, 42% of businesses fail because there is no market need for their products or services.
2. Create a Solid Business Plan	Businesses with a well-thought-out business plan are 16% more likely to succeed.
3. Build a Strong Online Presence	81% of shoppers conduct online research before making a purchase.
4. Focus on Customer Service	Customers are willing to spend 17% more with companies that deliver excellent service.
5. Invest in Marketing	Businesses that invest in marketing see an average revenue increase of 14%.

By following these best practices, you can increase your chances of success as a small business or social enterprise start-up. Remember to stay focused, stay motivated, and never stop learning and growing.

Source: Data compiled from various industry reports and studies.