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Setting up a new business can be an exciting but challenging endeavor. To help you navigate the process successfully, here are some best practices to consider:
| Best Practices | Statistics |
|---|---|
| 1. Conduct Market Research | 80% of businesses that fail do so because of a lack of market research. |
| 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 | Over 50% of consumers discover new businesses online. |
| 4. Focus on Customer Service | 80% of customers are more likely to do business with a company that offers personalized experiences. |
| 5. Invest in Marketing | Businesses that invest in marketing see an average revenue increase of 20%. |
By following these best practices, you can set your new business up for success and increase your chances of long-term sustainability.
Source: Data compiled from various industry reports and studies.