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	80% of small businesses that fail do so because of cash flow problems.
2. Create a Solid Business Plan	Businesses with a written business plan are 16% more likely to succeed.
3. Build a Strong Online Presence	Over 50% of consumers discover new products or services online.
4. Focus on Customer Service	86% of customers are willing to pay more for a better customer experience.
5. Invest in Marketing	Small businesses should allocate 7-8% of their revenue to marketing.

By following these best practices, you can increase your chances of success as a small business or social enterprise start-up. Remember, consistency and perseverance are key to achieving your goals.

Source: Data compiled from various industry reports and studies.