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Starting a business can be an exciting and rewarding venture, but it also requires careful planning and execution. In order to set up a successful business, there are several essential steps that you need to follow. In this blog, we will outline these steps and provide you with some important statistics to help you along the way.
Before you start a business, it is important to conduct thorough market research to understand your target audience, competition, and industry trends. According to a study by Forbes, 42% of startups fail because there is no market need for their product or service.
A well-thought-out business plan is essential for setting up a successful business. According to the Small Business Administration, businesses with a written business plan are 16% more likely to succeed than those without one.
Whether you are self-funding your business or seeking outside investors, securing funding is crucial for getting your business off the ground. According to a study by Entrepreneur, 29% of startups fail because they run out of cash.
Once you have your business plan and funding in place, it is important to register your business with the appropriate authorities. According to the U.S. Small Business Administration, 50% of small businesses fail within the first five years due to lack of proper registration.
In today's digital age, having a strong online presence is essential for the success of your business. According to Statista, 88% of consumers research products online before making a purchase.
Providing excellent customer service is key to building a loyal customer base and growing your business. According to Zendesk, 52% of consumers have switched brands due to poor customer service.
Finally, it is important to continuously monitor your business performance and adapt to changing market conditions. According to Harvard Business Review, 75% of startups fail because they do not pivot when necessary.
By following these essential steps and paying attention to the important statistics provided, you can increase your chances of setting up a successful business. Remember, starting a business is a journey, and it is important to stay focused, determined, and adaptable along the way.