Regardless of the fact that it can be intimidating, becoming a business owner is one of the most fulfilling jobs there is. So much so that 96% of entrepreneurs have said they don’t wish to return to their regular jobs!

But here’s the harsh truth: 50% of new businesses fail within the first 5 years. If you’re an aspiring entrepreneur and wish to know what the remaining 50% do differently, keep reading.

1. Understand your business concept

Most entrepreneurs believe that identifying a gap in the consumers’ needs is the first step toward building their business. While that is partly true, you also have to see whether your business idea will be able to fill the gap or not.

Your business concept needs to be authentic and, most importantly, generate sales. Maybe you’re a pro at making handcrafted jewelry, and you know people in your neighborhood love it, too, but will you be able to sustain your passion as a business?

Find that answer with reasoning, and only then put your first step ahead.

2. Choose your niche

Once you’ve identified your products/services offerings, you need to choose a niche or a targeted segment within the larger market.

For example, if you plan on working in the internet server industry, you won’t be able to sell everything related to it. You can think of a web hosting business within this segment that targets web development.

Remember, a product that targets all customers sells to no one. To up your chances of success, define your market well and refine your niche.

3. Accept all payment types

People of different age groups or income groups prefer to pay in different ways. If you stick to only cash payments, your customer base might become significantly low.

Today, the younger population hardly carries cash and would much rather prefer to pay via platforms like PayPal or Google Pay.

Similarly, high-income businesspeople like paying through credit cards. Giving your customers more payment options will also ensure a smoother shopping experience for both you and your customers.

4. Spread the word

Once your business is set up, it’s time to network with people and promote your business. While there are several great ways to spread the word, distributing business cards always tops the list.

Business cards help establish a personal connection with recipients, which ultimately boosts your recall value. Depending on your business, you can choose either a colorful or minimalistic design.

For example, a bakery owner might want to add light pastel colors to their cards, but an accountancy firm would instead prefer monochromatic colors instead!

5. Offer flexible timings

A good business owner knows that the real wealth is not your profits but your team. The closer you keep them, the less would be your turnover rate and the higher would be your chances of growth.

In today’s world, flexible working hours and work-from-home have become important trends, and you must also join the bandwagon. Honestly, the advantage is on both ends – the employer & the employee.

Work-from-home minimizes their travel time and harassment, which can be translated into office hours. Flexible hours allow them the freedom to pick their most productive hours and work likewise, which will be directly translated into performance.

6. Choose a business structure

When you choose a business structure, it’s important to know all the available structures and which ones will be best suited for your company. You should also take into account which business structure minimizes financial risks and ensures tax safety.

For example, an LLC company will limit your liabilities but needs to be owned by one or more people, with the registered agent in the documents.

On the other hand, an LLP structure of business is ideal for licensed business professionals like attorneys or accountants. Other structures include sole proprietorships and corporations.

7. Host a website

No matter how small your business is, a website is a must-have! Your website is a digital reflection of you & your business. And if the site itself is sloppy or non-functioning, viewers will have a poor image of your company.

Take help from a professional website designing company and ensure that it contains your company colors, creative graphics, and a smooth interface.

Incorporate digital innovations like an AI-powered chatbot or attractive discounts and offers for exclusive website purchases.

Conclusion

Starting your business in 2024 is a lot trickier than it was in the 1990s. So, if you wish to succeed in this tough market, you must follow what’s mentioned above.

In today’s day and era, don’t shy away from embracing digitalization in your company, as that can significantly boost your profits.