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What Percentage of New Businesses Fail in the US? 2024 Small Business Survival Rates & Insights from U.S. Bureau of Labor Statistics

“Seven out of ten small businesses in the U.S. fail within the first ten years.”

What!?

Last week that one sentence was enough to stop me dead in my tracks and change the entire course of the conversation I was having with my friend Victor. I was talking to Victor about small business marketing and how I could help his start-up get off the ground through various low-budget marketing ideas. Victor is starting a telehealth company to help people lose weight and be healthier. But his new start-up faces heavy competition, and his budget made it interesting. As I specialize in working with new and small businesses, I’m used to working out marketing strategies that fit a tight budget, so I was happy to help and work out the best marketing strategy to get his new company get off the ground. But our conversation took a turn when I heard the above statistic come out of his mouth. At first, it sounded like a lot. And, as a marketer and a small business owner, it’s hard to believe it. So… I did some research and decided to write this article. The purpose of this article isn’t to discourage you from starting a new business or give you a bunch of boring statistics. Rather, I’d like to A) Give you the raw data reported by various valid data sources and B) Give you some key marketing strategies to help your small business improve and have a better rate of survival! Before I start, I also wanted to take a minute to let you know that I offer marketing consulting services for any small business or new business looking to come up with a cost-effective and efficient marketing plan to help market their business online. Alright, with all that said, let’s dive into some statistics:

Table of contents

What Percentage of New Businesses Fail in the US?

Why Do Most Businesses Fail?

The Role of Marketing in Business Success

Focus on Success, Not Failure

Important Business Tips for Entrepreneurs

How to Avoid the Pitfalls of High Competition

Failure Rate of Common Businesses & What Business Type is Most Successful

What Percentage of New Businesses Fail in the US?

Recent data from the U.S. Bureau of Labor Statistics in 2024 reveals that 20.4% of new businesses close within their first year, 49.4% do not make it past their fifth year, and 65.3% shut down by their tenth year. Unfortunately, what Victor said was pretty much right. 6.5 out of 10 businesses fail within their first ten years.
However… the above is semi-good news. There’s a bit of a myth going around that “half of all businesses bite the dust in their first year.” Well, that’s not true. As of 2024, only 20 percent of business fail in their first year which means, if you start a new business today, you have an 80% chance of success. NOT BAD! Keep in mind that the industry, service, or product you choose will also have an impact on your survival rate, as you will read later on in this article. Let’s take Victor’s telehealth start-up, for example. Since the pandemic, telehealth has seen quite some growth and according to the AMA, 25% of patients used telehealth in 2023, compared to 5% prior to the pandemic. The idea to ride the wave and capture some of the market through a new telehealth company isn’t a bad idea. However, while more and more people are using telehealth services, meaning demand is increasing, Victor is also up against stiff competition – big companies with multi-million-dollar marketing budgets. Take the popular telehealth company HIMS. Hims & Hers spent $446.4 million in marketing in 2023 alone, 51% of the year’s revenues, to attract customers and to drive the brand’s recognition. I’m not saying Victor’s company will fail. On the contrary, I’m going to do my best to help him succeed, and I am sure we can do it. However, Victor’s company is a good example to show that the industry, service, and products you choose will have an impact on your overall success. This is why market research is key in forming your business plan and developing your services and products as you will read later in this article. Knowing the market can be super helpful for new entrepreneurs and current business owners. It helps them make smarter choices and plan better for the long haul. Other things like where the business is located, the state of the economy in your target area, and how the business is run all play big roles in whether it will last or not. By considering these factors and planning, businesses can boost their chances of sticking around and thriving.

Important Business Tip for Entrepreneurs

I’ve seen too many business owners spend months, and sometimes even years, stuck in the planning phase, trying to find the perfect business idea, product, or service that will guarantee success. In trying to find the “perfect business,” you can often get bogged down by endless options and, trying to prevent failure, end up never starting at all. I know, its harsh of me to say, but I’ve seen it happen too many times and so I have to at least tell you my experience and my observation with regards to this. I’ve interviewed many successful entrepreneurs who swear by the “get in and swim” approach. They believe in trying, failing, learning, and trying again. In fact, a few years ago, I spoke with one of the richest men in the world, a man who sold his medical business for billions and made it onto the Forbes “Richest Men in The World” list. I was surprised to hear that his first three businesses went completely under, and it wasn’t until his tenth business attempt that he found success. So, if you’re starting a new business or trying to decide which one to start, remember that while the business, service, and product you choose can have an impact on your success, and yes, market research is important, don’t let the fear of failure paralyze you. Trust your gut and take the plunge. Smart planning and effective marketing are of course crucial, no matter what business you choose to start, but the key is to dive in and make it happen. Don’t worry about failing—focus on succeeding. And if you do fail, learn from it and start again. People with this mindset eventually succeed because they’re actively doing it, learning, and improving. I have seen silly business idea take off, and brilliant ideas go nowhere. I personally know people who started one business and found success, and I have friends who found success on their fifth, tenth, and even fourteenth business. So, my tip is, just go for it!

Why Do Most Businesses Fail?

Clearly, my first question when hearing that seven out of ten businesses fail in their first ten years was “WHY?” Understanding why small businesses fail can be a bit more complicated because the statistics define “failure” as simply the business no longer existing. To uncover more detailed reasons, we have to rely on self-reported data from business owners. However, research and data provided by CB Insights, based on over 100 startup that did not succeed, has identified the most frequently cited reasons founders believe their businesses failed. According to their report:

Reasons Why Most Businesses Fail

38%

Ran out of money or failed to raise sufficient capital.

35%

There was no market need for their products or services.

20%

Competition is too high.

19%

Poor business model.

18%

Regulatory or legal challenges.

15%

Pricing or cost issues.

14%

Didn’t have the right team.

10%

Product mistimed.

8%

Poor quality product.

7%

Investors and teams were not on the same page.

6%

Failed to execute the plan or adapt to market changes.

5%

Burned out or lack of passion.

A Deeper Look Into The Reasons Why Most Businesses Fail

Starting and running a business is no easy feat, and there are several common pitfalls that can lead to failure. In this section, I want to take up three top points from the above. In addition, as I am a marketer at heart, I will do a deep dive into most of the above points and explore how a strong marketing strategy can address and in some cases even eliminate some of these challenges. Meaning, I think with a good marketing strategy or plan and good execution of that plan, a lot of business would succeed instead of fail. Let’s start by discussing the three main reasons businesses fail, according to the above research:

#01

Ran Out of Cash

When starting a business, it can be very easy to spend a lot of money to get things up and running. Rent, equipment, payroll, and so on. And it’s tricky because when you’re first getting started, you need to quickly get sales going so you can start to balance things out. For that reason, one of the most critical reasons small businesses fail is running out of cash. Whether it’s due to underestimating the capital needed to start, failing to secure enough funding, or simply poor financial management, running out of money can quickly bring even the most promising business to a grinding halt. While not selling enough is an obvious factor, another significant issue is bad forecasting—failing to accurately predict future sales and expenses. Without a clear financial roadmap, it’s easy to overspend, miss revenue targets, and eventually run out of funds. Forecasting might not be the most glamorous part of running a business, but it’s absolutely essential. It involves making educated guesses about your future sales, costs, and cash flow based on historical data. Even if you’re just starting out and don’t have much data to go on, you can still create forecasts based on industry standards and adjust them as real numbers come in. This kind of financial planning is within your control and can make the difference between staying afloat or going under.

5 Tips to Prevent Running Out of Cash

1. Start with a Realistic Budget: Before launching your business, take the time to create a detailed budget. Be honest about your startup costs, including everything from inventory and equipment to marketing and rent. Make sure you also account for ongoing expenses like utilities, payroll, and insurance. A realistic budget helps you understand how much capital you need to raise and gives you a clear picture of where your money is going. 2. Quickly Build a Cash Reserve: Always aim to have a cash reserve that can cover at least three to six months of operating expenses. This safety net can help you weather unexpected costs, slow sales periods, or delays in receiving payments from customers. A cash reserve provides a financial cushion that can prevent you from running out of money during tough times. 3. Monitor Cash Flow Regularly: Cash flow is the lifeblood of your business, so it’s crucial to keep a close eye on it. Regularly review your income and expenses to ensure you have enough cash on hand to cover your bills. Tools like cash flow statements can help you track how money moves in and out of your business, giving you a clearer picture of your financial health. If you notice any cash flow issues, address them immediately before they become bigger problems. 4. Control Your Spending: It’s easy to get carried away with spending, especially when you’re excited about growing your business. However, it’s important to be disciplined about your expenses. Prioritize spending on essentials that directly contribute to your business’s growth and avoid unnecessary purchases. Regularly review your budget and cut back on any expenses that aren’t delivering a good return on investment. 5. Plan for Growth, but Stay Grounded: While it’s important to plan for future growth, be cautious about expanding too quickly. Rapid growth can strain your finances, especially if it requires significant upfront investments in inventory, staff, or facilities. Make sure your business can support growth financially and operationally before taking big steps. Scaling up too fast without the necessary funds can quickly lead to cash flow problems and put your business at risk. By starting with a realistic budget, building a cash reserve, monitoring your cash flow, controlling spending, and planning for growth wisely, you can avoid the financial pitfalls that trip up many entrepreneurs. Good financial management is the foundation of a successful business, and taking the time to get it right will increase your chances of long-term success.

#02

No Market Need

The number one reason new businesses fail is that they don’t find the right product/market fit. Basically, this means you need to create something that’s faster, cheaper, or easier to use than what’s already out there, or you need to cater to a group of customers who aren’t being served well.

Another thing to think about is whether your product category is growing or shrinking. Here’s a quick rundown:

Fad: This is something that gets super popular for a short time and then fades out just as quickly. You can make money if you time it perfectly, but it’s risky and hard to predict. Trend: A trend sticks around longer than a fad, growing steadily over time and not disappearing as fast. Stable: A stable market doesn’t really grow or shrink—it just keeps going without too many surprises. Growing: A growing market is one that’s consistently getting bigger and shows signs of sticking around for the long haul.
#03

Competition Too High

One of the significant challenges that can lead to a business failing is facing too much competition. In today’s market, competition is fierce in almost every industry. When multiple businesses are vying for the same customers, it can be incredibly difficult to stand out, especially for small businesses with limited resources. High competition can drive down prices, squeeze profit margins, and make it hard to gain and retain customers. If a business doesn’t have a clear strategy to differentiate itself from the competition, it may struggle to survive.

How to Avoid the Pitfalls of High Competition

1. Find Your Unique Selling Proposition (USP): The key to overcoming high competition is to identify what makes your business unique and valuable to customers. Your Unique Selling Proposition (USP) is what sets you apart from the competition. It could be anything from superior customer service, innovative products, or even a specialized niche market that your competitors are overlooking. Once you’ve identified your USP, make it the cornerstone of your marketing strategy and clearly communicate it to your target audience. 2. Niche Down: Instead of trying to compete in a broad market, consider focusing on a specific niche. By narrowing your target market, you can become the go-to expert for a particular segment of customers. This approach not only reduces competition but also allows you to tailor your products, services, and marketing efforts to better meet the needs of a specific group, thereby increasing customer loyalty and reducing the risk of being outcompeted. 3. Build Strong Customer Relationships: One of the most effective ways to outshine your competitors is by building strong, lasting relationships with your customers. Provide exceptional customer service, engage with your customers regularly, and create a community around your brand. Happy customers are more likely to become repeat buyers and advocates for your business, giving you a competitive edge. 4. Innovate Constantly: In highly competitive markets, standing still is not an option. Constantly look for ways to innovate, whether it’s by improving your products, introducing new services, or finding more efficient ways to serve your customers. Innovation keeps your business fresh and relevant, helping you stay ahead of the competition. 5. Leverage Digital Marketing: Digital marketing can be a powerful tool for small businesses to compete with larger competitors. Utilize social media, content marketing, and SEO to increase your online presence and reach your target audience more effectively. By building a strong digital footprint, you can attract more customers and level the playing field, even in a crowded market. 6. Monitor the Competition: Keep a close eye on what your competitors are doing, but don’t just copy them—learn from them. Understand their strengths and weaknesses, and use this information to refine your own strategy. By staying informed about the competitive landscape, you can adapt quickly and stay one step ahead. By identifying your unique strengths, focusing on a niche market, building strong customer relationships, and continually innovating, you can carve out a space for your business to thrive, even in the most competitive environments.

The Role of Marketing in Business Success

1- Ran Out of Money or Failed to Raise Sufficient Capital

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

2- No Market Need for Their Products or Services

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

3- Competition is Too High

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

4- Poor Business Model

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

5- Regulatory or Legal Challenges

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

6- Pricing or Cost Issues

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

7- Didn’t Have the Right Team

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

8- Product Mistimed

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

9- Poor Quality Product

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

10- Investors and Teams Were Not on the Same Page

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

11- Failed to Execute the Plan or Adapt to Market Changes

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

12- Burned Out or Lack of Passion

Running out of money is a major reason why businesses fail. It’s one thing to start without enough capital, but it’s another to run out of funds because sales didn’t catch up quickly enough to sustain the business. This is where a solid marketing strategy comes in. A good marketing plan not only helps generate awareness but also drives sales and brings in customers at a steady pace. By effectively promoting your product or service, you can increase revenue streams and ensure that the initial capital you raised can keep the business running until it becomes self-sustaining. Consistent marketing efforts are key to maintaining cash flow and avoiding the dreaded “ran out of money” scenario.

Failure Rate of Common Businesses & What Business Type is Most Successful

Ok, now that’s I’ve talked my head off about marketing, I also wanted to bring up some popular businesses and their rate of success / failure and also discuss the

Retail Business Survival Rates

When it comes to retail businesses, here’s a quick look at how they fare over time: 1st Year: About 15.8% of retail businesses don’t make it through their first year, meaning around 84.2% do survive. 5th Year: By the 5th year, 41.7% have closed their doors, so the survival rate drops to about 58.3%. 10th Year: Fast forward to the 10th year, and around 58.3% of retail businesses have failed, leaving a survival rate of roughly 41.7%. (And yeah, it’s just a coincidence that the failure and survival rates flip between the 5th and 10th years.)

Real Estate Business Survival Rates

1st Year: About 16.1% of real estate businesses don’t make it past year one, giving them a survival rate of roughly 83.9%. 5th Year: By year five, around 41.3% have failed, so the survival rate stands at 58.7%. 10th Year: By the 10th year, 57.8% of real estate businesses have closed, leaving a survival rate of about 42.2%.

Restaurant Survival Rate

Restaurants can be a tough business to crack. Here’s how they do over time: 1st Year: Around 20.1% of restaurants fail within the first year, meaning about 80.9% survive. 5th Year: By the fifth year, 48.6% have closed, so the survival rate is about 51.4%. 10th Year: By the 10th year, 65.4% of restaurants have gone under, leaving just 34.6% still in business.

How Many Service-Based Businesses Fail?

Service-based businesses face their own challenges. Here’s a look at their survival rates: 1st Year: About 17.5% of service-based businesses don’t make it through the first year, giving them a survival rate of roughly 82.5%. 5th Year: By year five, around 43.1% have failed, so the survival rate drops to 56.9%. 10th Year: By the 10th year, 60.4% of service-based businesses have closed, leaving a survival rate of about 39.6%.

So, Which Businesses Are Most Likely to Succeed?

When it comes to starting a business, understanding the odds of success in different industries can help guide your decisions.

Based on the survival rates we’ve looked at, here’s a breakdown of which types of businesses are most likely to stand the test of time, ranked from the most to the least likely to succeed:

#01

Service-Based Businesses

1st Year Survival Rate: 82.5% 5th Year Survival Rate: 56.9% 10th Year Survival Rate: 39.6%

Why They Succeed:

Service-based businesses top the list with the highest survival rates. These businesses often succeed because they cater directly to customer needs, providing solutions that are essential or valuable on an ongoing basis. With lower startup costs and fewer overhead expenses compared to product-based businesses, service providers can scale their operations more flexibly. Additionally, the ability to build long-term client relationships helps ensure steady revenue and customer loyalty, which is crucial for long-term success.
#02

Real Estate Businesses

1st Year Survival Rate: 83.9% 5th Year Survival Rate: 58.7% 10th Year Survival Rate: 42.2%

Why They Succeed:

Real estate businesses also show strong survival rates, especially in the first few years. The real estate market is driven by consistent demand for property, whether for personal, commercial, or investment purposes. Real estate businesses benefit from the fact that property is a tangible asset that tends to appreciate over time, providing a solid foundation for business growth. Moreover, as real estate is often a significant financial decision, buyers tend to stick with agents and firms they trust, leading to repeat business and referrals.

#03

Retail Businesses

1st Year Survival Rate: 84.2% 5th Year Survival Rate: 58.3% 10th Year Survival Rate: 41.7%

Why They Succeed (and Struggle):

Retail businesses have a decent start, with a high survival rate in the first year, but they face challenges as time goes on. The retail industry is highly competitive, with fluctuating consumer demands and the need for constant adaptation to market trends. Retailers must also manage inventory, supply chains, and customer service, all of which can become overwhelming. However, those that succeed often do so by offering unique products, superior customer experiences, or by carving out a niche market.
#04

Restaurants

1st Year Survival Rate: 80.9% 5th Year Survival Rate: 51.4% 10th Year Survival Rate: 34.6%

Why They Struggle:

Restaurants, while a popular business venture, are among the most challenging to keep afloat. With a relatively low survival rate after ten years, the restaurant industry faces intense competition, high operating costs, and the need for constant customer acquisition. Factors like location, menu pricing, quality, and service play significant roles in a restaurant’s success. Despite these challenges, restaurants that offer a unique dining experience, build a loyal customer base, and manage costs effectively can still find long-term success.
While the survival rates vary across industries, service-based businesses generally offer the highest chance of long-term success. Real estate and retail also present good opportunities, especially with the right strategies and market positioning. Restaurants, though challenging, can still thrive with a solid business plan and strong customer focus. Ultimately, your success depends on choosing the right industry, understanding the market, and executing a well-thought-out plan that sets your business apart from the competition.

Focus on Success, Not Failure

As we wrap up, it’s important to shift your mindset from worrying about failure rates to focusing on the potential for success. The data shows that no matter what type of business you start, you have a solid 30-40% chance of finding success within ten years. That’s not bad at all! Instead of getting hung up on the possibility of failure, embrace the fact that with perseverance, learning, and adapting, you have a good shot at making it. And remember, if you start a business and it doesn’t work out, it’s not the end of the road—it’s a learning experience. Many successful entrepreneurs have failed multiple times before they found the right formula. It’s also worth considering starting more than one venture; launching 2-3 businesses increases the likelihood that at least one will take off. Ultimately, the key is to dive in, take action, and give it your best shot. Success isn’t guaranteed, but neither is failure. By focusing on your goals, executing a strong plan, and staying adaptable, you’ll put yourself in the best possible position to succeed. So get in there, start that business, and make it happen!

Seven Steps to Start a Business and Increase Your Chances of Success

Starting a business can be daunting, but with the right approach, you can increase your chances of success. Here are seven steps to help guide you on your entrepreneurial journey:
#01

Identify a Viable Business Idea

Start by brainstorming ideas that align with your interests, skills, and market demand. Look for problems that need solving or gaps in the market that you can fill. Conduct preliminary research to ensure there’s a potential customer base for your idea.
#02

Conduct Thorough Market Research

Once you have a business idea, dive deeper into market research. Understand your target audience, analyze your competition, and identify market trends. This research will help you refine your idea, determine pricing strategies, and craft a business model that resonates with your potential customers.
#03

Create a Solid Business Plan

A business plan is your roadmap to success. Outline your business goals, target market, competitive analysis, marketing strategy, operations plan, and financial projections. A well-thought-out business plan not only guides your actions but also helps attract investors or secure loans.
#04

Secure Funding

Determine how much capital you need to start and sustain your business. Explore various funding options, such as personal savings, loans, investors, or crowdfunding. Ensure you have enough funds to cover your startup costs and a cushion for unexpected expenses during the early stages.
#05

Build a Strong Online Presence

In today’s digital world, having an online presence is crucial. Create a professional website, set up social media profiles, and consider starting a blog or email newsletter. Your online presence is often the first impression potential customers will have, so make it count.
#06

Launch with a Marketing Strategy

Don’t wait until after you’ve launched to start marketing your business. Develop a marketing strategy that includes online and offline tactics, such as social media marketing, email campaigns, content marketing, and local networking. Consistent and targeted marketing efforts will help you build brand awareness and attract customers from day one.
#07

Stay Adaptable and Keep Learning

The business landscape is constantly changing, so it’s important to stay flexible and adapt to new trends and challenges. Continuously seek feedback from customers, monitor your competition, and be willing to pivot your business model if needed. Lifelong learning and adaptability are key to long-term success.
Starting a business is a journey that requires careful planning, research, and persistence. By following these seven steps, or something similar, you’ll be well-equipped to navigate the challenges of entrepreneurship and increase your chances of building a successful, lasting business. Remember, the key is to take action, stay focused on your goals, and never stop learning.

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