50% of small businesses fail within the first year and 95% fail within five years. There are many mistakes that contribute towards the failure rate but with careful planning, a detailed business plan, and a watchful eye over finances, you can be a part of the 5%.
You must earn credibility and trust. Every interaction with a customer reinforces trust and credibility, including pricing, quality of the work, consistency of the quality, certifications, customer service, and much more.
Build trust and a long term relationship with your client who will stick with you and refer you to other people.
Many individuals are concerned that businesses aren’t always honest about estimates and try to overcharge them. Be transparent and honest and it will pay off in the long run.
Write a Business Plan
Make it a single page if you don’t have the patience to do more. But it should answer these questions:
- What is the purpose of the business?
- Who are my customers?
- What problem does my product/service solve?
- Who is my competition and why is my product/service’s advantage?
- How will I price, position, market, and support my product?
- What are my financial projections for the business for the next 3-5 years?
Contact us for more information and consultation.