If you ever find yourself seeking a way to get out of the machinery of the corporate world and strive to be excellent in building up a business from scratch, then you are not alone. More than 500,000 businesses are started just in the US alone every year. With as many startup businesses that are established, more than half of these businesses all become a failure and never survive the following year.
Why is it that so many businesses fail? Because the supposed owners of the businesses did not have sufficient planning prior to the opening day of the business. You cannot just go and build a business without creating documents that can support the feasibility of the business. You can get likes on Instagram when you post your business online but if you do not get returns on investment, then your business is doomed to fail.
What are the ways to make sure that your business can reach its second year with enough profit to sustain itself until you get the return of investment and start earning?
Do a feasibility report
To know that you are making the right choice of business, you must do a feasibility study or report. What is a feasibility study? It is a document that studies all the aspects and sides of the business. Here, you will know if you are choosing the right business to establish, the location of the store, the resources that you will spend for the overhead costs, the building expenses, and the inventory.
By doing a feasibility study on the business, you will have oversight of what the business will be and how long you need to get the return of your capital.
Have a test website
You do not necessarily have to physically establish the business right away. You can first do a survey of the business if it will really be picked up and you will have enough time and investment to actually do it.
In order to do this, you can hire a person or a company to build you a website. You must observe the influx of people who go and sign up to your site. Evaluate whether you are getting the number of audience and orders that you need to sustain the business. If the website launch is successful, then you can have a full-blown start-up of your business.
The good thing with this step is that you already have a following of the business. Now, you can buy traffic for more website visitors. To see more ways on how to get more visitors to your website, you can click on the link here.
Use online tools to make your business more robust
You cannot discredit the fact that more than half of your revenue will come from the online market. People are always on their phones 10 to 16 hours per day. And you have to take advantage of this trend. You have to use online tools that can enhance and promote your business. You should buy Alexa traffic to maximize the profits of the business compared to the cost to use the service.
Most businesses also earn 50% to 60% of people who click and order when they use their mobile devices. You should understand the analytics of your website and buy mobile traffic for your site. You can also take advantage of the Vodafone top up online to monitor your business growth wherever you go.