They
said more than 50% of businesses fail even before they reach their
first anniversary. Only 25% of those who make it to their first
anniversary make it up to their 15th
year. This can be due to a lot of factors such as lack of planning,
not doing a comprehensive market research, not choosing the right
location and not keeping up with the trends.
If
you want to beat the one-year failure mark that usually plagues
businesses, here are the things you can do:
-
Consult lawyers in Vancouver
There
are many things business lawyers
in Vancouver BC
such as Lakes, Whyte LLP can help you with. They can help you
organize your business model, to make taxation easier later. They can
also help you out with contracts and many other legalities. By
protecting your business from these legal disputes, you can prolong
your business operations.
-
Know your target market
Don’t
wade into any business without understanding who your target market
is and what you can do to reach them. Just knowing your target market
helps you determine what marketing strategies you can employ. Of
course, you need people to patronize your business.
-
Hone your marketing and customer service skills
Once
you have everything in place, the next thing to do is to market your
products and services. Tap into digital advertising and increase your
online visibility. Customers are also more likely to do business with
you again if you have good customer service skills.
Use
these strategies in order to grow your business successfully.
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