Four Ways to Start Your Business on the Right Foot

It is a myth that most new businesses fail within their first year, but make no mistake in thinking it is suddenly easy. It only gets harder to stay open for business as time goes on and your savings deplete. So yes, only 30% of new businesses will fail during their first two years, but, statistically, 50% fail within their first five years, and 66% in their first ten.

Don’t become a failed statistic, and instead use these top four methods to start your business on the right foot.

1.   Put Sustainability at the Forefront of Your Plans

Sustainability is only going to become increasingly important as time goes on. Customers will have higher expectations of the brands that they shop with, and governments will place stricter regulations on companies. By putting sustainability at the forefront, you gain an edge over your competition and futureproof your business all at once.

2.   Diversify Income Streams to Help Your Business Thrive

Having one income stream as a new business is risky because it places all your bets on that one aspect of your company succeeding. It is also often not necessary. You can diversify your income stream in many ways. If you have a physical store, you can add a café element and turn your business into a community space. This is a great idea for gift stores or lifestyle stores. It could mean customers come in day after day for your café and often leave with a little something for a loved one or themselves. You could also host paid classes or courses depending on your niche, or offer services on top of products.

3.   Rethink Waste

Waste is an old construct. Nature does not have waste. Everything becomes absorbed and becomes something new. We, as a species, must adopt this concept into our business models. If done right, no business should have waste, only leftovers destined to go somewhere else. Though zero waste as a business today is challenging to achieve, you can easily start by simply rethinking waste. Sort it as it comes and bale it with wire from Baling Wire Direct. Once you have large enough quantities of metals, cardboard, or even glass, you can then sell that on directly to recycling centers.

As for the rest? Get in touch with innovative businesses near you. Incredible things are happening with waste we traditionally saw as unusable, and you can help these amazing initiatives simply by partnering up to them and letting them take your waste or selling it on for a small fee. Either way, your waste disposal costs are about to drop significantly.

You may require tax advice too, are always on hand to give support.

4.   Invest in Scalable Systems

Switching systems as you grow is going to be difficult, costly and is completely unnecessary. Thanks to the cloud, you can choose the best programs for your business in the future right now, and not have to pay huge sums for the privilege. This is because many companies are now focussing on scalability, meaning you only pay for the space you use.

You need your business to thrive, which means looking to the future and solidifying your income. Though there is never a guarantee in life, preparing in advance will better prepare you for success.