Countless new businesses spring up around the world every year. The majority will not survive more than a few years, while others may thrive for decades. What makes some businesses so much more successful than others? Further, in a hugely populated place like New York City — an ever-changing tapestry with businesses opening and closing left and right — what helps a business survive?
Here are some tips to increase the life expectancy of your business:
1. Customer Service
This is especially important in service-oriented businesses, such as restaurants. If you, the business owner, take the time to talk to people who come eat at your restaurant, thank them for their visit and ask how their experience was. Show that you genuinely care about your restaurant, and high-quality service.
2. Word of Mouth
This is especially for businesses that are tucked away in the corner of a strip mall. If you’re a doctor and dentist, offer some perks or discounts for people who recommend you to their family and friends. This not only satisfies current customers, but it helps expand your business.
3. Be Patient
Many entrepreneurs make the mistake of trying to expand too quickly—and losing the business in the process. Don’t try to expand unless you have the full financial backing that is required if the expansion fails. Consider the process of growth; do not compromise your long-term financial goals by rushing the process. Further, if your business is doing well where it is, consider staying put. Your business doesn’t always need to change locations to be more successful.
4. Something Unique
If there are many similar businesses out there like yours, find a way to differentiate your business. If you run a dental practice, offer state-of-the-art equipment that other dentists might not have yet. If you own a Chinese restaurant, offer some fusion dishes that would help your restaurant stand out. Think of ways to help your business make a lasting impression.
Biz2Credit’s specialists can help you navigate through the array of loan options to pick the one most suitable to your business. Visit www.biz2credit.com or call (877) 861-2210 for help.