▷ I started my business, how can I maintain my business?

Starting a business is only the first step on the long journey you need to take as an entrepreneur. Once the enthusiasm disappears, you will find that starting a business is the easiest part of your journey, but making it sustainable is another story …

In today’s global economy, about two thirds of companies survive the first two years, half of all companies survive for up to five years, and only a third manage to thrive for 10 years or more.

In France, a study published by INSEE reveals that five years after their creation, 67% of companies are still active, compared to 53% of traditional sole proprietorships (excluding the auto-entrepreneur scheme). Societies are therefore more sustainable than sole proprietorships.

So how do you maintain a business?

Invest in your team

In addition to quality products and services as well as strategic decisions, your employees are the originators of the development of your company. Without their dedication and focus on results, your business could have succumbed to failure within the first two years.

To keep growing, you need to invest in your team, which is basically the heart of your business. Rewarded and professionally committed employees will help retain existing customers and strive to attract new ones. Since they talk a lot about your business throughout the community, they act as word-of-mouth marketing to your advantage.

Set goals for revenue and profitability

For a business to be successful, it must earn enough money to sustain its operations and make a profit that can be reinvested for future growth. Determine how much your business needs to bring in on a monthly, quarterly and annual basis in terms of revenue to be successful by considering your business costs, including:

  • Deliver;
  • Production;
  • The staff;
  • The capital.

This is also the perfect time to review your pricing structure by asking yourself the right questions:

  • Are your products reasonably priced?
  • How many (products / offers) do you have to sell in a given period to achieve your revenue and profitability goals?

Once these elements are well defined, you will know exactly what you need to do to keep your business running and flourishing.

Analyze the competition

To be successful, do not be afraid to study and learn from your competitors. They might be doing something good that you can implement in your business to make more money. How you analyze the competition will vary from industry to industry.

For example, if you own a restaurant, you might just eat at your competitors’ restaurants, ask other customers what they think, and get information that way.

Take advantage of an experienced network or entrepreneur

Spend time connecting face-to-face with people in your industry who could be helpful as potential partners, suppliers, advisors or customers, while building brand awareness quickly. The woven connections make it possible to have a network of suppliers, a base of customers and quickly take advantage of fame.

According to a study published by INSEE, companies that benefit from a network or an experienced entrepreneur get better from the start, regardless of their size. 55% of dynamic entrepreneurs have been helped by professional relationships (customers, suppliers, former employer) against 34% of other still active business leaders. The help of a previous employer is the most crucial.

At the same time, it is also important to develop your social media presence in order to reach potential customers in your target market, especially if you want to succeed in online business. LinkedIn and Instagram are great ways to stay on top with new, existing and potential customers. It also allows you to find other people in your industry and maintain awareness of your business.

Train yourself

When running your business, always control your ego and avoid believing that you have it all, that you have nothing more to learn. Businesses, like humans, are never static. We are constantly evolving.

So be thirsty to learn, acquire knowledge and learn from others. Customize, transition into this ever-changing world and do so with an innovative mindset. Be curious and attentive. Achieve steady growth by implementing innovative ideas that can set you apart from your competitors. The brain is unlimited in its capacity for knowledge.

Try to be at the forefront of your market.

To learn how to design a sustainable business idea, take a look at this module in our education Designing and promoting a digital education offer.

Leave a Comment