Running a small business is today’s world is not easy; in fact, up to 80% of all small businesses fail within the first year and a half. However, this does not mean that setting up a small business is a bad idea. You simply need to know what successful practices to implement in order to reach your goals. Following are 5 key tips that can help your company take off and stay afloat long-term.

Plan Well Before You Start

Make sure your business will be both sustainable and profitable. Research local business models, find out about your competition, and see if there is demand for what you have to offer in your community. Starting small is also wise, as it enables you to try out the market before you invest a lot of money in office space, inventory, hiring employees, etc.

Pay Attention to Your Customers

Paying attention to your customers is a must. Make it easy for those who do business with you to get in touch with you (via email, phone, a Facebook and/or Twitter account, etc.) and truly listen to what they have to say. If a number of people are telling you that they like your product but your prices are too high, listen and see what you can do to offer special deals. If you notice that a particular product is going very well, find out exactly what your customers like about this particular product and see if you can use this information to create more products along the same line.

Use the Internet to Its Fullest Potential

One of the most important aspects of using the internet to its full potential is to set up a professional, good-looking website for your company. Given the fact that tens of millions of people turn to the internet when in need of local goods and/or services, having a webpage is an absolute must.

Use Cloud Storage

Setting up a secure, paperless office storage program is also important. It not only saves office space, but it also enables you to keep important documents in an organized manner. Using a Cloud-based document management program helps you keep files updated in real time, prevents costly mistakes, ensures that valuable documents are not lost or accidentally destroyed, and makes it possible for your employees to find needed information in a fast, efficient manner.

Be Willing to Adapt and Change

Being willing to adapt and change can mean the difference between success and failure. You may have a particular goal in mind for your business but then discover that your products and/or services need to be adapted, tweaked, or even changed altogether in order to meet customer needs. Do not be afraid to change your original plans in order to be (or remain) successful and relevant.

Becoming a successful entrepreneur is challenging, but it can be done. Consider the above-mentioned tips when setting up your small business, and your chances of being successful both in the short term and long term will be higher than they would have been otherwise.